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

Monday, 06 Dec 2010 12:16 AM

 

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
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 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved