Archive Goldman Sachs Took Biggest Loan During Fed’s Emergency Program

Goldman Sachs Took Biggest Loan During Fed’s Emergency Program

-

- Advertisment -

WASHINGTON – Goldman Sachs, Lehman Brothers, and European banks RBS and UBS were the biggest beneficiaries of very short-term Federal Reserve loans extended at the height of the financial crisis, according to data released on Wednesday.

The details of the lending program were disclosed after a lengthy legal battle eventually won by Bloomberg News LLP. The data, available on the Fed’s website, showed Goldman took $15 billion in exchange for securities ranging from Treasuries to mortgage bonds. Swiss-based UBS AG (UBSN.VX), UK-based RBS Royal Bank of Scotland (RBS.L) and Lehman took $10 billion each.

The program worked as an emergency lending facility for large primary dealer banks that deal directly with the Fed.

It lengthened the window for so-called open market operations, overnight loans used by the central bank in the conduct of monetary policy, to as many as 28 days.

The facility was launched in March 2008, just as Bear Stearns was about to become the first major investment bank to require a rescue in what turned into the worst financial meltdown in modern history.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Our Security Template Focuses On Communal Collaboration, Honesty, Synergy – Gov. Bello

….says he doesn’t visit Abuja for solution to security challenges Kogi State Governor, Yahaya Bello has revealed that the successes...

2021 World Education Day: ActionAid Nigeria Calls For Increase Allocation To Education From 15% – 20%

As the World marks the 2021 International Education Day, a Non-Governmental Organization, (NGO), ActionAid Nigeria, has called for an...

COVID-19: Bill Gates backs Yahaya Bello’s position on need to invest in healthcare

Mayowa Adeniran|  The recent position of one of the world's richest, Bill Gates, has corroborated the agitations of Kogi State...

JONAPWD-LAGOS Commends Sanwo-Olu For Restoring Disability Empowerment Fund

Kenneth Afor |  The Joint National Association of Persons Living With Dissabilities (JONAPWD ) in Lagos state has commanded Babajide...

Groups Call On Judicial Panels Of Inquiry To Dispense Justice On Victims, Survivors Of Police Brutality

Kenneth Afor | The Network on Police Reform in Nigeria (NOPRIN) and Centre for Law Enforcement Education (CLEEN Foundation) has...

COVID-19 Second Wave: FG Urged To Ban Flights From Britain, Others

By Ijeoma Ukazu | With some countries currently experiencing the spread of the new COVID-19 variant, the Health Writers’ Association...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you

%d bloggers like this: