Fed Refuses to Release Bank Data On Emergency Credit

I don't see the point in not letting all of us that are paying the bill in the recovery program to have access to who and to what we lent all this money - the lawsuit that is in progress, Bloomberg, will shed some light on the dark corners of the federal banking system.


"Govt by the the people and for the people"? No! The Govt no longer serves us, we serve it. If we make money and pay taxes that is.

Fed Refuses to Release Bank Data,Insists on Secrecy

March 5, 2009 (Bloomberg) – The Federal Reserve Board of Governors receives daily reports on bailout loans to financial institutions and won’t make the information public, the central bank said in a reply in a Bloomberg News lawsuit.

The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma on recipients of more than $1.9 trillion of emergency credit from US taxpayers and the assets the central bank is accepting as collateral.

The public had been cozened into believing:

That disclosing the identities of the recipients would poorly reflect upon their public image and therefore their ability to function. Secrecy, on the other hand, allowed them to continue making disastrous decisions, while bamboozling clients who would not know they were dealing with incompetents – who stayed in business only because of huge taxpayer-financed infusions of corporate welfare.

The “too big to fail” had to be bailed out by taxpayers in order to keep “the credit markets from seizing up.”

But the consequences of seized up credit were rarely if ever spelled out.
Many financial analysts no less “expert” than those pushing through the bailouts were convinced that allowing the credit markets to seize up would, in the long run, prove far less costly than endlessly printing money and pouring it down a plush-lined sink hole.

Buffett was wrong.

It wasn't a "war" at all. It was a criminal case, or should have been, but the accused took a financial Fifth Amendment, the right to remain silent, since any statement made could be used as evidence against them, and got away with it.

When, at a hearing before the Senate Budget Committee, Fed Chairman Ben Bernanke was asked, "Will you tell the American people to whom you lent $2.2 trillion of their dollars?" He answered, "No".