Why is the Federal Reserve Bank of Boston Fronting Billions to Big Commercial Banks Like State Street?
As this tumultuous political and economic week came to a close there was a short report in theBoston Globe that brings the Wall Street crisis home to our fair city. It seems that the Federal Reserve Bank of Boston just loaned $72.7 billion to a number of major U.S. commercial banks - fully 1/10 of the amount being debated in Congress to be used to bail out many of the same institutions.