The Working Group, which Ron Paul questioned John McCain about, said this, about public disclosure of banking records, for transparancy in the system.
The Working Group reached three broad conclusions about the challenge of improving financial disclosure practices which inform the Group's specific recommendations.
First, in order for public disclosures to provide a more meaningful picture of the extent and nature of the financial risks a firm incurs, and of the efficacy of the firm's risk management practices, it is necessary that there be a healthy balance between quantitative and qualitative disclosures. Disagreements do not occur about this principle but tend to focus on how this balance is achieved.
Second, disclosures should be consistent with firms' own risk management practices. Where the Working Group has focused on specific elements of risk, firms should frame their disclosures regarding these elements in ways determined by the internal parameters and exposure categories that firms use to assess and manage their risks when meaningful comparability can not be achieved. While comparability is an important objective, it is recognised that this will not always be practicable.
Third, information about intraperiod exposures - particularly in the form of high, median and low observations - can provide a more meaningful view of a firm's risk profile than period-end data alone. Much of current disclosures still rely on period-end information that permits window dressing of the information provided to creditors and investors.
Source: Final Report of the Multidisciplinary Working Group on Enhanced Disclosure
These are people in direct control of our current financial crisis. They are making huge amount of money, by playing the difference between the Fed Reserve rates and the Libor rates.
Sweep account are corporate account, but they are yours and mine (well, I'm self employed) payroll accounts. If you work for a large corporation, there is a good chance they actually hold your payroll in Eurodollars, on the Isle of Mann, or a Swiss bank, or another offshore account. But they will be in Eurodollars, cause the US dollar value has gone so far down.
When these corporations go to withdraw their funds in dollars, it's you and I that lose.