Federal Reserve Refusing To Disclose Who Got Bailout Loans

• December 13, 2008

It’s our tax money being spent on ineptly-run businesses, but we’re not allowed to know which businesses got it.

Dec. 12 (Bloomberg) — The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.
Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.
The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.
“If they told us what they held, we would know the potential losses that the government may take and that’s what they don’t want us to know,” said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC, which oversees $22 billion in assets.

Trade secrets are all well and good, but when you demand that the taxpayers bail you and/or your business out you open yourself up to public scrutiny.
When the taxpayers’ dollars are involved the taxpayers absolutely have a right to know. It’s ridiculous to suggest that they do not.

Tags: Domestic Issues, Politics

http://Array Man Train

It makes sense to me. Releasing such information could damage consumer confidence even more.

BTW: The image for this article is rather ironic. It looks like it is critiquing the Bush Administration’s secrecy with torture…

“… These enhanced techniques include: … Waterboarding…”
brenarlo

Reason number 3,020,592,540,942 why the fed needs to be abolished.
di butler

Personally I am all for torture. I think all terrorists should be tortured. And a few polticians, too. A little waterboarding never killed anyone. Except Barney Frank may like it tooo much. People are such pussies. WAAAA
HG

What’s another 2 Tril.? It’s only about $7k per citizen.
http://magyartruth.blogspot.com/ Chief RZ

It is easy for crooks like Democrats at a ratio of 26:1 to give away the farm that they have not worked to build. It is easy for crooks to steal OPM and give it away to gangs.

The good people who worked all their lives honestly are not amused at this activity.

When all the workers are enslaved, then maybe, just maybe some will reflect back on what America was founded on. Honest, Truthful morality and hard work, away from Kings.
http://insanereindeer.blogspot.com/ Kenny

I hope the Democrats can get something (anything) done because the Repuglicans have given us a guarantee they will filibuster like a motherf**ker.

Tis the only hope for the nation.
http://sayanythingblog.com/ likwidshoe

Releasing such information could damage consumer confidence even more.

That’s the official justification given.

By contrast, not releasing such information could damage consumer confidence even more by making us wonder which ones are in trouble.
Man Train

Fortunately for America, most of those Certain People will be out of office late next month.

My heart soars every time I think of that! I can’t wait for that nightmare to be over.

I hope the Democrats can get something (anything) done because the Repuglicans have given us a guarantee they will filibuster like a motherf**ker.
http://sayanythingblog.com/readers/author/realitybasedbob/ realitybasedbob

Fortunately for America, most of those Certain People will be out of office late next month.
http://sayanythingblog.com/readers/author/realitybasedbob/ realitybasedbob

You’re doing a heck of a job bushie.
http://magyartruth.blogspot.com/ Chief RZ

There are still some people who can handle The Truth. Certain people are trying to play games and treat US citizens as if they were 2-year-old.
Man Train

By contrast, not releasing such information could damage consumer confidence even more by making us wonder which ones are in trouble.

Disclosure may make those companies an instant target of poor consumer confidence. Why sacrifice those who we gave billions of dollars? It would be a dumb move and a waste of Govt. money if those companies when under because of the disclosure.

This is a non-issue.
http://magyartruth.blogspot.com/ Chief RZ

If this “bailout” goes through, it will be equivalent to the government paying workers to do nothing, make a product many choose not to buy and bow to extortion. This will be the beginning of government control of private enterprise and communism. The USSR tried this and it took the people 75 years to reject it.
http://magyartruth.blogspot.com/ Chief RZ

This is not transparency in government. I wonder how many years this will be locked. I am waiting out the 75 years of the Kennedy secret files! Even the World War II Japanese codes were opened after 50 years.
sayanything-2407

When you borrow money from a bank they want to know what it is going for.

When private companies are borrowing taxpayer monies, we as taxpayers should have the right to know what these monies are being used for and by whom.
http://sayanythingblog.com/ likwidshoe

Fortunately for America, most of those Certain People will be out of office late next month.

And then we get the people who brought us Detroit, unfortunately for America.

“Change”, “Hope” and abandoned skyscrapers.
http://arjis.blogspot.com/ ARJIS

SEC filings are public, correct?

These companies should have to report the money received in those filings. I am sure some investigative reporting will disclose the recipients.

Or is my ignorance showing?
Lioncourt

A little waterboarding never killed anyone.

Actually it has.

Except Barney Frank may like it tooo much.

Waterboarding has nothing to do with homosexuality.

Your ignorance is only surpassed by your callousness. No wonder you are a Republican.
http://sayanythingblog.com/ likwidshoe

Why sacrifice those who we gave billions of dollars? It would be a dumb move and a waste of Govt. money if those companies when under because of the disclosure.

Yeah, that’s a good point.

This is a non-issue.

Not really. After all, it is our money and it’s not like we’re buying secret military technology. We’re buying fascism.
Spartacus

It makes sense to me. Releasing such information could damage consumer confidence even more.

In that case damaging consumer confidence wouldn’t necessarily be a bad thing, for some it’s the only way they learn to save their wages instead of blowing it on useless garbage. A valuable life lesson, if you would.
Lioncourt

I find it humorous that the redacted document you chose was the redacted memo about “enhanced interrogation” or in other words torture.

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