Wikinvest Wire

Fed FOIA request debuts in Congress

Wednesday, November 12, 2008

Bloomberg reports that it now has the support of Rep. John Boehner (R-Ohio) in their quest to obtain details of the Federal Reserve's recent spending spree on toxic waste.

Boehner Demands Federal Reserve Identify Recipients of Loans
House Republican leader John Boehner is calling for the Federal Reserve to disclose the recipients of almost $2 trillion of emergency loans from American taxpayers and the troubled assets the central bank is accepting as collateral.

Boehner, in a prepared statement, is also calling on the Federal Reserve to comply with a Freedom of Information Act request from Bloomberg News requesting detail about the loans.
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, there is little disclosure about how the program is being implemented.
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Anonymous said...

This smells very fishy. First, Paulson wants absolute power with no possibility of oversight or judicial review.

Then, he says he'll give details but he doesn't.

Then, Bloomberg sues for the data and today, Paulson announces that the entire plan has changed!

I'm not a conspiracy nut so it's hard to understand what's going on here...

It sure looks bad. I might think there was a plan to give money to people who don't deserve it and, when that idea was shot down, the powers that be had to come up with a new plan.

What in the world? Are they really that lame and dishonest?!

Greenspan, Bernanke, Bush, Paulson, et al were all bad enough leaders before the bail out but now, how could anyone have ANY confidence in these ridiculous monkeys to fix the financial mess???

Anonymous said...

What in the world? Are they really that lame and dishonest?!



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