Following the Bear Stearns crisis, it was not just ABCP but the collateralized repo markets that shut down. In the summer of 2008 the Fed, therefore, stepped into the breach, setting itself up as a repo dealer of last resort, offering twenty-eight-day repo against prime collateral (single-tranche open market operations, or ST OMO). A total of $855 billion were lent by December 2008, of which over 70 percent was taken by foreign banks, with five European banks dominating the entire program. Just one bank, the Swiss giant Credit Suisse, was the recipient of 30 percent of the liquidity the Fed
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