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Fed Gave Banks Eye-Popping Emergency Loans, Without Telling Congress 629

Posted by timothy
from the please-don't-blame-this-on-a-free-market dept.
An anonymous reader writes with this excerpt: "The Fed didn't tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn't mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed's below-market rates, Bloomberg Markets magazine reports in its January issue."
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Fed Gave Banks Eye-Popping Emergency Loans, Without Telling Congress

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