The ultimate destination of the trillions of dollars that had flushed back and forth between the central banks of the global system was not under direct American oversight. There was little doubt, of course, that the Swiss National Bank channeled the dollars it received from the Fed to its ailing giants, UBS and Credit Suisse.30 But from the point of view of the Fed, it was far better that the swap be done with a central bank than with the fragile banks themselves.
