Exhibit 785

GAO-11-696, p. 130: method note for Table 8 (total loans not adjusted for term)

Exhibit 785 · GAO report

GAO-11-696, p. 130: method note for Table 8 (total loans not adjusted for term)

Table 8 aggregates total dollar transaction amounts by adding the total dollar amount of all loans but does not adjust these amounts to reflect differences across programs in the term over which loans were outstanding.

Explains why Table 8's $16,115 billion total counts every renewal of overnight Primary Dealer Credit Facility loans as new borrowing. GAO's example: a $10 billion overnight loan renewed daily for 30 business days adds $300 billion to the aggregate although the institution borrowed $10 billion over 30 days.

Source: U.S. Government Accountability Office
Date: July 2011
Quoted from: p. 130 (printed page)
Grade: Primary record
Document: https://www.gao.gov/assets/gao-11-696.pdf
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-8.4: Primary record GAO's Table 8 totals $16,115 billion of loans across the Fed's broad-based emergency programs by adding every renewal of overnight loans without adjusting for term, and GAO found that loans outstanding peaked above $1 trillion in late 2008. Senator Sanders's release of 21 July 2011 described the audit as uncovering "$16 trillion in secret loans."