Federal Reserve Seeks to Protect U.S. Bailout Secrets
January 12th, 2010Via: Bloomberg:
The Federal Reserve asked a U.S. appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in U.S. history.
The U.S. Court of Appeals in Manhattan will decide whether the Fed must release records of the unprecedented $2 trillion U.S. loan program launched after the 2008 collapse of Lehman Brothers Holdings Inc. In August, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.
“This case is about the identity of the borrower,” said Matthew Collette, a lawyer for the government, in oral arguments today. “This is the equivalent of saying ‘I want all the loan applications that were submitted.’”
Bloomberg argues that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money. Banks and the Fed warn that bailed-out lenders may be hurt if the documents are made public, causing a run or a sell-off by investors. Disclosure may hamstring the Fed’s ability to deal with another crisis, they also argued. The lower court agreed with Bloomberg.
Heaven forbid that the peoples know what has been done in “their name.” I’m thinking half my paycheck or more goes to taxes. I don’t have children and don’t get deductions for that, but I spend a shit load of money on my Mom’s care, and if these bastards ARE USING MY TAX DOLLARS ILLEGALLY?
I WANT THEM TO BE INVESTIGATED FOR THEIR CRIMES. I for sure want to know whether my mother’s bank, where she has her Social Security check sent is a hidden store front for the Mafia.
Yep. Things in the money realm are BAD in the U.S. Learn a way to operate out the current system.
That’s easy for me to say not do.
But this big hulking animal is going to go down.
This year I think.
The summer of the Cardinal Crosses.
Good luck friends.
I’m in the same boat as you.
Old World Order
http://www.ritholtz.com/blog/2009/11/the-world-according-to-americans/