The news is full of pundits worrying and stories tutting about our swollen entitlements culture. Our middle class leaches. Our wage class deadbeats. The news is full of stories about how the government is going bust providing a safety net to the poorest, who incidentally, don’t appreciate it at all and smoke dope.
The news is not full of the greatest safety net ever devised. It is as if we are hiding our light under a basket! What the Hoover Dam was to the culture of the thirties, Table 8 of the GAO report on the Fed is to the culture of the 00s. We should be proud of our men in blue (suits), whose hands no doubt were stricken with carpal tunnel aches and pains as they shoveled money into the pockets of the wealthiest.
Here’s table 8.
Table 8: Institutions with Largest Total Transaction Amounts (Not Term-Adjusted) across Broad-Based Emergency Programs
(Borrowing Aggregated by Parent Company and Includes Sponsored ABCP Conduits), December 1, 2007 through July 21,
2010
Dollar in billions
Borrowing Parent Company TAF PDCF TSLF CPFF Subtotal AMLF TALF Total loans
Citigroup Inc. $110 $2,020 $348 $33 $2,511 $1 - $ 2,513
Morgan Stanley - 1,913 115 4 2,032 - 9 2,041
Merrill Lynch & Co. 0 1,775 166 8 1,949 - - 1,949
Bank of America Corp 280 947 101 15 1,342 2 - 1,344
Barclays PLC (Uk) 232 410 187 39 868 - - 868
Bear Stearns Co. - 851 2 - 853 - - 853
Goldman Sachs - 589 225 0 814 - - 814
Royal BankScotland 212 - 291 39 541 - - 541
Deutsche Bank AG (Germany) 77 1 277 - 354 - - 354
UBS AG (Switzerland) 56 35 122 75 287 - - 287
JP Morgan Chase & Co. 99 112 68 - 279 111 - 391
Credit Suisse Group AG (Switzerland) 0 2 261 - 262 0 - 262
Lehman Brothers Holdings Inc. - 83 99 - 183 - - 183
Bank of Scotland PLC (United Kingdom) 181 - - - 181 - - 181
BNP Paribas SA (France) 64 66 41 3 175 - - 175
Wells Fargo & Co. 159 - - - 159 - - 159
Dexia SA (Belgium) 105 - - 53 159 - - 159
Wachovia Corporation 142 - - - 142 - - 142
Dresdner Bank AG (Germany) 123 0 1 10 135 - - 135
Societe Generale SA (France) 124 - - - 124 - - 124
All other borrowers 1,854 146 14 460 2,475 103 62 2,639
Total $3,818 $8,951 $2,319 $738 $15,826 $217 $71 $16,115
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Sorry, I tried to put that in table form but failed. The link is here: www.gao.gov/new.items/d11696.pdf. The table is on page 131. The acronyms and soothing financo speak in the report is a wonder of the age, and so is the fact that the GAO shuffles 2 trillion 600 billion dollars into the category of 'others'. Ah, the flash riots of the rich! Meanwhile, many rioters in britain are suspected of having taken advantage by making off with highly expensive tennis shoes. Obla dee, obla dah...
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