Wall Street Investment Banks Now Borrowing $38.1 billion Daily

As an update on my March 29th posting, Wall Street investment companies are stepping up their borrowing a bit from the Federal Reserve’s unprecedented emergency lending program.

The Federal Reserve reports Thursday that those firms averaged $38.1 billion in daily borrowing over the past week from the new lending program!

That compared with $32.9 billion in the previous week and $13.4 billion in the first week the lending facility opened.