Fed refuses to identify recipients of $2 Trillion

Bloomberg via Ron Paul News ^ | 2008-11-10

[rabscuttle385]

Link only due to FR policy.

[WesA]

we are all pawns. the rich get bailed out, small guy doesn’t. for those of you who haven’t read The Creature from Jekyll Island, check it out!

[4woodenboats]

No problem, as a taxpayer I will end up MAKING money from this /s

It's gonna be tough counting all that money we make if they won't tell us who's got it.

[4woodenboats]

Is there a posting no no list somewhere?

[BlueStateBlues]

Wasn’t me, but I haven’t checked the afternoon mail yet. Fingers crossed.

[Free Vulcan]

The Fed is private, it’s not subject to govt rules.

[rabscuttle385]

Is there a posting no no list somewhere?

Yes.

Right here:
Updated FR Excerpt and Link Only or Deny Posting List due to Copyright Complaints

[WesA]

fed = private profits, socialized risk. how did they pull this one through congress?? (must read The Creature from Jekyll Island! http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986395/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1226349805&sr=8-1)

[nesnah]

Ironic or coincidental, or something much more sinister:

Isn’t is odd that the income tax law (later the 16th Amendment) AND the Federal Reserve Act were both passed in 1913?

We’ve been suckered for nearly 100 years, Folks. The $hit is getting ready to hit the fan and the first depression is gonna seem like a tea party compared to what awaits us now.

[af_vet_rr]

D’s may get the blame for getting us into it, but Bush is still the head of the federal government. He could order the records to be opened up if he so desired. Keeping it secret just lowers my already low impression of him.

[MinuteGal]

What an epic and dangerous mess!

No wonder McCain didn't try too hard to win.

Leni

[RightWhale]

That would be transparency in government, which would reduce corruption.

[4woodenboats]

Thanks, just what I was looking for.

[farlander]

How about a budding entrepreneur like me ?

Oh, wait... I’m too responsible to be trusted with loan/investment. Dang. I guess I’ll have to do this the old fashioned way.

[Tennessee Nana]

Fed refuses to identify recipients of $2 Trillion
______________________________________________

Y’OK...

process of elimination..

I didn’t get one red cent...

Anyone else ????

[Doogle]

.....anyone wanna back my business venture? I predict a massive march on Washington DC. So I intend to produce pitch folks and torches, a matching set. For a few dollars more (hey that sounds like a movie title) I'll throw in a rope. Any order over 200 sets automatically includes a new improved traveling gallows

[griswold3]

Exactly!
That’s what I was thinking when Nancy said,”The Party’s over!”

[lainie]

fyi

The Fed's collateral "absolutely should be made public," said Mark Cuban, an activist investor, the owner of the Dallas Mavericks professional basketball team and the creator of the Web site BailoutSleuth.com, which focuses on the secrecy shrouding the Fed's moves.

[atomicweeder]

Here's what I think is happening.

The big-wigs at GS, etc. realized that US was going to elect Obama and head into full-bore socialism, if not outright communism. They are simply looting the treasury before that happens.

[XR7]

In an interview Nov. 6, House Financial Services Committee Chairman Barney Frank said the Fed's disclosure is sufficient and that the risk the central bank is taking on is appropriate in the current economic climate. Frank said he has discussed the program with Timothy F. Geithner, president and chief executive officer of the Federal Reserve Bank of New York and a possible candidate to succeed Paulson as Treasury secretary. ``I talk to Geithner and he was pretty sure that they're OK,'' said Frank, a Massachusetts Democrat. ``If the risk is that the Fed takes a little bit of a haircut, well that's regrettable.'' Such losses would be acceptable, he said, if the program helps revive the economy. Frank said the Fed shouldn't reveal the assets it holds or how it values them because of ``delicacy with respect to pricing.'' He said such disclosure would ``give people clues to what your pricing is and what they might be able to sell us and what your estimates are.'' He wouldn't say why he thought that information would be problematic.

This is what happens when a great nation allows a pervert to oversee its treasury.

[SunkenCiv]

To summarize: Bloomberg (the news service) filed a FOIA request with the Fed and filed a lawsuit against the Fed on Nov. 7 seeking details of who is borrowing from the Fed and what securities are being used as collateral. So far, the Fed's lending to banks and other financial institutions has topped $2 Trillion, including the $700 Billion approved by Congress under the infamous bailout bill. The Fed refused to comply.