Investment Houses Borrow Billions From Fed's Emergency Lending Program

It’ll be interesting to see what happens when these loans come due — say, in about 28 days. As Dwayne, the ‘pest control’ specialist says in the movie ‘Over the Hedge’: “Get ready for a lot of stinging!” — PID

Mar 21, 2008 WASHINGTON (AP) — Big Wall Street investment companies are taking advantage of the Federal Reserve’s unprecedented offer to secure emergency loans, the central bank reported Thursday. The lending is part of a major effort by the Fed to help a financial system in danger of freezing. Those large firms averaged $13.4 billion in daily borrowing over the past week from the new lending facility. The report does not identify the borrowers. Full Report