Topic: Federal Reserve
The FED Dances as Rome Burns A short update on the Bloomberg FOIA case against the FED to disclose over $2 Trillion in loans, likely to the investment banking industryby Jake Towne, the Champion of the Constitution
(libertarian)
Thursday, August 27, 2009
In a 47-page judgement, U.S. District Judge Lorena Preska recently ruled that the Federal Reserve, America's quasi-private central bank, must reply to Bloomberg News's request under the Freedom of Information Act (FOIA) by August 31st.
The senior legal counsel for the FED, Ms. Yvonne Mizusawa, claims that the Fed and U.S. banks would suffer irreparable harm if details of the loan programs were made public. The claim was initially filed by Bloomberg last year during the public outcry following October's Banker Bailout. So far the names of the recipients of over $2 Trillion USD in off-balance sheet transactions are secret.
Clearing House Association LLC, an industry-owned group in New York that processes payments between banks, filed a declaration that accompanied the request for a stay. Per Bloomberg, Norman Nelson, VP and general counsel for the group, said, "Our members have accessed the discount window with the understanding that the Fed will not disclose information about their borrowing, especially their identity." The group consists of the following banks: ABN Amro Holding NV, Bank of America Corp., Bank of New York Mellon Corp., Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc, JP Morgan Chase Inc., UBS AG, U.S. Bancorp and Wells Fargo & Co.
My comments are simply that the FED may be correct in its assessment of the damage the information's release may cause, but by no means should this be used as a sanction to hide from the public. Readers of this column are very familiar with my views on the American banking system, as can be read in "The FDIC is Bankrupt" and "FDIC: "We Aren't Bankrupt and Everything is A-OK." This is shaping up to be a very important event and may affect your personal financial future.
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
As always, unlike the NFL, the author grants full permission to allow any accounts of, rebroadcasts, retransmissions, repostings of this article to your blog or anywhere else in order to promote the Restoration of our Republic.
Veritas numquam perit. Veritas odit moras. Veritas vincit. Truth never perishes. Truth hates delay. Truth conquers.
Tu ne cede malis sed contra audentior ito. Do not give in to evil but proceed ever more boldly against it.
The views expressed in this
article are those of Jake Towne, the Champion of the Constitution only and do not represent
the views of Nolan Chart, LLC or its affiliates. Jake Towne, the Champion of the Constitution is
solely responsible for the contents of this article and is not an
employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
"The senior legal counsel for the FED, Ms. Yvonne Mizusawa, claims that the Fed and U.S. banks would suffer irreparable harm if details of the loan programs were made public."
I sure hope they will suffer irreparable harm, like maybe being exposed as criminals and sent to prison.
i cant believe the fed s nerve there must of thought there were going to win there case
i am like what are there some indigent crack head with a public defender for lawyer you mean to tell me you didnt have an appeal ready in case you lost come on nowt there have all the mony there can pring and there werent ready for an appeal
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