Money For Nothing: Wall Street Borrowed From Fed At 0.0078 PercentShahien Nasiripour
Dec. 02, 2010
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NEW YORK -- For the lucky few on Wall Street, the Federal Reserve sure was sweet.
Nine firms -- five of them foreign -- were able to borrow between $5.2 billion and $6.2 billion in U.S. government securities, which effectively act like cash on Wall Street, for four-week intervals while paying one-time fees that amounted to the minuscule rate of 0.0078 percent.
That is not a typo.