Congress has instructed the reluctant Federal Reserve to reveal the details of its $3.3 trillion in assorted emergency transactions during the credit crisis, and today we get to find out who were the lucky winners of the Great Central Bank Bailout Sweepstakes of 2007 and Beyond. (For perspective, under the much-maligned TARP, the Treasury Department had the authority to throw $700 billion at American financial insitutions.)
The Federal Reserve is committed to transparency and has previously provided extensive aggregate information on its facilities in weekly and monthly reports. As provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, transaction-level details now are posted from December 1, 2007, to July 21, 2010. [...] Additionally, discount window and open market operation transactions after July 21, 2010, will be posted with a two-year lag.
We’ll return with updates as juicy nuggets present themselves. For now, FT Alphaville has a useful refresher course in all the crazy unprecedented policies like TALF, TAF and CPFF. That ought to keep you busy for a while.
mtaylor [at] observer.com | @mbrookstaylor
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