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Give Us Money. Now, Shut Up.

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December 15, 2008 – Comments (6)

We don't need to tell you where your $2 trillion is going, sez Bernanke's Fed.

Read it all here.

A snippet:

Dec. 12 (Bloomberg) -- 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.

6 Comments – Post Your Own

#1) On December 15, 2008 at 12:06 PM, kdakota630 (29.59) wrote:

It's disgusting.

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#2) On December 15, 2008 at 3:15 PM, starbucks4ever (97.92) wrote:

For all I know, we may soon learn that Bennie's nephew started a business in Cayman Islands and was so phenomenally successful that he earned his first billion within a month of setting shop there :)

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#3) On December 15, 2008 at 6:27 PM, ThoughtfulFool (< 20) wrote:

Regarding this, I heard from someone that, because the Federal Reserve is actually a privately owned institution, they are not accountable to the FOIA.  Any FOIA request could be legally ignored as it only pertains to government institutions.

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#4) On December 15, 2008 at 8:36 PM, nuf2bdangrus (< 20) wrote:

THe Fed is illegal, and was formed by a club in the middle of the night.  They are criminals, responsible for every major bubble, burst, and recession.  They rob the poor and middle class through inflation, then through deflation. 

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#5) On December 15, 2008 at 10:44 PM, Option1307 (29.69) wrote:

Yes, the Fed sucks...But we must remember that it was our  spineless Congress that gave them this money in the first place, and who convienently "forgot" to place restrictions and oversight on them. Oops...

 

Did anyone else catch the 60 minutes piece last night with Barnet Frank? I normally don't watch it, but happened to come across it as he was speaking. He basically was saying how upset and frustrated he was with the Fed, and how they are just spending the money freely and not how they were supposed to.

 I almost burst out laughing when the interviewer asked him, "excuse me Mr. Frank, didn't you write the bill? Why didn't you write in any oversight?" He was dumbfounded, umm, umm...Hilarious. That clown.

So ya, the fed is disgusting, but so is our congress for enabling them further...

 

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#6) On December 25, 2008 at 12:53 AM, bullshiite (31.66) wrote:

Damn the Fed.  They are just playing legal games with Bloomberg by stretching the loopholes of the law. Res Ispa Loquitur Bernanke!  This is negligence at fault of the Fed.  They have no right to conceal the cash flow of the tax payer.  

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