REUTERS
Joshua Schneyer and Kristina Cooke NEW YORK Mon Jun 28, 2010 4:59pm EDT(Reuters) – The Federal Reserve Bank of New York has been probing major financial firms’ exposure to BP Plc to ensure that if the oil giant buckles under the costs of the Gulf oil spill, it won’t put Wall Street or the global financial system at risk, according to two sources familiar with the matter.
After poring over documents and asking banks about their exposure to BP over the past two weeks, the Fed found no systemic risk, and hasn’t asked firms to alter their credit relationships with BP, the sources told Reuters.