Financial Katrina... or Fed Defies Transparency Aim in Refusal to Identify Bank Loans

[meisje]

By Mark Pittman, Bob Ivry and Alison Fitzgerald
Enlarge Image/Details

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.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide

[OmmmSweetOmmm]

1. As I said when this whole thing was going down, one of the greatest heists in history.

Bush-->Mission Accomplished.

[newfie11]

2. What purpose would it be to keep this a secret

unless it is in someone pocket!! Their all freaking crooks!

[old mark]

5. Theft, pure and simple.

Remember all those who were screaming about how much we needed the bailout, and how we who were against it were just to stupid to understand how these things worked?

How it works is we pay them a lot of money for nothing.

mark

[KharmaTrain]

3. And No Word Of ANY Regulation

Yep...just throw money at those who created this mess...that's what Paulson & Bernake were brought in for. Many knew this crash was coming...that's why Greenspan bailed...he didn't want to take the fall. These goons were brought on to complete the fleecing of the treasury that has been going non-stop for 8 years. By the time President Obama gets in office, there may be nothing left.

So this regime gave it's "fixers" a trillion dollars and said "fix it"...they just didn't say who to fix it for. I knew the banks would be loathe to open up their books...they'd rather just take the money and let the government sort out the mess...and Paulsen and Bernake are very happy to oblige. I've long felt this crash was planned on purpose...when this regime saw McCain losing, the banks didn't want to wait for their bailout after the election, they pushed the issue...for them Christmas came early.

Here's hoping some of those investor lawsuits that are starting to crank up have some effect...doing what this regime refuses to do...find out what really happened.

[OregonBlue]

4. So Barney Frank says he thinks this is mostly okay? I don't understand what has happened to him.

[Mike 03]

6. I think the reason they are doing this is so that banks that accept the loans

don't get stigmatized, which might only further the panic and emergency redemptions. The Fed also wants to encourage healthy banks to participate in the lending program, and healthy banks were wary of doing so if their participation was going to be made public.

I know it looks fishy, but I think it will facilitate smoother going for the participating institutions.