JPMorgan Chase & Co. (JPM), the second- largest U.S. bank by assets, borrowed at least $5.9 billion from the Federal Reserve’s discount window over six months during the height of the financial crisis.
JPMorgan had previously disclosed it borrowed $500 million on Aug. 22, 2007, as similar loans were made to Bank of America Corp. (BAC) and Wachovia Corp. “to display the effectiveness of the facility,” according to a joint statement at the time. JPMorgan accessed the program at least four more times through April 2008, according to documents released today under a Freedom of Information Act request by Bloomberg News and Fox News.
