In the throes of an investor panic in the fall of 2008, U.S. financial institutions stuck to their story: We’re fine, trust us.
Last week, more than two years later, the Federal Reserve unveiled how those same financial institutions tapped emergency lending programs to survive. The final tally — $3.3 trillion in loans — exceeded even the most skeptical analyst expectations.
The Fed had been hesitant to release the data for fear it could rattle the markets. But the markets actually rose on Wednesday, the day of the release. I have a theory why, which we’ll get into later.
http://www.marketwatch.com/story/mind-boggling-losses-at-the-banks-2010-12-06?link=kiosk
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