Fed Defies Transparency Aim in Refusal to Identify Bank Loans

[NeoConsSuck]

Source: Bloomberg.com

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.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson 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 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. ``In a liquid market, this wouldn't matter, but we're not. The market is very nervous and very thin.''

``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.''



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=home

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I CANNOT wait until January 20th. Will our country have any money left by then?

[No Elephants]

1. Bushco broke yet another promise. Whodda ever thunk it? Do the words "Iraqi War

Resolution" mean anything to Congress? Man, Dems are naive sometimes. Or did they expect this and I am the one being naive?

[Old Codger]

2. Why not

Par for the course, why would anyone think they were going to change now...Naive for sure...

[Festivito]

3. Money left? You mean do we have any credit left.

Our money was gone long ago.

It seems strange to me that the national debt increased by 700-800B$ just as the Fed money supply increased by the same amount, and now we're not allowed to see that the two were not related????

Is this outright theft?

[bertman]

4. Put Bernanke and Paulson in handcuffs RIGHT NOW, march them off to jail, and let them

convince Congress and the American people why they should be released--after an appropriate holding period of say 90 days.

This shit is beyond treasonous. Somewhere there is a law that will allow Congress to put these two crooks behind bars and appoint a new interim Chairman and Secretary who will respond to the transparency demands. Let's find that law and put it to good use on these slimeballs. They can find a frickin law to arrest a citizen for any picayune bullshit they want, so have at it for the BushCo crime mobsters.

And, if Bush wants to pardon them, well pardon away and we'll see how much good will he has left with the American people.

[ozone_man]

6. Don't forget Greenspan.

This mess all stems from him.

I think it's time to end the fractional Fed. It's what allows the shadow banking industry and this giant Ponzi scheme.

[prolesunited]

5. We need accountability now.

I know there were revisions before the final measure passed. How much can be spent in the first round before additional reviews? Is there any way to stop this train before Jan. 20?

[Name removed]

7. Deleted message

Source:



No link yet.

[apnu]

8. Huh? Where did you hear this?

[Lone_Star_Dem]

9. Locking.

Not Latest Breaking News.