Posts Tagged ‘Unknown’

Secret Fed Program Gave Billions to Banks Unknown to Congress

May 26 (Bloomberg) — www.bloomberg.com Credit Suisse Group AG, Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren’t revealed to shareholders, members of Congress or the public. The $80 billion initiative, called single-tranche open-market operations, [...]