Bernanke's secret bailout flashback.
This ray of transparency was not provided by Bernanke, rather it's been sitting unnoticed on the FCIC website, having NOT been included in the final report. What's another $3.5 billion surreptitious bailout among friends courtesy of the comely Federal Reserve.
By Jonathan Weil
Here’s a little secret the Federal Reserve Board doesn’t want you to know. On Sept. 24, 2008, while financial markets were collapsing, Morgan Stanley borrowed $3.5 billion through the Fed’s oldest lending program, the 98-year- old discount window.
The Fed has long claimed that releasing this type of data could trigger bank runs, public hysteria, death spirals at financial institutions large and small, and other horrible outcomes. Yet I’ve got a hunch Morgan Stanley somehow will survive this revelation. Mass panic will not ens...
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