Secrets Revealed: Fed Unveils Bank Loans Made During the Crisis

A massive cache of documents released by the Federal Reserve Thursday reveals that banks from every corner of the globe, large and small, turned to the U.S. government's emergency bailout program for help as the credit crisis exploded in late 2008. In addition to global banking giants such as Bank of New York Mellon BK and Morgan Stanley MS, the documents show numerous, small regional banks tapped the Fed's discount window, especially banks from areas hard hit by collapsing real estate markets, such as California. Dexia, Erste Group and Depfa, were among the foreign banks that turned to the Fed as credit markets dried up and banks had no other alternative but to seek U.S. government bailout dollars. Read more: http://www.foxbusiness.com/markets/2011/03/30/fed-release-publication/#ixzz1ICiK09yH Continue reading the article.