The $1.2 Trillion Rainy Day Fund

At a time which the bankers were stunned in,
The Fed gave emergency fundin'
To hundreds of banks
Of high and low ranks
In New York, Waukegan and London.

The US Federal Reserve has published the data on the 21,000 emergency loans to over 400 recipients, totaling $1.2 trillion, that it made from August 2007 to April 2010. Thanks to Bloomberg, the public can now comb through some very illuminating interactive graphics to compare and contrast the credits to companies large and small, American and international, banks and non-banks. Most know that the heaviest bailing-out went to Morgan Stanley, Citi and Bank of America; many are also aware that European banks such as Deutsche, Dexia and Dresdner availed themselves. But how many know of the lifelines thrown to Legacy Texas Group, Sharon Savings Bank and Stupp Bros.?