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01 Dec 2010 20:27


Biz: This bailout number is easily the biggest we’ll post today

  • $9 trillion in emergency overnight loans made during the crisis source
  • » Whoa! Did your heart just stop? Ours did too. It actually created a short delay in posting this. *whew* Now that we’ve caught our breath, let us explain. After Bear Stearns went under in early 2008, a special plan was put in place to offer emergency, quickly-paid-back loans to banks during the financial crisis to ensure they continued to run smoothly. All loans required collateral, all were low-interest, and all have already been paid back. The program also ended in May of last year, so no worries about any residual effects. But yeah. Have you ever seen $9 trillion? It would probably require dozens of Scrooge McDuck’s money vaults.

09 Apr 2010 15:30


Biz, U.S.: In Oklahoma City, the mall is technically a federal building

  • You gotta love toxic assets. After the government took on $70 billion in bad assets from AIG and Bear Stearns in the wake of their collective crap-outs, there’s been a lot of confusion as to what those assets were. Well, the feds own loans for hotels worldwide, the Miami airport and Chicago’s Civic Opera House. But after the owners of this mall couldn’t make their payments, the government took over the mall. Which is kinda hilarious. source