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.

Fifty fragile and conflict states account for 20% of the world’s population but 43% of the extreme poor. Nearly two-thirds of fragile states have failed to meet the Millennium Development Goal of halving extreme poverty by the end of 2015.