Dec. 6, 2011, 5:36 p.m. EST
Bernanke denies hiding size of crisis loans
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — Federal Reserve Board Chairman Ben Bernanke denied Tuesday that he had hidden the true size of the bank’s emergency lending to Wall Street from Congress and the American people.
A recent article by Bloomberg News garnered widespread attention by reporting that the Fed had lent or guaranteed more than $7.7 trillion to ailing banks during the financial crisis and that banks had earned an estimated $13 billion of income by taking advantage of cheap Fed credit.
In a letter to Congress, Bernanke said that article, and many others, “contain a variety of errors and mistakes.”
A spokesman for Bloomberg said the agency stood by its reporting.
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Full story: http://www.marketwatch.com/story/bernanke-denies-hiding-size-of-crisis-loans-2011-12-06
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