Court Orders $2 Trillion Loan Program Details to be disclosed by the Federal Reserve

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Aug. 25 (Bloomberg) -- The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of Information Act lawsuit.

Manhattan Chief U.S. District Judge Loretta Preska ruled against the central bank yesterday, rejecting the argument that loan records arent covered by the law because their disclosure would harm borrowers competitive positions.

The Fed has refused to name the financial firms it lent to or disclose the amounts or the assets put up as collateral under 11 programs, most put in place during the deepest financial crisis since the Great Depression, saying that doing so might set off a run by depositors and unsettle shareholders. Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, sued on Nov. 7 on behalf of its Bloomberg News unit.

The Federal Reserve has to be accountable for the decisions that it makes, said U.S. Representative Alan Grayson, a Florida Democrat on the House Financial Services Committee, after Preskas ruling. Its one thing to say that the Federal Reserve is an independent institution. Its another thing to say that it can keep us all in the dark.

http://www.bloomberg.com/apps/news?pid=20601170&sid=aw9SVqfmaiAU

Clip Credit: HiredGunz98

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[aktlc123]

well see if the fed has more power then the gov

[stellaconcepts]

as karl denniger said - put that in your pipe and smoke it bernanke

[fox20012]

what is the best way to deal with fraud?

a run on the bank!

Glad I don't own worthless paper

[moorishbelle]

Hmmm...Bloomberg News on Bloomberg News Station.

Boy, How do Those Guys Stay So Objective and UnBiased?!

[crazykiddeath]

You belief in the Bible? God? got one word for you, Dinosaur. Explain that and I'll give your views a chance.

[edmack4me]

How did you arrive at that belief? Seriously like to know, no pun intended.

[HunterXray]

Well, I believe the bible is true.

[edmack4me]

Because it's in print and stated that 'All scripture is given by inspiration of God, and is profitable for doctrine, for reproof, for correction, for instruction in righteousness' and some people follow this belief - Does not make it so. You quote as though it is a FACT, well it's NOT it's just a belief that you hold to be true just as you once may have in Santa Claus and the tooth fairy, etc.

[HunterXray]

I suppose an all powerful God had no way of getting his word to man through man?

2 Timothy 3:16 (King James Version) All scripture is given by inspiration of God, and is profitable for doctrine, for reproof, for correction, for instruction in righteousness:

[anongrey]

Might want to save that popcorn, because it may come in handy when the shit hits the fan.

[edmack4me]

Yes, it's very confronting and it's much easier to take your approach than look at the evidence because it just may necessitate a revision of your beliefs and place you outside your current comfort box. The bible did NOT fall out of heaven the books to be included and excluded were decided upon by man. Check for yourself.