So Why is the Fed So Desperate to Keep Maiden Lane III Details Secret?

[Political Heretic]

You will hear much more about this topic (AIG and Fed secrecy) here on Friday, but Bloomberg reports the lengths to which the Fed has gone to try to keep the details of Maiden Lane III, the entity created to buy drecky CDOs from AIG counterparties who received 100% credit default swap payouts.

Get a load of this, the Fed was arguing that info IN THE PUBLIC DOMAIN should be treated as confidential! The Ministry of Truth in action:

After media reports that month named some of AIG’s counterparties, AIG executives wrote a draft of a letter to the SEC saying that it intended to withdraw its January request for confidential treatment. Later that March, the New York Fed sent edited versions of another request for confidentiality and provided arguments to help AIG make the case. The SEC granted confidential treatment in May of 2009.

...

Yves here. So let’s be clear, the Fed lied to Congress. If there was the potential for this disclosure to damage AIG, they’d be the first to be keen for any excuse to preserve confidentiality.

EDIT - whoa I forgot the source link. Really sorry about that.
http://www.nakedcapitalism.com/2010/01/so-why-is-the-fed-so-desperate-to-keep-maiden-lane-iii-details-secret.html

[FarCenter]

1. Why does the Great and Wonderful Oz want to keep secrets?

You're kidding...

[SlipperySlope]

2. Most people don't even know what Maiden Lane is...

But I know that is where they buried the bodies...

[BP2]

3. Because the Fed is run by fucktards who wish Bushie was still king. They are protecting him.

[Political Heretic]

5. Sorry but this adminsitration has given them no reason to mind that Obama is "king" now

:(

[BP2]

6. Well said. :(

[notesdev]

4. Because the entire enterprise was illegal as all hell

And it could get everyone involved thrown in jail for a long long time.

That is, if the people who are supposed to prosecute this stuff weren't asleep at the wheel.