Discount Window Borrowing Soars; AIG Taps $28B Of Fed Credit

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	Discount Window Borrowing Soars; AIG Taps $28B Of Fed Credit

Forbes Markets

9-18-2008 5:41 PM

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tags:

credit crisis, federal reserve, aig

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0e8b4fb9-624c-4d85-9750-7960284dac91/B896201F-EC37-478B-AE76-8CF65169DD9C/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.wsj.com/economics/2008/09/18/discount-window-borrowing-soared-last-week/" href="http://blogs.wsj.com/economics/2008/09/18/discount-window-borrowing-soared-last-week/" style="font-size: 11px;">blogs.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2008/09/18/discount-window-borrowing-soared-last-week/">Investment bank borrowing from the U.S. <STRONG>Federal Reserve</STRONG>’s newly expanded discount window soared in the latest week, reflecting severe strains in credit markets in the wake of the collapse of <STRONG>Lehman Brothers Holdings </STRONG>Inc.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2008/09/18/discount-window-borrowing-soared-last-week/">Meanwhile the Fed’s $85 billion line of credit to troubled insurer <STRONG>American International Group</STRONG> Inc. made its first appearance on the central bank’s balance sheet, showing $28 billion in loans Wednesday. “AIG wasted no time in hitting the Fed,” said <STRONG>Michael Feroli</STRONG>, an economist with <STRONG>J.P. Morgan Chase</STRONG>.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/economics/2008/09/18/discount-window-borrowing-soared-last-week/">Total borrowing at the discount window, including both depository institutions and primary dealers, jumped more than 400% to $121.29 billion Wednesday from $23.56 billion in the previous week, the Fed said in its weekly report Thursday. Total average daily borrowing swelled to record $47.97 billion, more than double the previous record of $19.89 billion in the prior week.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/B896201F-EC37-478B-AE76-8CF65169DD9C/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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