FT: European banks took big slice of Fed aid

Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis, according to new data on the extraordinary efforts of the US authorities to save the global financial system.

The revelation of the scale of overseas lenders’ borrowing underlines the global nature of the turmoil and the crucial role of the Fed as the lender of last resort for the world’s banking sector.

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Posted in * Economics, Politics, * International News & Commentary, Economy, Europe, Federal Reserve, The 2009 Obama Administration Bank Bailout Plan, The Banking System/Sector, The September 2008 Proposed Henry Paulson 700 Billion Bailout Package, The U.S. Government

2 comments on “FT: European banks took big slice of Fed aid

  1. tgs says:

    Globalization and the global economy is terrible for America and the American people. The only entities that have benefited from it are big business/industry, big finance(Wall Street) and, of course, big government. All the American people have seen from it is jobs and factories lost to low wage countries, rampant theft of public resources by Wall Street, constant war and the rapid growth of oppressive government, all of which have brought about the destruction of the economy, loss of freedom and the destruction of the middle class.

  2. DavidBennett says:

    Audit the fed, and then move forward from there. There is a groundswell of people that want this (and Ron Paul is leading the charge). And I agree with #1. Globalization has taken away good jobs from America and now that the credit bubble is over, Americans are going to have to make some serious adjustments since the good jobs and credit are gone. Pat Buchanan has made the point that when our government has a choice between what is good for America, and what is good for big business, America should win out. Unfortunately, our corporatist leaders in both parties love the marriage of big government and big business, and the Fed’s decisions favor Wall Street and big banks over Main Strteet.