On Dec 12, 2008, at 8:21 PM, Kevin Callahan wrote:
http://www.bloomberg.com/apps/news?pid=20601087&sid=apx7XNLnZZlc
Dec. 12 (Bloomberg) -- 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.
Interesting. They should release where the money went. The initial
$700BN is known to who got it. Actually where I work we are seeing
how they are scrambling to get the money out and supported. It's not
just a bunch of cash to play with in that case.
--Larry
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