After more than two years of obfuscation, details of the largest bank bailout in U.S. history are beginning to emerge. The Federal Reserve secretly gave banks $7.77 trillion, allowing them to make an estimated $13 billion in profits from the central bank’s below market rates, according to a new report from Bloomberg News.
The European Central Bank announced yesterday it will work with the Federal Reserve to open new lines of credit to banks in the 17 nations that use the euro. The Bank of England, Bank of Japan and the Swiss National Bank are also pitching in to help. The ECB says it will allow banks in […]