Fed profits soar to record $80.9 billion
The Federal Reserve on Monday revealed a record profit of $80.9 billion for 2010, a 51% leap on 2009, in its preliminary unaudited results for the year.
The bumper profit has allowed the regional Fed banks to transfer a record $78.4 billion to the US Treasury, a 65% increase compared with the amount transferred in 2009. The amount is about $500m under the combined total transferred to the Treasury in 2009 and 2008, and over four times the transfer made in 2004, the year in the past decade in
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