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Article posted Dec 02 2010, 6:45 PM Category: Politics/Corruption Source: Huffington Post Print

Money For Nothing: Wall Street Borrowed From Fed At 0.0078 Percent

Shahien Nasiripour

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.

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