Tuesday, September 1, 2009

Federal Reserve to Appeal Disclosure Ruling

The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot, according to Bloomberg.

The Fed’s board of governors asked Manhattan Chief U.S. District Judge Loretta Preska to delay enforcement of her Aug. 24 decision that the identities of borrowers in 11 lending programs must be made public by Aug. 31. The central bank wants Preska to stay her order until the U.S. Court of Appeals in New York can hear the case.

Plus, it might take them a long time to find the records anyway:
Fed lawyer Kit Wheatley told Preska in a conference call today that she did not know how long it would take for the Fed board to search the New York Fed for records.

“We really don’t know what’s in New York,” Wheatley said. “We don’t control the system of record-keeping in New York.

Oh yeah, I can see the problem. Billions to banks, why that must be mixed in with tons of pizza receipts.


  1. First Amendment killer


  2. That is just the biggest bunch of BS I've ever heard. It was just the same when Bernanke was questioned by a Congressional Committe as to what countries got 1trillion dollars.
    If we already know about the banks, AIG and the auto makers what's the big deal unless what this administration has done is against the law. But then what have they done that isn't against the law and the Constitution. Make them show their records NOW!