Posted 10 years ago on Dec. 8, 2011, 8:26 a.m. EST by Teamster
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Bloomberg magazine published a report this week detailing loans made by the Fed in 2008 and 2009, loans that totaled more than a trillion dollars on a single day in December 2008, and more than $7 trillion in loans and other commitments to saving the financial system between 2007 and 2010.
The extent of the loans to specific banks wasn't revealed to Congress at the time. The article also says that banks earned billions of dollars of profits on these loans, and that a number of Wall Street firms borrowed money even as they publicly told investors that their financial position was strong.