Yes. In the same form it was borrowed, dollars.
Who ended up with the $29 trillion?
The Fed lent money overnight. It was repaid the next day and relent. If you borrow $1000 and repay it and we repeat the loan/repayment for 100 days, did I lend you $1000 or $100,000?
Just the fact that the numbers have never been reported or tracked in a clear manner is an indication that something is amiss.
The inititial “bailout” approved by Congress was intended to be $700 BILLION.
The Federal Reserve paid out the rest of the money, with $3 TRILLION going overseas.
according to this article the bail outs are ongoing.
” $29 Trillion is around twice the size of America’s GDP.
The Federal Reserve claims they only lent $1.7 Trillion to the big banks.
Why the huge difference in totals? Because the Fed only counts the most outstanding at any one time.
Here’s a quick list of the Fed borrowers:
Citigroup - $2.513 trillion
Morgan Stanley - $2.041 trillion
Merrill Lynch - $1.949 trillion
Bank of America - $1.344 trillion
Barclays PLC - $868 billion
Bear Sterns - $853 billion
Goldman Sachs - $814 billion
Royal Bank of Scotland - $541 billion
JP Morgan Chase - $391 billion
Deutsche Bank - $354 billion
UBS - $287 billion
Credit Suisse - $262 billion
Lehman Brothers - $183 billion
Bank of Scotland - $181 billion
BNP Paribas - $175 billion
Wells Fargo - $159 billion
Dexia - $159 billion
Wachovia - $142 billion
Dresdner Bank - $135 billion
Societe Generale - $124 billion
“All Other Borrowers” - $2.639 trillion
In that scenario you lent me a total of $100,000 and I paid you back $100,000 but never was more than a $1000 outstanding.
What is the purpose of borrowing money overnight if the FED knows they have that money the next day?
Who profits off of these loans and how do they profit?