Truth to Power

Bloomberg goes FOIA on bailout recipients

Fed Defies Transparency Aim in Refusal to Disclose

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.

The collateral is not being adequately disclosed, and that's a big problem,'' said Dan Fuss, vice chairman of Boston- based Loomis Sayles & Co., where he co-manages $17 billion in bonds.In a liquid market, this wouldn’t matter, but we’re not. The market is very nervous and very thin.’’

Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure. </em>

Good luck with that. We’re gonna look back on this looting one day (while eating cold beans out of dented cans salvaged from junk heaps) and wonder where the money went.


Recently on Ink 19...

Henry V

Henry V

Archikulture Digest

Blood, guts, and kicking butt in France — it’s the age-old story of Shakespeare. Carl F. Gauze once again enjoys the salacious violence and complicated plot points of Henry V, in the moody dark of Orlando Shakes.

New Music Now 011: Nora O’Connor

New Music Now 011: Nora O’Connor

Features

On today’s New Music Now, Judy Craddock talks to our musical guest, Nora O’Connor, about her solo album, My Heart, and the captivating new music she’s listening to right now. Tune in for great music, and more ’90s references than you can shake a scrunchie at.

Big Time Gambling Boss

Big Time Gambling Boss

Screen Reviews

Writer Kazuo Kasahara and director Kôsaku Yamashita transcend genre conventions to create the memorable film Big Time Gambling Boss. Phil Bailey reviews.

Frank Bello

Frank Bello

Features

Frank Bello’s new memoir Fathers, Brothers, and Sons: Surviving Anguish, Abandonment, and Anthrax takes us from a New York childhood, to Anthrax stadium tours, to fatherhood with the charming informality of a conversation with an old friend. Then I’m Gone, Bello’s first solo EP, provides accompaniment. Joe Frietze reviews.

%d bloggers like this: