Who could have predicted that the Federal Reserve would abuse its authority by giving away over $2 trillion in "emergency loans" and then refuse to disclose the recipients of those loans when faced with a FOIA request by Bloomberg?
The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.
Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.
The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.
“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, a senior managing director at New York-based ICP Capital LLC, which oversees $22 billion in assets.
Hmmm... I wonder why they would want to hide from the public who is getting all that money? It's sometimes hard to wrap your head around that huge sum of money, but when all is said and done, that is our money. We deserve to know who's getting it.