| Sept. 16, 2008, was perhaps the darkest time for the United States economy in modern memory à ?? even if nobody knew it quite yet. It was barely 24 hours removed from the bankruptcy of Lehman Brothers, and a few hours before the government would rescue the insurer American International Group. So began what would become the biggest United States government bailout that most people do not know anything about. Transcripts, released Friday after a customary five-year delay, shed light on one of the most significant but least understood parts of the Fedà ??s expansive rescue efforts in the crisis. While reporters and lawmakers focused on the bailouts of American financial institutions, the Fed was quietly pumping hundreds of billions into nations from Switzerland to South Korea to bolster global banks when dollars were in short supply. European banks were particularly heavy beneficiaries. |
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