A Visual History of the Federal Reserve System

1914 - 2009
This is a free digital edition of a chart created by John Paul Koning. It has been designed to be appreciated on paper as a 24x36 inch display. If you enjoy this chart please consider buying the paper version at www.financialgraphart.com. Buyers of the chart will recieve a bonus chart reimagining the history of the Feds balance sheet. The updated 2010 edition is also now available for purFOR BETTER OR FOR WORSE, the Federal Reserve has been governing the monetary system of the United States since 1914. This chart maps the rise of the Fed from its origins as a relatively minor institution, often controlled by Presidents and the United States Department of the Treasury, into an independent and powerful body that rivals the Presidency in terms of prominence.
IN ITS FIRST TWO YEARS, the Fed was a passive institution. It set its lending rate above the market rate, making it unprofitable for banks to turn to it for loans. As a result, discounts were negligible. This changed in 1917 with the entrance of the US into World War I. The Fed, nowadays largely independent from other branches of the government, was then controlled by the Treasury Secretary. To help pay for looming war bills, the Fed was converted into a war-finance body. Amendments to the Federal Reserve Act paved the way. The original Federal Reserve Act emphasized that discounts were be made on real bills principles; only short term bills based on commercial transactions would be eligible for Fed loans. In 1916, authorities began to break with this principle when the Fed was given permission to lend to banks on the security of government debt. In 1917, these Section 13.8 advances were made eligible as collateral for notes. The 1917 amendments also reduced the backing requirement for Federal Reserve notes. Prior to 1917, all notes had to be double-backed by 100% real bills, and 40% gold. After 1917, notes need only be backed by 60% bills and 40% gold. At the same time, reserve requirements were lowered by Congress from 18% to 13%, and a preferential lending rate introduced on all 13.8 advances secured by government Liberty Bonds. The effect of all these changes was to dramatically increase the Feds ability to issue notes. The private sector bought large quantities of government war bonds, then used these bonds as security to get Fed 13.8 advances at below-market rates. In effect, they profited every time they transacted with the Fed. As a result of the Feds subsidization of government bond

Free Digital Edition

chase. Alternatively, if you have found this chart useful but dont want to buy a paper edition, consider donating to me at www.financialgraphart.com/donate. It took me many months to compile the data and design it, any support would be much appreciated.
John Paul Koning, 2010

Multiple data series including the Feds balance sheet, interest rates and spreads, reserve requirements, chairmen, inflation, recessions, and more help chronicle this rise. While this chart can only tell part of the complex story of the Fed, we trust it will be a valuable reference tool to anyone curious about the evolution of this very influential yet controversial institution.
purchases, the dollars purchasing power plummeted. Friedman & Schwartz estimate that 5% of the governments war expenses were paid for by the Feds inflation tax. The events after the 1929 stock market crash brought many changes to the Feds balance sheet and operating procedures. The Emergency Construction, Emergency Banking, and Industrial Advances Acts granted the Fed power to extend loans to non-member individuals, partnerships, and corporations under certain conditions by adding sections 13.3, 13.13, and 12b to the Federal Reserve Act. The First Glass-Steagall Act brought in even larger modifications, firstly by allowing the Fed to make advances on any satisfactory collateral to member banks through Section 10b advances, and secondly by allowing government securities purchased in the open market to stand as sufficient backing for Federal Reserve notes. The latter freed the Fed to monetize government debt via open market operations and not just discounts. Government debt on the Feds balance sheet would grow inexorably from then on, further moving the Fed away from its real bills origins. Also significant were legislative changes that began to de-link the dollar from the gold standard. In 1933, private holdings of gold were criminalized. Gold was brought to the Federal Reserve for notes, and on January 30, 1934 this gold was transferred to the US Treasury in return for certificates. The next day the dollar was devalued from $20.67/oz to $35/oz. The capital gain, therefore, was credited to the Treasury, not the Fed. The $2.3 billion rise in Treasury cash, a liability of the Fed, became the war-chest of the Treasury and its new Exchange Stabilization Fund, which would dominate monetary policy to 1951, rendering the Fed a passive partner.

How to read this chart:

Start
1914-1936

This image is published under a Creative Commons Attribution-Noncommercial-No Derivative Works 2.5 License

Willliam P. Harding

$16

Member, Federal Reserve Board Adviser to the Cuban government

Benjamin Strong Jr.

