Wall Street thanks Uncle Sam - Except Jamie Dimon
Secret Fed Loans Helped JP Morgan - Bloomberg
$7.77 Trillion
The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.”
“TARP at least had some strings attached,” says Brad Miller, a North Carolina Democrat on the House Financial Services Committee, referring to the program’s executive-pay ceiling. “With the Fed programs, there was nothing.”
Jamie Dimon told shareholders in a letter that his bank used the Fed’s Term Auction Facility "at the request of the Federal Reserve to help motivate others to use the system."
He didn’t say that the New York-based bank’s total TAF borrowings were almost twice its cash holdings or that its peak borrowing of $48 billion on Feb. 26, 2009, came more than a year after the program’s creation.