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Bloomberg: Federal Reserve Defies Transparency Aim In Refusal To Disclose
November 11, 2008 12:34 PM
Sometimes when I read
, I have to wonder what country I am in. The things we're seeing are simply unbelievable - a government run
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.
Ben S. Bernanke
and Treasury Secretary
said in September they would comply with congressional demands for transparency
in a $700 billion bailout of the banking system.
Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return
the latter is because if we knew, we'd be scared at what we were getting in return for our tax dollars - a bunch of toxic waste
``The collateral is not being adequately disclosed, and that's a big problem,'' said
, vice chairman of Boston- based Loomis Sayles & Co., where he co-manages $17 billion in bonds. ``It's your money; it's not the Fed's money,'' said billionaire
, senior partner of Forstmann Little & Co. in New York. ``Of course there should be transparency.''
has requested details of the Fed lending under the U.S.
Freedom of Information
filed a federal lawsuit Nov. 7 seeking to force disclosure
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