Daniel Crissinger

Roy A. Young

13b

Industrial Advances Act Passed

$14

1914-1936

1936-1968

President, Bankers Trust Co. of New York

Comptroller of the Currency Chairman, F.H. Smith Co.

President, Minneapolis Fed President, Boston Fed

13.13

Emergency Banking Act Passed

$12

1968-1999

1933 Banking Crisis

1999-2010

Glass-Steagall Act Passed The U.S. in World War I

$8

10a

10b

16.2

$10

Britain leaves the gold standard

C

Gold Reserve Act:

Gold revalued from $20.67/oz to $35

Charles S. Hamlin

Assistant Secretary of the Treasury Member, Federal Reserve Board

$6

B +23.5% E

Assets
(billions)
Chairmen of the Board Presidents of the Reserve Bank of New York

Interest Rates

1915

1916

1917

1918

1919

1920

1921

1922

1923

1924

1925

1926

1927

1928

1929

1930

1931

1932

1933

1934

1935

U.S. Presidents { Democrat Republican

MUCH LIKE WWI, the Fed was harnessed to finance the Second World War. Reserve requirements were reduced to allow member banks to expand lending for the war effort, and a preferential discount rate of 0.5% was set for loans collateralized by government debt. Unlike WWI, the latter was hardly used. Far more attractive to member banks were the open market buying rates set by the Fed. By offering to buy all government t-bills at 0.35% and long term bonds at 2.5%, the Fed ensured that government debt prices would never fall. This price-fixing scheme allowed the government to issue huge amounts of Victory Loans to finance the war, and guaranteed the capital safety of the private sectors investment. The result was one of the fastest increases in the government bond portion of the Federal Reserves balance sheet to date. At the same time, inflation jumped to its highest level since the early 20s. War-time wage and price controls succeeded in reducing overt inflation, but the effects manifested themselves as shortages and reductions in quality. The removal of price controls in 1946 resulted in a large spike in inflation rates. After the wars end, Fed officials increasingly agitated for more independence from the Treasury in setting monetary policy. With the onset of the Korean War, it pressed for an end to the WWII-era 2.5% rate peg, which the Treasury expected it to maintain to help finance the newest war effort. The conflict

between the two bodies culminated in the 1951 Accord, in which the Fed finally earned its independence and the 2.5% ceiling was discontinued. The Korean War would not be financed by the Fed.

1936-1968

Liabilities
(billions)

WILSON

HARDING

COOLIDGE

HOOVER

ROOSEVELT

1929 Stock Market Crash

Great Bear market

Reconstruction Finance Corporation formed Stock market decline ends

-11%

The Fed gains power to make advances to member banks

$4

13.8

2
16 19 13a

Rie er Burgess Doctrine and an activist policy rst articulated in Fed 10th Annual Report
-16% 6

George L. Harrison

Amendments of 1917 increase note issuing power of Fed

$6

Agricultural Credits Act Passed

In 1959, the Fed agreed to one of the only reductions in its power to date. Section 13b of the Federal Reserve Act, passed in 1934 to allow the Fed to lend directly to businesses for working capital purposes, was removed. The dollars link to gold was an important issue after WWII. The war-time accumulation of government bonds on its balance sheet threatened the 40% gold backing requirement for Federal Reserve notes and deposits. Rather than sell government bonds to regain the 40% level, the requirement was legally reduced to 25% for notes and deposits in 1945. The post-war Bretton Woods agreement stipulated that the worlds currencies would be fixed to the dollar, and the dollar would be fixed and convertible at $35/oz. Large US foreign expenditures led to an accumulation of dollars overseas, and beginning in 1958 these were returned to the US at ever increasing amounts for gold. Attempts to stem the gold outflow, including the formation of the London Gold Pool and the Interest Equalization Tax, failed. In 1965 the Fed, lacking gold, further reduced gold backing for Fed deposits from 25% to 0%. Bretton Woods was collapsing.

Central bankers meet in New York to deal with Britains overvalued pound and consequent gold out ow

Bank of the United States fails

Deputy Governor, New York Fed President, New York Life Insurance Co.

