GE Borrowed $16 Billion in Commercial Paper Plan, Fed Data Show
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General Electric Co. sold about $16 billion of commercial paper through a Federal Reserve program to unlock credit markets frozen in September 2008, making up 2 percent of the central bank’s total purchases.
GE, whose GE Capital unit was the biggest U.S. issuer of commercial paper in 2008, said in October of that year that it planned to use the Commercial Paper Funding Facility to support the Fed’s efforts to make credit available at the height of the crisis. The program purchased a total of $738.3 billion, according to documents that the Fed released today.