The Federal Reserve Bank of New York is near collapse, for it failed to pay back bailout cash.

In spring 2009, a bank examiner inside the Federal Reserve Bank of New York called colleagues with worrisome news: The global banking giant that despite taking more than $476 billion in bailout cash and guarantees, the most of any rescued bank, was near collapse.

Some 6,000 companies, in industries ranging from telecommunications to health care, are expected to spend an initial $ 3 billion to $ 4 billion to comply with the new Securities and Exchange Commission (SEC) rule, and up to $609 million annually after that.