Don’t Blink, or You’ll Miss Another Bailout

"Don't Blink, or You'll Miss Another Bailout"

Article Summary:
Original Article by Gretchen Morgenson of The New York Times: Business Day

"Many people became rightfully upset about bailouts given to big banks during the mortgage crisis. But it turns out that they are still going on, if more quietly, through the back door. The existence of one such secret deal, struck in July between the Federal Reserve Bank of New York and Bank of America, came to light just last week in court filings. Not only do the filings show the New York Fed helping to thwart another institution's fraud case against the bank, they also reveal that the New York Fed agreed to give away what may be billions of dollars in potential legal claims."

"It gets better," Morgenson teases.

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