Fed releases data on $3 trillion spent on bailouts

A.G. Gancarski Contributor
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The Federal Reserve, under orders from Congress, today named the counterparties of about 21,000 transactions from $3.3 trillion in aid provided to stem the worst financial panic since the Great Depression.

The Fed posted the data on its website to comply with a provision in July’s Dodd-Frank law overhauling financial regulation. The information, which also includes the amounts of transactions and interest rates charged, spans six loan programs as well as currency swaps with other central banks, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc.

“The Federal Reserve followed sound risk-management practices in administering all of these programs, incurred no credit losses on programs that have been wound down and expects to incur no credit losses” on those that remain, the central bank said in a statement in Washington.

Full story: Fed Names Recipients of $3.3 Trillion in Aid During Crisis