Eight giant U.S. banks said they would access Fed’s discount window, in a move meant to remove the stigma of using it. The banks including JPMC, BoA & Citi will use facility to “reassure financial institutions of all sizes” that they can tap it too.
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Apparently in America socialism is not OK when it's done for the people, but when its for the bankers, suddenly its heroic! lol
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Apparently in America socialism is not OK when it's done for the people, but when its for the bankers, suddenly its heroic! lol
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according to their Liquidity Coverage Ratio compliance they should be able to handle 30 days of stressed funding needs internally using their own resources. yet they only lasted 5 days while also getting massive daily subsidized REPO.
seems like big banks are in deep shit.