1968-1999
IN EARLY 1968, private sector purchases of gold in London exploded. The London Gold Pool, formed by the Fed and a number of European central banks to cap the London price at $35, was unable to suppress the buying. The pool was disbanded in early 1968 and the market price leaped above $40, the result being two prices for the dollar; the official one at $35, and a significantly higher market price. The Fed simultaneously reduced the 25% gold backing requirement to 0% as outflows of gold threatened to bring holdings below their legal limit. The dollar remained convertible into gold though, and central banks continued to bring their dollars to New York to claim the metal.Vietnam War expenses and setbacks further undermined confidence in the dollar, and in 1971 Nixon decided to solve the outflow problem by simply removing the dollars convertibility. With one pillar of Bretton Woods undermined convertibility to gold only one remained; fixed exchange rates to the dollar. The Smithsonian Agreement tried but failed to fix rates, and in 1973 all currencies were all allowed to float. Bretton Woods was dead. Gold would cease to be an important asset on the Feds balance sheet, replaced by government debt. On the domestic front, the Feds discount window was increasingly utilized to support insolvent institutions, breaking with prior central banking tradition of lending to illiquid but solvent banks only. Attempts failed to recruit the Fed to help bailout Penn Central, but in 1974 the discount window was crucial in supporting Franklin National, a failing bank. Continental Illinois, crippled by the collapse of Penn Square two years before, was kept on life support by the Fed in 1984, and most of the large Texas banks found support from the Fed when they failed in 1988. All these actions gave the impression that the Fed had adopted a policy of too big to fail, in which large and politically connected institutions received favourable treatment from the Fed when they went bust, but smaller banks didnt. Several major changes to the Federal Reserve Act modified the Feds mandate. A 1977 amendment added section 2A to the Act, stipulating for the first time the Feds dual role of promoting stable prices and maximum employment. The Monetary Control Act of 1980 allowed foreign government debt to serve as collateral for reserve notes, removed the penalty on 10b advances, and expanded the discount window to allow non-member banks to access it. Finally, a small change in 1991 to Section 13.3 - a dormant 1930s era power that allowed the Fed to lend to individuals, corporations, and businesses on limited collateral in emergencies allowed for an almost unlimited range of collateral to be accepted by the Fed. This small but vital change would serve as the legal foundation for the Feds massive extension of loans during the 2007-09 credit crisis.

1999-2009
MUCH OF THIS ERAS HISTORY remains to be written, but it includes the largest expansion in the Feds balance sheet to date, dwarfing the WWI growth of discounts, the 1934 gold revaluation, and the WWII expansion. The expansions effect on employment, GDP, credit, and confidence in the dollar continue to play out. Several changes to the Federal Reserve Act are notable. In 1999, prior to the year 2000 date change, Section 10a and 10b advances were made eligible to serve as collateral for Federal Reserve notes, increasing the Feds ability to issue notes should the new century start in crisis. This was superseded in 2003 when any asset held by the Fed was made eligible as collateral for notes, removing from the Act the last vestiges of the real bills doctrine which originally limited eligibility to short term commercial bills. Finally, the Fed was given a new monetary tool in 2008 when it was authorized to pay interest on reserves for the first time. The cumulative changes to the Federal Reserve Act have given the Fed the ability to act in ways it never would have been capable of in times past. When solvent banks demand for liquidity exploded, it was able to create facilities like TAF to meet this demand. But loans to Maiden Lane I-III, authorized under Section 13.3, have supported the questionable assets of insolvent non-banks Bear Stearns and American International Group. Section 13.3 is also the legal basis for loans made by a myriad of facilities, including the CPFF, AMLF, PDCF, and TALF (see notes in legend for definitions). At the same time, Fed purchases of government debt have fallen. Not since the early 1920s has the Fed held such a large proportion of private sector debt on its balance sheet. On the liabilities side of the balance sheet, the low level of reserves encouraged by the 1994 introduction of sweeps, in which banks swept cash from checking accounts into savings accounts each night to take advantage of lower reserve requirements on the latter, has dramatically reversed. Uncertainty and a lack of confidence have led banks to accumulate huge quantities of excess reserves at the Fed rather than lending these funds out. This uncertainty has yet to be dispelled.

{ {
{ {

$8
13.3

William McChesney Martin Jr.

