(11AM EST – promoted by Nightprowlkitty)
Someone please diary this info. I do not have time and this is really huge
Banking giants leaned heavily on Fed in crisis
* Fed releases details of loans made during crisis
* Barclays took largest loan from broker-dealer window
* Citigroup, BofA sought support well into spring 2009
* Korea, Harley Davidson borrowed commercial paper (Recasts, adds details, analyst reaction)
By Pedro da Costa and Rachelle Younglai
WASHINGTON, Dec 1 (Reuters) – Goldman Sachs Group (GS.N) Citigroup (C.N) and other big U.S. banks repeatedly sought help from the Federal Reserve during the financial crisis, according to data on Wednesday that showed just how precarious their situation was at the time.
Many of the firms now boasting solid profits had to rely on funding from the U.S. central bank, which essentially acted as the glue holding the financial system together in the tumultuous months that followed the bankruptcy of Lehman Brothers in September 2008.
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In every region. The cutest thing Goldman did was make themselves a bank holding company just as the money started flowing so they could take part in the looting.
There was so much shit flying around at the time that very few people noticed it. Goldman was investment only but overnight – in the dead of night – they became an investment AND bank holding company.
Not that any of it matters, because Goldman alumni run the US Treasury anyway.