Fed's Financial Crisis Bailouts Were Legal, Report Says

Law360, New York (May 3, 2012, 7:32 PM EDT) -- The Federal Reserve didn't break any laws when it controversially bailed out U.S. banks during the financial crisis, and banks that did collapse relied less on the Fed than banks that failed during the 1980s savings and loan crisis, a report said Wednesday.

The report, issued by the Federal Reserve Bank of St. Louis, said there was no evidence that the Fed ever knowingly lent to an undercapitalized bank for more than 60 days — the limit imposed by the Federal Deposit Insurance Corporation Improvement Act...
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