“Fed’s Biggest Foreign-Bank Bailout Saved Muni Bonds” – Bloomberg
“A European bank that received the most Federal Reserve discount window help during the financial crisis also took $381 billion in aid from its home countries and owned subsidiaries implicated in bid-rigging that prosecutors say defrauded U.S. taxpayers.
Details of Fed lending released last week show that Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $37 billion, with an average daily loan amount of $12.3 billion in the 18 months after Lehman Brothers Holdings Inc. collapsed in September 2008. The House subcommittee that oversees the Fed plans hearings on the central bank’s discount window lending to offshore financial institutions next month.” Read more.
“Fed’s Biggest Foreign-Bank Bailout Saved Muni Bonds”
Bob Ivry
Bloomberg, April 6, 2011.
Image by Simon Howden / FreeDigitalPhotos.net.
