The $1.2 Trillion Rainy Day Fund

At a time which the bankers were stunned in,
The Fed gave emergency fundin'
To hundreds of banks
Of high and low ranks
In New York, Waukegan and London.

The US Federal Reserve has published the data on the 21,000 emergency loans to over 400 recipients, totaling $1.2 trillion, that it made from August 2007 to April 2010. Thanks to Bloomberg, the public can now comb through some very illuminating interactive graphics to compare and contrast the credits to companies large and small, American and international, banks and non-banks. Most know that the heaviest bailing-out went to Morgan Stanley, Citi and Bank of America; many are also aware that European banks such as Deutsche, Dexia and Dresdner availed themselves. But how many know of the lifelines thrown to Legacy Texas Group, Sharon Savings Bank and Stupp Bros.?

Now It Can Be Told

When the Credit Crunch sudd'nly impacted them,
The Fed from disaster extracted them;
Now the facts are disclosed
On those banks that imposed
On those programs with odd-sounding acronyms.   

The Federal Reserve Bank has published the details on those US and international banks and corporations that borrowed under such "lifeline" programs as Term Auction Facility (TAF), Term Securities Lending Facility (TSLF), and Primary Dealer Credit Facility (PDCF).

Totally Adequate Remedial Program

Politicians may argue and carp a lot  

Whether bailouts were fiscally sharp or not,  

But two years and a day  

With Depression at bay  

Should make us appreciate TARP a lot.

Mr. Geithner's Lingering Resentment

"The stimulus had its effects, 
And avoided some financial wrecks, 
But while saving the banks, 
Did I ever hear thanks 
As they cashed in their big bonus checks?"

Special thanks to guest contributor Andy Golub!

The Volcker Rule

Paul Volcker, grimacing glumly,
Says, "You banks should behave yourselves humbly.
While taking TARP funding,
Please put aside plund'ring,
And paying your people so plumly."

A Drop in the Bucket

Said Bernanke to Geithner, "I'm phonin' in
To say profits from TARP keep on rollin' in;
Here's 46 billion."
Said Tim, "Thanks a million!
So tell me: is Uncle Sam whole agin?"