tangent4ronpaul
02-21-2009, 10:34 PM
THE BLOOMBERG FILE: HOW THE FED BLOCKS DATA ON BAILOUT COLLATERAL
The Government Attic website has posted documents from the Federal Reserve
relating to a request by Bloomberg News for information on collateral put up
for bank bailouts. The relevant material is a few pages into the document
posted at this page:
http://www.governmentattic.org/2docs/FedReserve_BloombergFOIA_2007-2008.pdf
Contents of the administrative tracking/processing file for each FOIA
request and FOIA Appeal received at the Federal Reserve Board from Bloomberg
News Service during calendar years 2007 and 2008 - [21-February-2008]
Even underlying documentation concerning the risk is deemed a state secret.
Bloomberg News asked the Federal Reserve Board to disclose the securities
that the central bank is accepting from banks on behalf of taxpayers as
collateral for $1.5 trillion in loans to the banks, according to a
noteworthy November Bloomberg news report by Mark Pittman. Bloomberg News
was stonewalled and sued the Federal Reserve to get the documents. The
Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal
Reserve System, 08-CV-9595, U.S. District Court, Southern District of New
York (Manhattan).
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aKr.oY2YKc2g
More details here:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aBxQJNvPTHq0
There has been no change in direction at the Fed since the change in
administration. It appears that the Federal Reserve is continuing its
rather incredible policy of extreme opacity despite the instructions issued
by President Obama in January.
In light of the amount of taxpayer money currently at risk, and the weakness
of the rationales given for the secrecy, this may be one of the most
important government transparency issues ever addressed.
The Government Attic website has posted documents from the Federal Reserve
relating to a request by Bloomberg News for information on collateral put up
for bank bailouts. The relevant material is a few pages into the document
posted at this page:
http://www.governmentattic.org/2docs/FedReserve_BloombergFOIA_2007-2008.pdf
Contents of the administrative tracking/processing file for each FOIA
request and FOIA Appeal received at the Federal Reserve Board from Bloomberg
News Service during calendar years 2007 and 2008 - [21-February-2008]
Even underlying documentation concerning the risk is deemed a state secret.
Bloomberg News asked the Federal Reserve Board to disclose the securities
that the central bank is accepting from banks on behalf of taxpayers as
collateral for $1.5 trillion in loans to the banks, according to a
noteworthy November Bloomberg news report by Mark Pittman. Bloomberg News
was stonewalled and sued the Federal Reserve to get the documents. The
Bloomberg lawsuit is Bloomberg LP v. Board of Governors of the Federal
Reserve System, 08-CV-9595, U.S. District Court, Southern District of New
York (Manhattan).
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aKr.oY2YKc2g
More details here:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aBxQJNvPTHq0
There has been no change in direction at the Fed since the change in
administration. It appears that the Federal Reserve is continuing its
rather incredible policy of extreme opacity despite the instructions issued
by President Obama in January.
In light of the amount of taxpayer money currently at risk, and the weakness
of the rationales given for the secrecy, this may be one of the most
important government transparency issues ever addressed.