Dear Mr. Senator...
I am writing to you today as your constituent to inquire as to when,
where, and how I may avail myself of the Federal Reserve Banks new
drive-up window for investors.
My margin account could use some reinvigorment, and I think a loan of
$100 million should see me through this little rough patch.
Overcolleralization of the loan is not a problem, as I have a big pile
of old MCI and Enron stock certificates to bring to the window.
You can count on me, Mr. Senator. It's not like I'd transfer the funds
off-shore and declare bankruptcy.
Sincerely,
Your constituent
Investment banks borrow $28.8 billion from Fed on Wednesday
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March 20, 2008 (MarketWatch)
WA****NGTON - Investment banks and broker dealers borrowed $28.8
billion from the Federal Reserve on Wednesday under the new lending
program set up on Sunday, the Fed announced Thursday. The new lending
program gives the 20 primary dealers of Treasury securities special
access to the Fed's discount window. The overnight loans are
overcollateralized and pay the prevailing discount rate, currently
2.50%. In the week ending Wednesday, the investment banks borrowed a
daily average of $13.4 billion from the Fed, implying an average
borrowing of about $19 billion for Monday and Tuesday.
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