Money For Nothing: Wall Street Borrowed From Fed At 0.0078 PercentShahien Nasiripour
Dec. 02, 2010
IRS Launches Investigation Of Clinton Foundation
France: Government Ordered Nice Police to Lie About Attack
WATCH: Julian Assange Mocks 'NSA D*ck Pic Guy' Who Claimed Russia Behind #DNCLeaks
VIDEO: Migrant Attacks Police at Frankfurt Airport in Germany
EU Chief On Terror: Turn Europe Into Surveillance State Rather Than Close Borders
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.