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Bloomberg: Federal Reserve Defies Transparency Aim In Refusal To Disclose

 November 11, 2008 12:34 PM
 

Sometimes when I read these stories, I have to wonder what country I am in. The things we're seeing are simply unbelievable - a government run amok.
  • 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.
  • Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulsonsaid 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 Dan Fuss, 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 Ted Forstmann, senior partner of Forstmann Little & Co. in New York. ``Of course there should be transparency.''
  • Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure.

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Rich
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