UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who has covered Washington during all or part of one quarter of America's presidencies and edited alternative journals since 1964. The Review has been on the web since 1995. See main page for full contents

March 6, 2009

FED BLOCKS NAMES OF BAILOUT WELFARE FATHERS TO AVOID 'STIGMA'

Bloomberg - The Federal Reserve Board of Governors receives daily reports on bailout loans to financial institutions and won’t make the information public, the central bank said in a reply to a Bloomberg News lawsuit.

The Fed refused to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma” on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral.

Fed secrecy was the focus of a Senate Banking Committee hearing in which the panel’s top two members said the central bank’s reluctance to identify companies benefiting from the American International Group Inc. bailout risks undermining public confidence in the government.

2 Comments:

Blogger Lars said...

And we won't hear anytime soon because despite it's name, the Federal Reserve is not part of the federal government.

March 6, 2009 8:12 PM  
Anonymous Mairead said...

But it wouldn't really matter even if it were, Lars. We live in a de-facto oligarchy, where our role is only to be pointed to as ratifiers of their crimes, suffer the consequenses, and be the labor pool that depletes the earth to create wealth for the oligarchs to wallow in and squander.

March 9, 2009 8:27 AM  

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