Bloomberg on the Fed, OCC Meddles for Banks, Who Runs the World
Bloomberg News is flooding the zone on the Fed’s discount-window document dump, which the central bank had to disclose after Bloomberg sued it and won.
Here are a few of its stories so far:
Goldman Sachs Borrowed From Fed Window Five Times
That contradicts testimony from CFO Gary Cohn, who also borrowed out of patriotic duty (emphasis mine):
Goldman Sachs President and Chief Operating Officer Gary D. Cohn told the Financial Crisis Inquiry Commission June 30 that “we used it one night at the request of the Fed to make sure our systems were linked with their systems, and it was for a de minimis amount of money.” Peter J. Wallison, a member of the Financial Crisis Inquiry Commission, then asked, “you never had to use it after that?”
“No, and as I said, we used it on the Fed’s request,” Cohn replied.
And another:
JPMorgan Borrowed at Least $5.9 Billion From Fed Window
Jamie Dimon only borrowed the money out of solidarity, of course, “to display the effectiveness of the facility.”
Fed Accepted More Defaulted Debt Than Treasuries as Rescue-Loan Collateral
Ken Lewis and Bank of America also:
BofA Kept Tapping Fed Facility After 2007 Show of ‘Leadership’
And the Fed bailed out foreign banks, too, with loans:
Belgium’s Dexia Drew Most From Discount Window During Record Week in 2008
Even Muammar Qaddafi was at the window:
Libya-Owned Bank Drew at Least $5 Billion From Fed