11-14-2008, 10:19 PM
November 10, 2008 9:25 AM
Bloomberg News today filed a lawsuit to force the U.S. government -- specifically the Federal Reserve -- to disclose which securities it is accepting as collateral for $1.5 trillion of loans to banks, such as Citigroup Inc. and Goldman Sachs Group Inc. (This doesnââ¬â¢t include the $700 billion bailout package).
On May 21, Bloomberg asked the Fed to disclose the collateral. As Bloomberg News reports, the Fed said "on June 19 that it needed until July 3 to search out the documents and determine whether it would make them public. Bloomberg never received a formal response that would enable it to file an appeal. On Oct. 25, Bloomberg filed another request and has yet to receive a reply.
"The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,'' said Matthew Winkler, editor-in-chief of Bloomberg News.
What gives? Why the secrecy?
- jpt
http://blogs.abcnews.com/politicalpunch/...-news.html
Bloomberg News today filed a lawsuit to force the U.S. government -- specifically the Federal Reserve -- to disclose which securities it is accepting as collateral for $1.5 trillion of loans to banks, such as Citigroup Inc. and Goldman Sachs Group Inc. (This doesnââ¬â¢t include the $700 billion bailout package).
On May 21, Bloomberg asked the Fed to disclose the collateral. As Bloomberg News reports, the Fed said "on June 19 that it needed until July 3 to search out the documents and determine whether it would make them public. Bloomberg never received a formal response that would enable it to file an appeal. On Oct. 25, Bloomberg filed another request and has yet to receive a reply.
"The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,'' said Matthew Winkler, editor-in-chief of Bloomberg News.
What gives? Why the secrecy?
- jpt
http://blogs.abcnews.com/politicalpunch/...-news.html