Thursday, December 29, 2011

The great bailout

Fed Loan Disclosures

Trillion-Dollar Secret

Bloomberg's series "Trillion-Dollar Secret" exposed details of the Federal Reserve's rescue of the financial system during the 2007 to 2009 crisis. The data, which the Fed guarded until Congress and a court order forced their disclosure, revealed a banking industry in trouble so deep it needed loans of up to $1.2 trillion on a single day. The numbers surprised U.S. lawmakers, who told Bloomberg they were unaware of the scope of the bailout even as they crafted laws aimed at preventing the need for another one.

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