Fed refuses to disclose who it's giving loans to.

spike

spike

New Member
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.''

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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http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide
 
Off hand...I'd say that a chunk of the 'undisclosed bailouts' will go to the auto manufacturers.
 
If they say who are getting the Bailouts ,then those that don't will be assumed to be in too dire a situation to be saved by the Gov. and will suffer.
 
catocom said:
nope.
I knew from the beginning that transparency was just a joke to them.
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sombitches:mad4:

WASHINGTON — It's something any bank would demand to know before handing out a loan: Where's the money going?

But after receiving billions in aid from U.S. taxpayers, the nation's largest banks say they either can't track exactly how they're spending the money or they simply refuse to discuss it.

"We've lent some of it. We've not lent some of it. We've not given any accounting of, 'Here's how we're doing it,"' said Thomas Kelly, a spokesman for JPMorgan Chase, which received $25 billion in emergency bailout money. "We have not disclosed that to the public. We're declining to."

The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest?

None of the banks provided specific answers.
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http://www.foxnews.com/story/0,2933,470824,00.html
 
Everybody sit back and enjoy the spectacle of the middling-income "class" getting liquidated.
It was just some weird post-war experiment anyway...
we'll soon be back to good old 19th century society, with a handful of aristocrats in total power, and a teeming mass of wage-slaves killing each other over subsistence jobs
Ready to go back down into the coal mines, y'all?
:hangman:
 
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