Fed To Name Today Who Received $3.3T During Crisis

Noon today will be very interesting to watch as the Fed will release the names of the recipients of $3.3T emergency aid. The Fed is not doing so willingly, it is following order of congress (and this had nothing to do wit Wikileaks).

The data will include most emergency programs but will exclude the discount window, this is the well publicized one that Bloomberg sued for access, and won, but is in limbo as group of banks is appealing to the Supreme Court.


Bloomberg: " The information spans six loan programs as well as currency swaps with other central banks, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc.

The data will probably show the magnitude of central bank support to companies including Bank of America Corp. and General Electric Co. after the collapse of Lehman Brothers Holdings Inc. spurred a surge in private borrowing costs. Lawmakers demanded disclosure after the Fed approved aid dwarfing the federal government’s $700 billion Troubled Asset Relief Program".

"Today’s information relates to aid from Dec. 1, 2007, through July 21, 2010, when President Barack Obama signed Dodd- Frank into law. The act requires the Fed, after a two-year delay, to identify firms that, following the law’s passage, borrow through its discount window and participate in its purchases or sales of assets such as mortgage-backed securities and Treasuries".