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Rating:JPMorgan and State Street Earned $168.6M Rescuing Money Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 24, 2011

JPMorgan and State Street Earned $168.6M Rescuing Money Funds

News summary by MFWire's editors

State Street [see profile] and JPMorgan [see profile] each made tens of millions of dollars helping the U.S. Federal Reserve rescue money market mutual funds during the 2008- 2009 financial crisis. Bloomberg's Christopher Condon reports that JPMorgan earned about $93 million and State Street earned $75.6 million funneling $200 billion from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility to money funds.

By comparison, the Fed's inspector general says the central bank earned $543 million from the program, which loaned a total of $217 billion.

According to the wire service, 16 percent of the money JPMorgan funneled went to its own money funds, while 89 percent of the $12.9 billion BNY Mellon went to its own Dreyfus [see profile] money funds.

The article offers more details on the AMLF program. 

Edited by: Neil Anderson, Managing Editor

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