Fed Created Conflicts in Improvising Financial System Rescue

"This week’s disclosures of data from the Fed’s rescue efforts during the 2007-2008 financial crisis show how the central bank employed companies to help design or run programs they could use to their benefit. Federated tapped the money- market rescue for $8.89 billion, according to Fed data. Pacific Investment Management Co. and BlackRock Inc. weren’t only advisers to the Fed, they were also trading securities they helped value, the Fed data show."