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Banks borrow record amount from Fed
Thursday October 16, 4:36 pm ET
By Jeannine Aversa, AP Economics Writer
Banks borrow record amount from Federal Reserve's emergency lending program

WASHINGTON (AP) -- The Federal Reserve reports that banks borrowed in record amounts from its emergency lending facility over the past week, while investment banks drew loans at a brisk -- though slightly lower -- pace, further evidence of the credit stresses hobbling the country.
The Fed's report, released Thursday, shows commercial banks averaged a record $99.7 billion in daily borrowing over the past week. That surpassed the old record -- a daily average of $75 billion -- from the prior week. On Wednesday alone, $101.9 billion was drawn, an all-time high.

For the week ending Wednesday, investment firms drew $131.1 billion. That was down a bit from $134 billion in the previous week. This category was broadened last week to include any loans that were made to the U.S. and London-based broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley and Merrill Lynch.

More: http://biz.yahoo.com/ap/081016/fed_credit_crisis.html?.v=2&printer=1