Investment Firms' Borrowing At Fairly Steady Pace (Associated Press)
"Wall Street investment companies are borrowing from the Federal Reserve's emergency lending program at a fairly steady pace," the Associated Press reports. "The Federal Reserve said in a report Thursday that those firms averaged $16.6 billion in daily borrowing over the past week. That compared with $16.5 billion in the previous week. In the prior five weeks, investment firms had reduced their borrowing from the central bank. The program, which began March 17, is one of several unconventional actions the Fed has taken to help financial companies and the national economy overcome fallout from housing, credit and financial problems. Earlier this week, Federal Reserve Chairman Ben Bernanke said turmoil in financial markets has eased somewhat, but the situation is still 'far from normal.'"
You can read the complete May 15, 2008 Associated Press article on-line.
Posting of "Financial Aid in the News" does not imply endorsement or support by NASFAA. If you attempt to access an article and receive a "not found" message, it is likely
that the article has been removed from the site. Posted 05/16/08 to www.NASFAA.org. Please submit Web Site questions or comments to Web@NASFAA.org.