Fed refuses to identify $2,000,000,000,000 bank loans

[ginge51]

Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

ADMIN EDIT: No need to paste the WHOLE article.

http://www.bloomberg.com/apps/news?p...efer=worldwide

So they asked for 700 billion dollars, they got more then 2 trillion dollars.
And now they have the cheek to tax them to death and say thier not saying who the money went to?
Jesus.
Got to be sorted that one.
Were not talking pocket change here.

I am sure the authorities in the US will be looking closely at this and taking what is the appropriate action for them.

[Osem]

It remains to be seen how revealing this is:

President-elect Barack Obama's economic adviser, Jason Furman, also didn't respond to an e-mail and a phone call seeking comment from Obama. In a Sept. 22 campaign speech, Obama promised to "make our government open and transparent so that anyone can ensure that our business is the people's business.''

Very Bliarite...

Still maybe he'll feel better able to comment when he's President...

[PowerGirl]

Crazy days.

[ginge51]

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.
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’
Congress is demanding more transparency from the Fed and Treasury on bailout, most recently during Dec. 10 hearings by the House Financial Services committee when Representative David Scott, a Georgia Democrat, said Americans had “been bamboozled.”
Bloomberg News, a unit of New York-based Bloomberg LP, on May 21 asked the Fed to provide data on collateral posted from April 4 to May 20. The central bank said on June 19 that it needed until July 3 to search documents and determine whether it would make them public. Bloomberg didn’t receive a formal response that would let it file an appeal within the legal time limit.
On Oct. 25, Bloomberg filed another request, expanding the range of when the collateral was posted. It filed suit Nov. 7.
In response to Bloomberg’s request, the Fed said the U.S. is facing “an unprecedented crisis” in which “loss in confidence in and between financial institutions can occur with lightning speed and devastating effects.”

http://www.bloomberg.com/apps/news?p...iiM&refer=home

That is crazy.
So they won't say where the public's money has gone?
Maybe it's gone to overseas banks?
This type of thing has to stop, they could be doing absolutely anything with the money?
They could be giving it themselves for all we know?
Madness of the highest degree.

Why "all" the ""s?

[ginge51]

Instead of being picky at punctuation errors etc, answering the thread would be better.

Originally Posted by ginge51

Instead of being picky at punctuation errors etc, answering the thread would be better.

Unfortunately, the Fed has not taken me into their confidence, so answering it would be difficult.

It's just that using "s usually indicates direct quotations or irony, and I wasn't sure what your usage was - only asking so I could understand better.

Oh well, it's only money.

[ginge51]

Originally Posted by Enuff

Oh well, it's only money.

Laughs
Bankruptcy maybe.

---------- Post added at 14:49 ---------- Previous post was at 14:48 ----------

Originally Posted by foreverwar

Unfortunately, the Fed has not taken me into their confidence, so answering it would be difficult.

It's just that using "s usually indicates direct quotations or irony, and I wasn't sure what your usage was - only asking so I could understand better.

Ok i appologise
I'd like to here you're view though as you're a good poster on this forum

I am torn between the rights of Freedom of Information, and the harm that could be done by the knowledge being made public (panic selling of shares, etc).

So, in summary, I don't know.

It's not really something any of us can answer so i guess like many things time will tell.

[Osem]

Originally Posted by foreverwar

I am torn between the rights of Freedom of Information, and the harm that could be done by the knowledge being made public (panic selling of shares, etc).

So, in summary, I don't know.

Agree - there's a very fine line there sometimes. The last thing we need is more panic.....

Plus again it's not us who get to decide about this issue..it's for the American people to question their politicians and federal authorities.

[chaos23]

Many you will start listening to me when i tell you about these gangsters that are running the world. This will not be the last time you will be shocked.