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Over a year ago, two Bloomberg reporters filed under the Freedom of Information Act to obtain information from the Federal Reserve on their bailout activities during the market crash of 2008-09. The Federal Reserve has blocked their attempts maintaining that disclosure would harm the financial institutions involved. The latest attempt at blockage was at the U.S. Court Appeals Court.
On March 19, the Court of Appeals ruled unanimously to require the agency to release the documents. On August 20, the Court refused to reconsider actions brought by the Fed to block the data.
The Fed may still ask the U.S. Supreme Court to reverse the Court of Appeals decision.
What is at stake here? The stakes are huge. The Fed must release 231 documents detailing the amount the US government lent to stem the recession and rescue the banking system The Fed pledged or spent an incredible $12.8 trillion (that's trillion with a T). bailing out a handful of bankers.
Neither the Fed nor the banks want the details of these transactions made public. These two lone Bloomberg reporters remind us of Woodward and Bernstein in the Watergate scandal. $12.8 trillion is such mind boggling sum. The public has the right to know what really happened to their $12.8 trillion. It's gone now, but the story must be told. It will let the public know what went on behind closed doors during the crash.
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Reader Comments (Page 1 of 1)
8-23-2010 @ 9:19PM
william lindblad said...
This sure will be interesting.
More so if the press gets the go ahead before Nov.
Perhaps Congress might want to bring back the alien and sedition act as they will be wearing this complete to top hat.
Times do change and I hope they get the truth as I, among many, will certainly be avid readers.
8-23-2010 @ 10:12PM
D said...
If Bloomberg can help me find the portion that was my contribution, that would be great. Because, I'd like to get it back, whereas, I could surely use it right about now. Oh yeah, with interest please, and a $35 late payment fee on top of that too. They're lucking that I'm not charging them an annual membership fee of $125 on top of that too.
8-24-2010 @ 3:49AM
Shelia said...
This may be why the massive weakness in financials lately.
8-24-2010 @ 10:50AM
Richart said...
Scumbag Bankers.......They never change ! !
8-25-2010 @ 1:41AM
Barry said...
Richart, NOT only scum bag bankers, your talking about Congress and all the way to the President here with this disclosure!
10-28-2010 @ 1:37PM
Rita Tomaszewski said...
Federal Reserve has finally been investigated and has delayed letting these documents about the banks failure and where the money went. Maybe from now on the American people will realize what has happened and who has allowed it to happen. Keep it up folks why are the facts being kept from us and in whose interest is the truth going to be revealed. Hold on I am most eagerly awaiting these documents being exposed for our rights to be acknowledged and who has allowed it to be.