One of the most interesting things in the documents the Fed finally released about the juicy details of its emergency loan programs on Wednesday was all the really random companies that received Federal aid.Turns out that the various Fed loan facilities were not just tapped by American banks.
They were used extensively by a ton of American companies not in the financial sector, foreign central banks, foreign banks, money managers — and even McDonalds.
London-based arms of American banks were huge beneficiaries of the emergency loan program. Goldman Sachs London; Citigroup Global Markets; Morgan Stanley; Merrill Lynch Government Securities. The latter three went to town on PCDF program.
Between December 2007 and October 2008, the Fed opened swap lines with foreign central banks so they could temporarily trade their currencies for dollars to relieve pressures in their own markets. Australia, Denmark, England, Japan, Mexico, Norway, South Korea, Sweden and Switzerland all made use of the arrangement. The European Central Bank tapped it most heavily.
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