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

Monday, 06 Dec 2010 12:16 AM

 

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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.

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