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Congressman: Fed "Bamboozling" Americans
George
Washington's Blog
Friday, Dec 12, 2008
The Fed is refusing to disclose the recipients of $2 trillion
dollars in loans, even after Bloomberg sued under the Freedom
of Information Act to get the information.
As Bloomberg writes:
“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, who
oversees about $14 billion at New York-based ICP Capital LLC.***
Congress is demanding more transparency from the Fed and Treasury
on the bailout efforts, most recently during Dec. 10 hearings
by the House Financial Services committee when Representative
David Scott, a Georgia Democrat, said Americans had “been
bamboozled.”***
“Americans don’t want to get blindsided anymore,”
Mendez said in an interview. “They don’t want it
sugarcoated or whitewashed. They want the complete truth. The
truth is we can’t take all the pain right now.”
The Bloomberg lawsuit said that the collateral lists “are
central to understanding and assessing the government’s
response to the most cataclysmic financial crisis in America
since the Great Depression.”
In response, the Fed argued that the trade-secret [law] could
be expanded to include potential harm to any of the central
bank’s customers . . . .
Trade secret law?
(ARTICLE CONTINUES BELOW)
Trade secret law protects things like valuable business methods.
What's the banks' secret business method here - making stupid
decisions, going bankrupt and then becoming the recipient of socialist
government handouts?
What's next? Will the government argue that it can't disclose
the details of its torture program because it needs to protect
the trade secrets of the companies that make the electro-shock
machines and the waterboarding platforms?
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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