There are some stunning numbers coming out of the FDIC this morning. Writes Bob English for EPJ:
The FDIC just released "Issuer Reported Debt Details" for the Debt Guarantee Program (DGP) of its Temporary Liquidity Guarantee Program (TLGP)--meaning a detailed list of which banks borrowed on the backs of the taxpayer during the financial panic and how juicy the terms were. A total of $618 billion was guaranteed by the FDIC over an approximate one year period.
Bank America managed to borrow $64 billion at zero percent interest.
Here are the totals, by institution (keep in mind, holding companies and the actual regulated bank might be listed as separate entities)
Read the rest here
Economic Policy Journal
Articles | Website