3 replies to this topic

[Iblayz]

JPM, BAC, WB jointly announce today that they have made use, on a limited basis, of the discount window facility announced by the Federal Reserve Board late last week. In transactions intended to display the effectiveness of the facility, JPMorgan Chase, Bank of America and Wachovia each borrowed $500 mln, including some on a term basis, at the discount window. While JPMorgan Chase, Bank of America and Wachovia each have substantial liquidity and the capacity to borrow money elsewhere on more favorable terms, the companies believe it is important at this time to take a leadership role in demonstrating the potential value of the Fed's primary credit facility and to encourage its use by other financial institutions. Co's hope their actions today will highlight that point for the financial community and promote broad acceptance of the use of the facility.



Even though the rate is low....these three are going to throw away shareholder money by paying interest on money they do not need.....as a public service/good will gesture? Gimme a break!

[Jnavin]

Looks more like an official Bush White House press release, but I wouldn't want to get political...

[Mtrader]

HUM. Let's see. 500Mil=1000 house loan in California. Wow that is a lot.

[mike123]

HUM.
Let's see. 500Mil=1000 house loan in California. Wow that is a lot.

The banks are getting desperate. It is hardly a good time to go long on stocks. But they are trying to fool Joe six to take bags from them.