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Details of $1.2 Trillion Secret Fed Loans Revealed

September 29th, 2011 · No Comments · Economy

Meredith Simonds

by Meredith Simonds

Over a period of nearly three years, the Federal Reserve doled out $1.2 trillion in relief funding to banks and other companies during the financial crisis. Up until now, details of this debt have been hidden in previously secret documents and spreadsheets – more than 29,000 pages finally brought to light by Bloomberg news.

Included in these documents are details of more than 21,000 loans associated with the $1.2 trillion funding. Bloomberg sorted through this information to compile an impressive database that outlines who received how much emergency funding, and when.

Though the loans span the period from August 2007 through April 2010, the banks and companies that received the majority of this money did so in 2008 and 2009, including more than:

  • $100 billion to Morgan Stanley
  • $75 billion to Citigroup, Bank of America, Royal Bank of Scotland, State Street Corp., and UBS AG
  • $50 billion to Goldman Sachs Group, JPMorgan Chase, Deutsche Bank AG, Barclay’s, Merrill Lynch & Co., Credit Suisse Group AG, Dexia SA, Wachovia Corp.,
  • $25 billion to Lehman Brothers, Wells Fargo & Co., Bear Stearns, BNP Paribas SA, Hypo Real Estate Holding AG and Fortis Bank

Other notable recipients on the list include:

  • $16.1 billion to General Electric
  • $12 billion to Countrywide
  • $9.4 billion to Mitsubishi UFJ Financial Group
  • $8.6 billion to ING Group
  • $6.9 billion to Ford Motor Co.
  • $6.9 billion to Royal Bank of Canada
  • $5.3 billion to US Bankcorp
  • $4.7 billion to American Express
  • $4.6 billion to Toyota Motor Corp.
  • $3 billion to Washington Mutual
  • $2.8 billion to MetLife
  • $2.5 billion to Discover Financial Services
  • $1.7 billion to Chrysler
  • $1.5 billion to Verizon

See more on the list at Bloomberg News.

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