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Tags: NYT GE | JPMorgan Got Fed Help Even as CEOs Sat on Board

NYT: GE, JPMorgan Got Fed Help Even as CEOs Sat on Board

Monday, 06 December 2010 08:28 AM

The U.S. Federal Reserve provided $16.1 billion in aid to General Electric Co. and $3 billion to JPMorgan Chase & Co. during the 2008 banking crunch even though their chief executives sat on the board of the Federal Reserve Bank of New York, the New York Times said, citing newly disclosed records.

Neither company was involved in creating emergency plans, the newspaper said.

Still, Senator Bernie Sanders said it was a conflict of interest for company executives who are on the Fed’s board to have received low-rate loans, the Times reported.

© Copyright 2022 Bloomberg News. All rights reserved.


FinanceNews
The U.S. Federal Reserve provided $16.1 billion in aid to General Electric Co. and $3 billion to JPMorgan Chase Co. during the 2008 banking crunch even though their chief executives sat on the board of the Federal Reserve Bank of New York, the New York Times said, citing...
NYT GE,JPMorgan Got Fed Help Even as CEOs Sat on Board
91
2010-28-06
Monday, 06 December 2010 08:28 AM
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