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WASHINGTON — Banks and investment firms ramped up borrowing from the Federal Reserve’s emergency lending facility over the past week, more proof of the credit stresses plaguing the country.
A Fed report released Thursday said commercial banks averaged $39.36 billion in daily borrowing over the past week. That compared with a daily average of $21.6 billion in the previous week.
For the week ending Wednesday, investment firms drew $88.15 billion. Last week, Wall Street firms averaged $20.3 billion in daily borrowing.
The Fed’s report also showed a loan of $44.6 billion to insurance giant American International Group.