$80

Emergency Construction and Relief Act of 1932 passed

12a

Assistant Secretary of the Treasury for Monetary A airs Various directorships and trusteeships

Exchange Stabilization Fund begins operations

$10

$70

Thomas B. McCabe

Federal Liquidation Commissioner CEO Scott Paper Co. $60

$12

second Glass-Steagall Act establishes FOMC Federal Deposit Insurance Corporation begins operations

10.1 12a 19 Banking Act of 1935 passed Fed can now adjust reserve requirements

Gold backing requirement for Reserve notes and deposits reduced from 40% to 25%
$50

$14

U.S. in the Vietnam War

A

$16

Marriner S. Eccles

Lend-Lease Act passed

Operation Twist begins, Fed commits to buying long term bonds in the open market Bills only buying policy

Korean War
C 26% 24%

$40

U.S. involvement in World War II

$30
22.75%

London Gold Pool formed by central banks to support the U.S. dollar at $35/oz Gold backing requirement for FR deposits reduced from 25% to 0%

U.S. gold out ow begins

18% F 20%

Assistant to the Secretary of the Treausry Governor, Federal Reserve Board $20

1936

Risk Spreads, Reserve Requirements, and In ation

{
8% 6% 4% 2% 0%

$4

18%

To support Britains return to the gold standard, Strong extends$200 million to the Bank of England
13%

Domestic gold holdings forbidden, gold exports banned

Eugene Meyer
G

monthly

Federal Farm Loan Commissioner Publisher, Washington Post

Eugene R. Black
Eccles

President, Atlanta Fed President, Atlanta Fed

8% 6% 4% 2% 0%

} }
}

{
16.5%

1968

1967

1966

1965

1964

1963

1962

1961

1960

1959

1958

1957

1956

1955

1954

1953

1952

1951

1950

1949

1948

1947

1946

1945

1944

1943

1942

1941

1940

1939

1938

1937

1936

{
monthly
8% 6% 4% 2% 0%
JOHNSON KENNEDY

{
+19.5% E 20%

World War II breaks out

V-E Day
G

+13.2%

D 13%

Interest Equalization Tax instituted

}
8% 6% 4% 2% 0%

War-time price & wage controls in e ect

Harrison

EISENHOWER

TRUMAN

ROOSEVELT

-2.9% 1

Fed empowered to control consumer credit Fed xes govt t-bill rate at 0.35% Fed sets 2.5% ceiling on long term govt bonds

-4.1%

The Treasury - Federal Reserve Accord

Vice President New York Trust Co. Chairman, Morgan Stanley

Alfred Hayes

Deputy Governor, New York Fed Director, Wells Fargo Bank

Allan Sproul

Bretton Woods Agreement signed, World Bank & International Monetary Fund created
$30

$20

Small Business Investment Act limits Fed lending power

4

6
13b

$40 $600 $50

$60 Undersecretary of the Treasury for Monetary A airs Chairman of J. Rothschild, Wolfensohn & Co. $400

$500
H

Paul Volcker

$70

Arthur F. Burns

G. William Miller

Councillor to the President Scholar, American Enterprise Instititute $80

CEO of Textron Inc. Secretary of the Treasury

Gulf War
Alan Greenspan

Fed organizes private sector bailout of Long Term Capital Management

Discount loans support failing Texas banking industry

$300

Continuing but declining U.S. Prescence in Vietnam

$200

President of Townsend-Greenspan & Co Adviser to Paci c Investment Management (PIMCO)

Discount window opened to support Continental Illinois Bank

1987 Stock Market Crash

Legend
ASSETS
A B C D E F G H I J K L M N O P Q

Federal Reserve Balance Sheet

Discount Loans and Advances
1

LIABILITIES
1 2 3 4 5 6

Total Reserves Other Deposits Treasury Cash

16 17

$100

Penn Central Railroad declares bankruptcy

Federal Reserve lends $1.8 billion to support Franklin National Bank

B
16.25%

G7 sign Louvre Accord Plaza Accord

C

Penn Square Bank declares bankruptcy

19%

US bonds sold and foreign bonds bought to weaken rising dollar

E G J

18%

Bank of New England fails

F

Bankers Acceptances purchased 2 U.S. Government Bonds purchased outright Industrial Loans
4 5 6 7 3

