Investment banks test Fed's new loan facility

03/20/2008 | CNBC · Wall Street Journal, The

Lehman Bros. Holdings and Morgan Stanley have both borrowed from the Federal Reserve's discount window, testing the Fed's new loan facility, representatives of the banks said. A Goldman Sachs spokesman said his firm also planned to borrow from the discount window. "It's going to be actively used" by many brokerages, said Erin Callan, chief financial officer of Lehman Brothers. "It's a great opportunity."

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