via Bloomberg, comes this sordid tale of secret loans, Federal Reserve Board of Governors’ prevarication, and the appallingly blatant stupidity displayed by the banking industry, not to mention the FED. Outstanding investigative reportage by Bloomberg reporters extraordinaire Bob Ivry, Phil Kuntz and Bradley Keoun.
“The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day…” via Bloombergs’ Bradley Keoun, Phil Kuntz and Bob Ivry.