Treasury Deposits
18 19

Martin 8% 6% 4% 2%

10%

Hayes

10% 8%

Gold & Gold Certificates Other Assets Treasury Currency Government Repos

Other Deposts + Treasury Cash Money in Circulation Other Liabilities and Capital US Teasury supplementary financing account 22 Reverse Repos
23 21

20

Carter announces voluntary wage & price controls

6% 4% 2%

1968

1969

1970

1971

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

NIXON

FORD

CARTER

REAGAN

BUSH

CLINTON

Agency Bonds purchased outright MBS purchased outright

8

monthly 4

Special Depository Receipts (SDRs)

Nixon closes the gold window

Wage & price controls

Facilities created to address financial crisis (listed below) Term Auction Credit CP Funding Facility Maiden Lane
10 11 12 9
R S T U V

$100 Smithsonian Agreement on xed currency rates 13

Federal Reserve Reform Act enunciates the goal of maximum employment

2A

Anthony M. Solomon

Undersecretary of the Treasury for Monetary A airs Chairman, S.G. Warburg & Co.

Sweeps programs introduced to reduce required reserves

Term ABS Loan Facility Credit extended to AIG

ABCP money market funding Primary dealer broker credit Central Bank Liquidity Swaps

14 15

Gold purchases crescendo. The London Gold Pool is disbanded & golds market price oats. Gold backing requirement for FR notes reduced from 25% to 0%

Death of Bretton Woods: the worlds currencies oat $200

FOMC targets M1, not interest rates

E. Gerald Corrigan
President, Minneapolis Fed Chairman, Goldman Sachs, International Advisers Group
6

Depositary Institutions Deregulation and Monetary Control Act of 1980

10b 14b 19

Resolution Trust Corporation formed to bailout savings & loans

$300

Executive VP, New York Fed Chairman, Public Company Accounting Oversight Board
13.3

William McDonough

Maiden Lane II Maiden Lane III

Federal Deposit Insurance Corporation Improvement Act

$2,500

Credit Crisis
$2,000 $400

1. While both advances and discounts are short term loans, since the 70s and until the recent credit crisis, most loans have been the former. According to Hackley and McKinley, advances are simpler to carry out, with the collateral for the loan staying at the member bank. 2. BAs were originally purchased by the Fed to help foster the growth of a domestic acceptances market. 3. Loans authorized to industrial and commerial enterprises with maturities as long as 5 years under Section 13b of the Act. 4. Includes oat, assets denominated in foreign currencies, accrued interest, land, and Reserve buildings. Due to delays in cheque processing, oat is the amount the Fed has yet to collect on checks received. 5. Consists of coins (1,5,10, 25), which are minted by the US Teasury and bought by the Fed to be put into circulation. In the early days of the Fed, most treasury currency consisted of private bank notes and notes issued by the Treasury. 6. These are temporary open market operations in which the Fed agrees to purchase and resell government securities. 7. Obligations of Fannie Mae, Freddie Mac, the Federal Home Loan Banks. 8. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. 9. The Fed lends money to the Commercial Paper Funding Facility (CPFF), which buys unsecured and asset-backed paper from the private sector. 10. Fed creates Maiden Lane, then lends it funds to purchase and manage the assets of a defunct Bear Stearns. Authorized under section 13.3. 11. Fed loans to Maiden Lane II fund purchases of residential mortgage-backed security (RMBS) assets from AIG subsidiaries.

12. Fed loans to Maiden Lane III fund purchases of collateralized debt obligations (CDOs) on which AIG had written credit default swap contracts. 13. The Term Asset-Backed Securities Loan Facility (TALF) issues loans with a term of up to ve years to holders of eligible asset-backed securities. 14. The Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) lends to non-member insititutions who wish to purchase ABCP from money market mutual funds. 15. The Primary Dealer Credit Facility (PDCF) lends overnight funds to primary dealers. 16. Member banks deposits with the Fed to comply with reserve requirements. 17. As the governments scal agent, the Fed keeps on deposit funds for the U.S. Treasury 18. Deposits held at the Fed by foreign governments, non-member banks, and other. Also includes service related adjustments. 19. Currency held in the vaults of the U.S. Treasury. 20. Combined for convenience. This category for1999-2009 only. 21. Includes capital paid in, surplus, and accrued dividends. Also the liabilities due to entities other than the the FRBNY issued by the CPFF, the LLCs funded through the MMIFF, and Maiden Lane I-III. 22. Funds raised by debt issued by the Treasury is placed in this account, with the goal of o setting the e ects of the facilities created due deal with the nancial crisis. 23. Prior to Dec 2002, matched sales were used instead of reverse repos. They are fundamentally similiar, but matched sales were deducted from outright purchases and therefore did not appear.

