Feds Loan Harley-Davidson $2.3 Billion
Harley Financial News
It was recently reported that the Federal Reserve secretly loaned trillions to corporations between 2008 and 2009, and one company on that list was Harley-Davidson, which reportedly received $2.3 billion.
Bloomberg, the premier source for business and financial news, says the money was given by the Feds to Harley-Davidson and the other corporations, most notably BMW, Toyota and Ford, to "keep the economy from collapsing."
The money was from the Fed’s Commercial Paper Funding Facility, which also dispersed money to McDonalds, Verizon, General Electric, Citigroup, Goldman Sachs and Barclays. All together, it was reported that a total of $3.3 trillion was loaned.
Harley-Davidson used the $2.3 billion to cover expenses while the economy was extremely sluggish. Harley reported that the money borrowed was used primarily by the Motor Company’s lending unit, which provides retail loans for motorcycle buyers and wholesale loans to Harley dealers.
The Feds commercial "paper" loans are like one huge credit card for giant companies to borrow money from until they can pay it back.
All of these commercial paper loans have been reportedly paid back in full, though roughly $2 billion in loans to bond investors is outstanding.