first_img More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com FED’S $3 TRILLION IN EMERGENCY AID whatsapp KCS-content Ben Bernanke: Banks and firms used our temporary liquidity facilities 21,000 times during the crisisEUROPEAN banks were some of the biggest beneficiaries of the Federal Reserve’s $3.3 trillion emergency loan programmes during the darkest days of the financial crisis when the US central bank desperately tried to keep the global system functioning.The biggest release of data on crisis lending ever revealed by a central bank shows the breadth of the Fed’s support as lender of last resort with 21,000 transactions to financial firms, other central banks and companies between the beginning of December 2007 to the end of July this year unveiled.Among the transactions, which cover all but one of the Fed’s emergency lending programmes including direct liquidity injections and investments in key credit markets, Barclays Capital emerged as one of the biggest cumulative borrowers from the Primary Dealer Credit Facility (PDCF) providing access to overnight loans. The firm took 50 overnight loans of as much as $7.5bn. After it took over Lehman on 17 September 2008, it borrowed $47.9bn – the highest individual loan in the life of the PDCF. Barclays yesterday said that all the loans were repaid last year. Meanwhile, RBS had to borrow £36.6bn from the Term Auction Facility (TAF) Programme providing access to short-term one and three-month funding emphasising the squeeze in dollar liquidity after the collapse of Lehman. European banks also featured as five of the ten top users of the Fed’s Commercial Paper Funding Facility (CPFF), which bought high-quality three-month commercial paper from companies that had difficulty selling it with Swiss banking giant UBS tapping it for $37bn in October 2008. Belgium’s Dexia turned to the CPFF for $10.9bn in 2008 and Germany’s Commerzbank for $11.6bn. Senator Bernie Saunders, who pushed through the amendment to the Dodd-Frank law forcing the disclosure, said yesterday the “huge sum” that went out to foreign private banks and corporations was the “most surprising” element of the published data and demanded “an extensive look.”The data also revealed how Wall Street titans Goldman Sachs and Morgan Stanley were forced to turn to the Fed for aid – Goldman borrowed directly from the Fed 84 times when its overnight loans peaked at $18bn, while Morgan Stanley tapped it 212 times borrowing nearly $60bn.Companies such as GE also used the CPFF programme tapping the Fed for more than $12bn in total. And the Fed’s reach also extended to foreign central banks – with the European Central Bank using the Fed’s dollar liquidity swap 271 times in total. Sharecenter_img Wednesday 1 December 2010 9:31 pm whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute Tags: NULLlast_img read more