The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year. … Bankers didn’t disclose the extent of their borrowing. On Nov. 26, 2008, then-Bank of America BAC Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his Charlotte, North Carolina-based firm owed the central bank $86 billion that day.
Blogs I Follow
- What's going on in Ghana libraries?
- Sending books to Burkina Faso
- Reading Fati and the Honey Tree in Sumbrungu library, Ghana
- Recent activities in Ghana libraries
- SSNIT pension payments (social security) for librarians in Ghana
- Visites des élèves aux bibliothèques au nord du Burkina Faso
- Students use Ghana libraries to study for end of year exams
- FAVL finalist for Systematic Joy of Reading Award!
- L'excellence récompensée à FAVL
- Achat de livres pour la bibliothèque de Niankorodougou
- FAVL expenses in Ghana from January through April 2017
- Echos de Niankorodougou
- Une bonne information du côté de la commune de Tongomayel
- La nouvelle : Sur les sentiers épineux de la démocratie
- Le coordonnateur national de FAVL-BF à Conakry Capitale Mondiale du Livre