NYTs Fed Reserve Is Silent on their Doomsday Book
WASHINGTON — It’s called the Doomsday Book — though by now, officials at the Federal Reserve Bank of New York probably regret they ever came up with that catchy nickname.
It’s a collection of legal opinions that describe and delineate the Federal Reserve’s ability to fight financial crises, along with a variety of related documents.
And the Fed would really prefer to tell the public nothing more than that.
The Doomsday Book has popped into public view because a group of investors suing the government over the terms of its bailout of the American International Group say some of the memos inside show the Fed broke its own rules.
SNIP
Timothy F. Geithner, who led the New York Fed during the early stages of the financial crisis before becoming Treasury secretary, testified that he kept in his office an abridged version, in a binder about two inches thick, containing the index and a selection of memos. He said he had never seen the full work.
Mr. Geithner in his testimony also played down the importance of the Doomsday Book, saying that he had consulted it infrequently during the crisis because the Fed was quickly forced to take measures beyond anything it had done before.
“We were operating really outside the boundaries of established precedent,” he said.
http://www.nytimes.com/2014/10/15/business/economy/fed-is-silent-on-doomsday-book-its-blueprint-for-fighting-aig-crisis.html?_r=0
Con... spiracy with banksters.
Ricco Act ?
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