JAMIE DIMON IS NOT ALONE: These Fed-Connected Banks Got More Than $4 Trillion in Loans After The Crisis

Jamie Dimon

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This week U.S. Senator Bernard Sanders (I-Vt.) and the Government Accountability Office (GAO) released a pithy report titled “Jamie Dimon Is Not Alone” that states:”During the financial crisis, at least 18 former and current directors from Federal Reserve Banks worked in banks and corporations that collectively received over $4 trillion in low-interest loans from the Federal Reserve.”

Then it goes on the lists 18 of them, starting with Dimon.

Jamie Dimon, Chairman and CEO of JP Morgan Chase

'Served on the Board of Directors at the Federal Reserve Bank of New York since 2007. During the financial crisis, the Fed provided JP Morgan Chase with $391 billion in total financial assistance. JP Morgan Chase was also used by the Fed as a clearinghouse for the Fed's emergency lending programs.

'In March of 2008, the Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns. During the financial crisis, the Fed provided JP Morgan Chase with an 18-month exemption from risk-based leverage and capital requirements. The Fed also agreed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.'

Source: Jamie Dimon Is Not Alone

Sanford Weill, former CEO of Citigroup

'Served on the Fed's Board of Directors in New York in 2006. During the financial crisis, Citigroup received over $2.5 trillion in total financial assistance from the Fed.'

Source: Jamie Dimon Is Not Alone

Jeffrey Immelt, CEO of General Electric

'Served on the New York Fed's Board of Directors from 2006-2011. General Electric received $16 billion in low interest financing from the Federal Reserve's Commercial Paper Funding Facility during this time period.'

Source: Jamie Dimon Is Not Alone

Stephen Friedman, former chairman of Goldman Sachs and current chairman of Stone Point Capital, LLC

'In 2008, the New York Fed approved an application from Goldman Sachs to become a bank holding company giving it access to cheap Fed loans. During the same period, Friedman, who was chairman of the New York Fed at the time, sat on the Goldman Sachs board of directors and owned Goldman stock, something the Fed's rules prohibited.

'He received a waiver in late 2008 that was not made public. After Friedman received the waiver, he continued to purchase stock in Goldman from November 2008 through January of 2009 unbeknownst to the Fed, according to the GAO. During the financial crisis, Goldman Sachs received $814 billion in total financial assistance from the Fed.'

Source: Jamie Dimon Is Not Alone

Ted Cecala, former Chairman and CEO of Wilmington Trust

'Served on the Fed's Board of Directors in Philadelphia from 2008-2010. Wilmington Trust received $3.2 billion in total financial assistance from the Federal Reserve during the financial crisis.'

Source: Jamie Dimon Is Not Alone

Richard Fuld, Jr., former CEO of Lehman Brothers

'Served on the Fed's Board of Directors in New York from 2006 to 2008. During the financial crisis, the Fed provided $183 billion in total financial assistance to Lehman before it collapsed.'

Source: Jamie Dimon Is Not Alone

Ronald Logue, former CEO of State Street Corporation

'Served as a board member of the Boston Federal Reserve Bank from 2006-2007. During the financial crisis, State Street Corporation received a total of $42 billion in financing from the Federal Reserve.'

Source: Jamie Dimon Is Not Alone

George Jones, Jr., CEO of Texas Capital Bank

'Has served as a board director at the Dallas Federal Reserve since 2009. During the financial crisis, his bank received $2.3 billion in total financing from the Fed's Term Auction Facility.'

Source: Jamie Dimon Is Not Alone

Richard Carrion, head of Popular Inc. in Puerto Rico

'Has served on the Board of Directors of the Federal Reserve Bank of New York since 2008. Popular received $1.2 billion in total financing from the Fed's Term Auction Facility during the financial crisis.'

Source: Jamie Dimon Is Not Alone

Henry Meyer, III, former CEO of KeyCorp

'Served on the Board of Directors at the Federal Reserve Bank in Cleveland from 2006-2007. During the financial crisis, KeyBank (owned by KeyCorp) received over $40 billion in total financing from the Federal Reserve.'

Source: Jamie Dimon Is Not Alone

L. Phillip Humann, retired Chairman & CEO, SunTrust Banks

'Served on the Board of Directors at the Federal Reserve Bank in Atlanta from 2006-2008. During the
financial crisis, SunTrust received $7.5 billion in total financial assistance from the Fed.'

Source: Jamie Dimon Is Not Alone

Robert Jones, President and CEO of Old National Bancorp

'Has served on the Fed's Board of Directors in St. Louis since 2008. Old National Bancorp received a total of $550 million in low-interest loans from the Federal Reserve's Term Auction Facility during the financial crisis.'

Source: Jamie Dimon Is Not Alone

Douglas Morrison, former Chief Financial Officer at CitiBank in Sioux Falls, South Dakota

'Was the Chief Financial Officer at CitiBank in Sioux Falls, South Dakota, while he served as a board director at the Minneapolis Federal Reserve Bank in 2006. During the financial crisis, CitiBank in Sioux Falls, South Dakota received over $21 billion in total financing from the Federal Reserve.'

Source: Jamie Dimon Is Not Alone

James Smith, Chairman and CEO of Webster Bank

'Served on the Federal Reserve's Board of Directors in Boston from 2008-2010. Webster Bank received $550 million in total financing from the Federal Reserve's Term Auction Facility during the financial crisis.'

Source: Jamie Dimon Is Not Alone

Dennis Kuester, former CEO of Marshall & Ilsley

'Served as a board director on the Chicago Federal Reserve from 2007-2008. During the financial crisis, his bank received over $21 billion in low-interest loans from the Fed.'

Source: Jamie Dimon Is Not Alone

James M. Wells, Chairman and CEO of SunTrust Banks

'Has served on the Board of Directors at the Federal Reserve Bank in Atlanta since 2008. During the financial crisis, SunTrust received $7.5 billion in total financial assistance from the Fed.'

Source: Jamie Dimon Is Not Alone

James Rohr, Chairman and CEO of PNC Financial Services Group

'Served on the Fed's Board of Directors in Cleveland from 2008-2010. PNC received $6.5 billion in low-interest loans from the Federal Reserve during the financial crisis.'

Source: Jamie Dimon Is Not Alone

George Fisk, CEO of LegacyTexas Group

'Was a director at the Dallas Federal Reserve in 2009. During the financial crisis, his firm received a $5 million low-interest loan from the Federal Reserve's Term Auction Facility.'

Source: Jamie Dimon Is Not Alone

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