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Saturday, December 13, 2008

The Bushistas are stuffing their friends' pockets with taxpayer cash right up until the day they leave
Posted by Jill | 6:33 AM
And as far as this Administration is concerned, the president's need for secrecy outweighs any right you may have to know just where the money that YOU spent to bail out failing financial institutions went:
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.

[snip]

Congress is demanding more transparency from the Fed and Treasury on bailout, most recently during Dec. 10 hearings by the House Financial Services committee when Representative David Scott, a Georgia Democrat, said Americans had “been bamboozled.”

Bloomberg News, a unit of New York-based Bloomberg LP, on May 21 asked the Fed to provide data on collateral posted from April 4 to May 20. The central bank said on June 19 that it needed until July 3 to search documents and determine whether it would make them public. Bloomberg didn’t receive a formal response that would let it file an appeal within the legal time limit.

On Oct. 25, Bloomberg filed another request, expanding the range of when the collateral was posted. It filed suit Nov. 7.

In response to Bloomberg’s request, the Fed said the U.S. is facing “an unprecedented crisis” in which “loss in confidence in and between financial institutions can occur with lightning speed and devastating effects.”


The Administration bamoozled the American people. And this is a surprise...how? I don't know why Rep. Scott is so surprised. After all, this bunch has been lying to and stealing from the American people for eight years; why should they stop now? The problem now is that they have absolutely no problem with leaving a second Great Depression in their wake. After all, they got theirs, so the hell with everyone else.

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1 Comments:
Blogger Rhode Island Rules said...
I don't know which is worse, to believe our elected officials are so naive that they don't realize what the Bush Crime Family & Co. are doing or that they are complicit in the theft.
12/13/08, 7:14 PM  
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