"Four major U.S. banks said they have each borrowed $500 million from the Federal Reserve's discount window, becoming the first to say they have taken advantage of the central bank's latest attempt to add liquidity to the credit markets. Citigroup Inc. said it borrowed 'on behalf of clients.' Minutes later, J.P. Morgan Chase & Co., Bank of America Corp. and Wachovia Corp. issued a joint press release saying they also borrowed $500 million each. The trio said while it has 'substantial liquidity and the capacity to borrow money elsewhere on more favorable terms, the companies believe it is important at this time to take a leadership role in demonstrating the potential value of the Fed's primary credit facility and to encourage its use by other financial institutions.'" Sounds bad? Translation please, finance-minded readers! [WSJ]