The Fed move, which allows the banks to lend up to $25 billion, comes amid a deepening crisis in the nation's mortgage industry.
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Four banks, including B. of A., Citigroup, J.P. Morgan Chase & Co. and G. Kennedy Thompson,
Chairman & CEO Corp., borrowed $500 million each on Wednesday.
I have this image of Kenneth Lewis, Charles Prince, Jamie Dimon and G. Kennedy Thompson (the CEOs) all standing in line at the ATM machine.
Beep, beep, beep, beep.
"Darn it! What is that PIN?"