Report: Banks earned $13B from secret Fed loans amid crisis

Providing what it calls "a fresh narrative" of the financial crisis, Bloomberg Markets Magazine reports that banks earned $13 billion in secret cut-rate loans from the Federal Reserve and that one day in early December 2008 they needed $1.2 trillion to stay afloat.

As of March 2009, toting up loan guarantees and lending limits, the Fed had committed $7.77 trillion to rescuing the financial system. That was "more than half the value of everything produced in the U.S. that year," Bloomberg writes.

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