Saturday, December 13, 2008

Fed Refuses to Disclose Recipients of $2 Trillion

Seems a lot of money to hand out in secret, no?

Dec. 12 (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.

Source. You'd think it would be in the public's interest to know what the government is doing with that much money, wouldn't you? I mean, it's not a matter of national security or anything, is it?

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