Sunday, December 5, 2010

So That’s Where the Money Went

The Fed recently released an accounting of exactly who received emergency bailout funds which totaled $3.3 trillion in 2008. The Fed initially didn't have the intention to disclose who received funds however, a recently passed proposition, The Dodd-Frank Law, forced The Fed to come up with a full accounting.
The Fed data showed that the biggest recipient of taxpayer assistance was, naturally, Citigroup. It was followed closely by Morgan Stanley, Merrill Lynch, Bank of America and Goldman Sachs. All of these recipients received gradual payouts whereas Goldman Sachs only received aid during the worst times of 2008.

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