Finance ‘Aristocracy’ Took $1.2 Trillion in Loans

Finance ‘Aristocracy’ Took $1.2 Trillion in Loans

Jeremy Bales/Bloomberg

Bank of America Corp., along with Morgan Stanley and Citigroup Inc. was one of the biggest borrowers under the U.S. Federal Reserve's emergency-lending programs. The three banks' combined $298.2 billion in hidden Fed loans was triple what they received in publicly disclosed bailouts from the U.S. Treasury.