From Bob English at EconomicPolicyJournal.com, Bank of America received “a total of 1,352 issues totaling $69,205,303,031” at 0% interest. He noted that, “While several other institutions were able to take advantage of 0% rates on a portion of their debt funding (including Citibank, General Electric Capital, Goldman Sachs Group and HSBC), only Merrill Lynch & Co. was able to finance nearly all of its $19,786,359,000 in debt issued at 0%.”
And who was the big winner? “Preliminary analysis reveals it is General Electric (GE) Capital, with 4,328 issues totaling $130,850,166,935.”
Think this is shocking? Just wait until we finally get a look at the Fed’s books, hopefully after the election. Time to read-up on Economics theory.
Read on to see “Who Got How Much.”
You can also visit the FDIC site for the actual source spreadsheet and the issuance interest rates.