Thursday, December 2, 2010

National Banks Lean on Feds During Crisis

By Jack Simony

Large U.S. banks such as Goldman Sachs and Citigroup repeatedly asked the Federal reserve for help during their financial crisis, according to recently released documents, Reuters reported.

Morgan Stanley, Merrill Lunch and Citigroup, all now part of Bank of America, were the biggest recipients when it came to the Fed's emergency lending programs.

"It appears the investment banks clearly needed the money," Lawrence Glazer, managing director at Mayflower Advisors in Boston, told Reuters. 
-By Jack Simony

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