BOB IVRY, Bloomberg News: Hi, Judy.
JUDY WOODRUFF: What did you learn about the scope of what the Fed did and who the recipients were?
BOB IVRY: It was a lot bigger than we thought, Judy, compared to TARP. TARP was the Treasury program that helped the banks get through a tough time in 2008.
And that was lending up to $700 billion. In one day, the Fed had loans out totaling $1.2 trillion. So, that one day in December of 2008 just completely dwarfs the much better known TARP program.
JUDY WOODRUFF: And the recipients?
BOB IVRY: Well, the recipients were saying things that -- in public about the health of their banks.
Jamie Dimon, the CEO of J.P. Morgan Chase, and Kenneth Lewis, who was the CEO of Bank of America, both made statements to shareholders at the time about how healthy their banks were. And we can now go back and look at the -- what the -- some of the data that the Fed kept secret for this long and say that both of those banks were borrowing tens of billions of dollars from the Fed at the time.
JUDY WOODRUFF: How much difference did all of these loans make ultimately for these institutions?
BOB IVRY: One -- an economist that we spoke with, Dean Baker, who you might know, said that the banks could be categorized -- put into two categories.
One is banks that desperately needed the cash in order to survive. And the others, more healthier, are ones that got below-market-rate loans, and he called it a gift. And we don't blame the banks for taking loans that are below market rate. That's what they do. And that's what you and I certainly would do.
We calculated that the banks that took the below-market-rate loans made -- about 190 banks -- and, together, they made $13 billion from these below-market-rate loans.