Federal Reserve Seeks to Protect U.S. Bailout Secrets

[notesdev]

Source: Bloomberg

Jan. 11 (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.

...

Read more: http://www.bloomberg.com/apps/news?pid=20601110&sid=aEfuO342uoj8

[Solly Mack]

1. k/r

[mbperrin]

2. My money, my right. Let's see who the welfare kings are!

I paid for it, now I want to see it. I was against it from the beginning, so I have even more claim to see it.

[Rosa Luxemburg]

31. We the people want to see it

[midnight]

37. I second that.... It is something that the Federal govt. wants to audit those

who don't purchase enough health insurance, but to ask what the Federal govt. did with our tax dollars, is a secret? Something wrong-bigtime....

[gratuitous]

3. Interesting strategy

I think I'll try it next time I apply for a loan, which will hopefully be never: Just lend me the money, because it would pose an unacceptable danger to what I intend to use it for if I am forced to disclose too much information to you. In other words, just keep writing checks and never you mind what it's for. Why should the public know what public money was used for? Buncha nosy parker busybodies.

[Maat]

41. Yes, let's try it next time, and see what happens.

:thumbsup:

[FLAprogressive]

4. Support HR 1207 and Alan Grayson

www.unmaskthefed.com

[Sebastian Doyle]

5. Abolish the "Federal" Reserve

And put the fucking pieces of shit in charge of it on trial for treason. Including Bernanke, Timmy the Elf, Greenspan, etc.

[RedCloud]

15. Exactly and off with their heads!

[anonymous171]

17. Agreed. nt

[Desertrose]

20. Yes to that! n/t

[earcandle]

32. I'm with you on that one!

[high density]

6. Given that "we" are the lender, "we" should know who is submitting loan applications

Yes?

I mean we know defense contract spending, why not these trillions as well?

[gateley]

7. Awww "...bailed-out lenders may be hurt..." Awww. nt

[pjt7]

8. F the FED

The have F-d us.

[Soylent Brice]

9. that info will never see the light of day.

good luck to that.

[harun]

27. +1

[happy_liberal]

10. K&R

nt

[No Elephants]

11. Um, the lender always knows the identity of the loan applicants.

In this case, the lender is the American taxpayer.

[Wapsie B]

12. Gosh, shouldn't we let the Free Market determine whether or not these banks will be hurt?

Those who truly believe in the function of a free market should welcome a more open banking system.

[goforit]

13. Hope Bloomberg has the stomach to deal with the Rothchilds of the world.

[Octafish]

14. Just doing God's work.

Especially the heavenly bonus-y parts.

[Soylent Brice]

18. lol

[Dangerously Amused]

22. Exactly! The public never finding out who ripped them off is all a part of "God's Plan."

[truedelphi]

25. And of course that is the same God they invoke whenever they start citing how

The public simply cannot be allowed to walk down the path of unbridled Socialism via Government paid for Health Plans!

[defendandprotect]

16. FED: Concern for the consumer . . . !!! Protecting Elitism.....!!

[Desertrose]

19. Bullshit. We deserve to know!

It was taxpayers money that covered their asses and then some!!

[peacetalksforall]

21. They wanted us to take a risk. They can now take a risk that there might be market

risk. However, knowing how much control they have and how they manipulate, they should probably be able to manipulate the risk. After all, manipulation is their forte.

[sakabatou]

23. Well that's just great

Fucking robbers.

[UpInArms]

24. freaks will prolly rely on Bush v Gore

in that Bush would be injured if all the votes were counted.

These things (they are not people) make me :puke:

[IndianaGreen]

26. Protect the rich, tax the poor

What a crappy system we live under!

[rpannier]

28. Wait til they claim executive priviledge

and therefore it can't be released

[bertman]

29. Kickety kick and rec.

[Orrex]

30. Sallie Mae calls people I haven't talked to in 25 years to try to get my banking information

We are the lenders to these dysfunctional, predatory corporations; we are therefore entitled to know how much they stole borrowed from us.

[Johnny ramone]

35. I was going to say something similar...

but your prose is obviously better than mine.:)

[boppers]

33. If the disclosure crashes the banks, don't we then lose any unpaid loans?

How much of that 2 trillion is at risk, if we get their names?

[Ticonderoga]

40. doesn't really matter

they never had any intention of returning the funds anyways because the funds never really exicted except on "bad paper". We are totally screwed.

[Goldstein1984]

34. We the People of the United States...

Cannot make informed decisions unless we are kept informed.

If I'm given no choice but to make an uninformed decision, the decision is going to be to vote against anything that keeps me uninformed.

The economic aristocracy calls the shots now. But we are many, they are few.

[Name removed]

36. Deleted message

Message removed by moderator. Click here to review the message board rules.

[DisgustedInMN]

38. I should be surprised ..

... by this, why? The Corporate States of America owes us no explanations. STFU and pay, then die. :sarcasm:

[lonestarnot]

39. Make the shit public, see how long they last post publication.