Wells Fargo & Company: #16 Recipient of Fed’s “Secret Liquidity Lifelines”

A look back…

Bloomberg  Nov 28, 2011Excerpts:

“Wells Fargo & Co. became the largest U.S. home lender and fourth-biggest bank after purchasing Wachovia Corp. in 2008 as that bank was teetering near collapse. Wells Fargo, based in San Francisco, borrowed as much as $45 billion in February 2009, a day after regulators released details of how they would conduct stress tests on the nation’s 19 largest banks.

The Fed’s Term Auction Facility was “one of several programs offered by the government that Wells Fargo and other financial institutions were encouraged or required to participate in,” said Ancel Martinez, a spokesman for the bank.”

Peak amount of debt on 2/26/2009:  $45B                                            

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Wells Fargo’s corporate rap sheet: https://www.corp-research.org/wells-fargo

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Honest, hard-working, tax-paying U.S. citizens, the backbone of our Republic, deserve nothing less than to be granted the same direct access to liquidity, through a U.S. Citizens Credit Facility, that the Fed so graciously provided to Wells Fargo & Co and other major banks during the height of the financial crisis.

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