How the Fed saved Wall Street

Bloomberg reported on Monday that the Federal Reserve provided as much as $1.2 trillion in public money to banks and other firms from March 2007 to April 2010 in order to avoid a depression. The loans were meant to help companies deal with cash shortfalls and to keep credit market going according to Bloomberg, who accessed more than 29,000 pages of documents previously kept secret.

Provisions of the Dodd-Frank Act required information on Fed loan facilities to be made public and Bloomberg filed numerous Freedom of Information Act requests to obtain the data.

According to the story, the Fed has said it had “no credit losses” on any of the emergency programs, and a report by Federal Reserve Bank of New York staffers in February said the central bank netted $13 billion in interest and fee income from the programs from August 2007 through December 2009.

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