WASHINGTON (MarketWatch) — Federal Reserve Board Chairman Ben Bernanke denied Tuesday that he had hidden the true size of the bank’s emergency lending to Wall Street from Congress and the American people.
A recent article by Bloomberg News garnered widespread attention by reporting that the Fed had lent or guaranteed more than $7.7 trillion to ailing banks during the financial crisis and that banks had earned an estimated $13 billion of income by taking advantage of cheap Fed credit.
In a letter to Congress, Bernanke said that article, and many others, “contain a variety of errors and mistakes.”
Bernanke denies hiding size of crisis loans – The Fed – MarketWatch.