How did Bank of America Borrow $69 Billion at Zero Percent on the Backs of the Taxpayers?

The FDIC just released "Issuer Reported Debt Details" for the Debt Guarantee Program (DGP) of its Temporary Liquidity Guarantee Program (TLGP)--meaning a detailed list of which banks borrowed on the backs of the taxpayer during the financial panic and how juicy the terms were.  A total of $618 billion was guaranteed by the FDIC over an approximate one year period. According to the FDIC's release:

"Under the DGP, the FDIC guaranteed debt that was issued between October 2008 and October 2009 by participants in the program. The guarantee expires at the end of this year, by which time almost all debt issued under the program will have matured. The information being disclosed includes for each registered issuance of FDIC guaranteed debt the: 1) issuer name; 2) CUSIP or other identifier; 3) issue date; 4) maturity date; 5) rate type; 6) interest/discount rate at issuance; 7) amount of unsecured debt; and 8) unsecured debt total fee."

Here is a snapshot of the first page:

Immediately noticeable is that, while the interest rates at which 1st Source Corporation was able to issue the FDIC-backed commercial paper were low, they still had to pay interest.  Which brings us to Bank of America:

After the first 11 lines, the rate drops to zero...and stays there for a total of 1,352 issues totaling $69,205,303,031.[1]  

While several other institutions were able to take advantage of 0% rates on a portion of their debt funding (including Citibank, General Electric Capital, Goldman Sachs Group and HSBC), only Merrill Lynch & Co. was able to finance nearly all of its $19,786,359,000 in debt issued at 0%.

Who borrowed the most?  Preliminary analysis reveals it is General Electric (GE) Capital, with 4,328 issues totaling $130,850,166,935.

Developing...

------------------------
[1] The issued debt spans both the holding company, Bank of America Corporation (pictured above) and the actual bank, Bank of America, N.A.  Also note that total debt issued does not necessarily reflect total debt outstanding at any given time.