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View Full Version : Fed Refuses to Disclose Recipients of $2 Trillion


NotThe1
12-12-2008, 07:33 PM
The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.

The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.

“If they told us what they held, we would know the potential losses that the government may take and that’s what they don’t want us to know,” said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC, which oversees $22 billion in assets.

The Fed stepped into a rescue role that was the original purpose of the Treasury’s $700 billion Troubled Asset Relief Program. The central bank loans don’t have the oversight safeguards that Congress imposed upon the TARP.

Total Fed lending exceeded $2 trillion for the first time Nov. 6. It rose by 138 percent, or $1.23 trillion, in the 12 weeks since Sept. 14, when central bank governors relaxed collateral standards to accept securities that weren’t rated AAA.
‘Been Bamboozled’
Terror Cell: Fed Refuses to Disclose Recipients of $2 Trillion (http://terrorcell.blogspot.com/2008/12/fed-refuses-to-disclose-recipients-of-2.html)

BlueAngel
12-12-2008, 07:45 PM
This is not taxpayer money.

Prove to us how you, a taxpayer, has financed the bail out.

BlueAngel
12-13-2008, 11:55 PM
NotThe1 is an expert at providing links to other's opinions and NEVER replying with his own.

I think there should be a forum dedicated exclusively to him so he can copy and paste his links and keep his threads all in one place.

He clogs the General discussion forum and I feel like we need to call a plumber.

Should we call Joe?