Fed secretly lent $1.2 trillion during crisis, data show

08/21/2011 | Bloomberg

During the financial crisis, banks got $1.2 trillion in secret loans from the Federal Reserve, Bloomberg News reported, quoting documents obtained through months of litigation, Freedom of Information Act requests and an act of Congress. The biggest recipients of the secret loans included Morgan Stanley, Citigroup and Bank of America. Foreign recipients of the Fed loans included Royal Bank of Scotland, Switzerland's UBS, Germany's Hypo Real Estate Holding, Belgium's Dexia and France's Societe Generale.

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