Ben Bernanke
$1,500 Chairman of the President's Council of Economic Advisors $500

U T S

$2,000

$600 $1,000

Q P O V
H

World Trade Towers 9/11

Preparing for Y2K

1999
weekly

0%

0%

} }
}
8% 6% 4% 2% 0%

{
N

$1,500
I A E F G J C

NASDAQ tech bubble pops

Economic Stimulus Act of 2008 passed With other central banks, the Feds inects liquidity in its rst response to crisis

Interest Rates, Risk Spreads, Reserve Requirements, and Inflation

Market Interest Rates
Moodys Baa Corporate Bond Yield Stock Exchange Time Loans, 90 days Prime Commercial Paper Rate, 4-6 months Federal Funds Rate Prime Bankers Acceptance rate 1 Long-term Government Bond Yield Government 3 month T-bill Yield

Federal Reserve Rates

Reserve Requirements 2
Checking Accounts Saving Accounts

Original Discount Rate 3 World War I Discount Rate Secured by Liberty Bonds 4 World War II preferential discount rate 5 Primary Credit Rate 6 Bankers Acceptance buying rate 1, 7 Regular Advance Rate (Section 10b) 8 9 Advances authorized under Section 13.13 of Act 10 Rates on Industrial Loans (Section 13b) Inflation rate, yearly Yield spread between Aaa and Baa Corporate Bonds Yield spread between Aaa Corporate and Long Term Government Bonds

K M

$1,000

Other

Lehman Bros les for bankruptcy

1. From1939 to the early 50s, Fed did not hold acceptances, though it continued to post a buying rate till 1955. For simplicitys sake, this chart ends the market acceptance rate in 1936 and the Feds acceptance rate in 1939. Acceptances bought after 1955 were at market rates. 2. Member banks faced di erent requirements. Till 1962, displayed are the Central Reserve city bank requirements. After 1962, rates are for largest bank category. 3. Federal Reserve Bank of New York rate. Prior to 1935, each Reserve Bank set its own rate. 4. New York rate on 15-90 day advances. In place from the beginning of WWI till 1921 5. Rate on loans to members secured by short term government debt. In place from 1942-1946 6. A modi cation of the discount rate, the primary credit rate is introduced in 2003 at a penalty above the federal funds rate. Prior Experience of Federal 7. Minimum buying rate in New York on 60-90 day acceptances. Reserve Chairmen/Presidents 8. New York rate. The 10b advance rate was merged with original discount rate (3) in 1980. Banking 9. New York rate on advances to individuals, partnerships, and corporations secured by government obligations. private sector 10. New York rate, low end of range, to industrial/commercial organizations. Law

Fed lends to a failing Bear Stearns, then arranges its sale to to JP Morgan Chase
American Recovery and Reinvestment Act of 2009 Federal takeover of Freddie Mac and Fannie Mae

Run on American International Group, Fed begins to extend credit

weekly

Major Changes to the Federal Reserve Act

as measured and de ned by the NBER

Recessions

16.2

Section A ected modi ed added dropped

Other Civil Service Other Federal Reserve Academia Prior position Subsequent position

Jul 09

Jan 09

Jan 08

Aug 07

Greenspan

McDonough

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

OBAMA

BUSH

CLINTON

Stock market peaks

16.2

Amendments increase eligibility of certain collateral as backing for notes

William C. Dudley

Executive VP, New York Fed

All FR assets can serve as backing

7

16.2

Emergency Economic Stabilization Act permits Fed to pay interest on reserves

}
9 1

$1,000

U.S. occupation of Iraq and Afghanistan

$1,500

Timothy Geithner

International Monetary Fund, Director of Policy Development Secretary of the Treasury

Sub-prime mortgage lender New Century Financial declares bankruptcy

$2,000

public sector

Financial Graph & Art

www.financialgraphart.com

John Paul Koning

Free Digital Edition

2009