Photo: The Daily Bail
In 2008, a Bloomberg reporter used the FOIA to request details from the Federal Reseve on the bailout that they don’t want to publish. Well, THEY’VE JUST BEEN PUBLISHED. Everything but the info about the discount window, which will be published in 2 weeks. Click here to read it from the beginning >
Click here to see the most interesting document we’ve found so far >
Click here to see all of the TARP transactions >
(Look at the links on the right. *Notice how there’s nothing about Goldman.)
Here’s what we’re finding:
- First up, details on the Bear Stearns/ JPMorgan merger and bailout. There are tons of documents in that link, including the date the loans took place, the amount they were for, the collateral the bank posted in return. We’re digging through it.
- Then there are the details on the AIG bailout. Check out the spreadsheets at the bottom for date the loans took place, the amount they were for, the collateral posted in exchange.
- The Fed’s Primary Dealer Credit Facility loans were the loans that every bank received, some nearly daily between March 2008 and May 2009. Barclays, Morgan Stanley, and Merrill Lynch were among the first banks to receive the loans. Bank of America was the last, on May 19, 2009. Click here to read more >
- Details about the TAF, which Term Auction Facility may be the most interesting of the new data dumps, because this program was designed to remove discount window stigma. Click here to read more >
- There are also details about another one of the Fed’s loan programs called the AMLF (Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility), designed to help mutual funds that were inundated with redemptions from investors and unable to sell illiquid assets. There are tons of redactions. Click here to see the release >
- The government also disclosed which funds received loans via the Term Asset-Backed Securities Loan Facility. Click here to see the document >
- The banks which were the top beneficiaries of the Agency Mortgage-Backed Securities were two foreign banks: Deutsche Bank and Credit Suisse. Click here to read more >
- It’s interesting to see the firms that the government chose to conduct the transactions when they loaned to other firms. The Fed used Wellington, Goldman, BlackRock and PIMCO the most frequently for the transactions completed through their Agency Mortgage-Backed Securities Purchase Program. Click here to view the transactions >
- The largest single loan made during the crisis was an overnight loan of nearly $48 billion, given to Barclays.
The Wall Street Journal just made a neat function whereby you can search through the release.
For example, click here to see all of the loans Goldman Sachs received, starting with their first on March 18, 2008, and ending with their last on April 23, 2009.
Stay tuned. We’re reading through the release right now and will update you with our findings.
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