[Aozozbag]

This is good news.

I understand there's a possibility of panic, but I doubt it will be all that the naysayers claim. The panic prone folks are already counting their bullion and stacking boxes of ammo. This is a legitimate request for information in an open society. It's not like we're trying to find out the identities of secret agents in Iran or anything - we just want to know where two trillion dollars went.

[oliverlogo]

Bank runs
Starting one is one of my life goals.

[conurgenceDen]

How come the Federal Reserve has to obey the Freedom of Information Act if it is a private entity controlled by the Reptilians? huh? huh?!

I don't think this will have much impact on future use of these facilities. This court case is a one-time deal only. To get this kind of information in the future, I'm sure a new lawsuit would need to be filed. And another judge may have a narrower view of what needs to be disclosed.

That aside, since the Fed hasn't yet commented I think it's safe to assume they will appeal, and historically the Second Circuit has been highly deferential to Fed business judgments. I'm guessing this "deadline" would be stayed if the appeal, or at least a motion for leave to appeal, is timely filed.

[freevideoandoicsI]

Dr. Paul's HR 1207 goes much further.

I was hoping you'd bring up that turkey again, seeing as it's been stone-dead in Committee for months as I'd predicted in the last thread. I guess some of the lukewarm "co-sponsors" in the House realized that a paltry quarter of the Senate ain't gonna cut it.

[Todilrdc]

Art Bell

[lollypop]

Aren't some heads suppose to roll when something like this happens?

[Dreqsqse]

More shocking developments

Judge puts Fed's bailout revelations on hold

Fri Aug 28, 2009 6:48pm EDT

NEW YORK (Reuters) - The U.S. Federal Reserve won a delay of a federal judge's order that it reveal the names of the banks that have participated in its emergency lending programs and the sums they received.

Chief Judge Loretta Preska of the U.S. District Court in Manhattan stayed her August 24 order in favor of Bloomberg News, which had sought the information under the federal Freedom of Information Act, so that the central bank could appeal.

The Fed's board of governors has worried that disclosure would stigmatize the participating banks, threatening both them and the U.S. economy.

It argued disclosure threatened "irreparable harm to these institutions and to the board's ability to effectively manage the current, and any future, financial crisis."

The case and a similar one involving News Corp's (NWSA.O: Quote, Profile, Research, Stock Buzz) Fox News Network LLC raise the issue of how much the public has a right to know about how the government is bailing out a troubled financial system.

The Fed was not immediately available for comment.

Preska directed the Fed's board of governors to file a notice of appeal and an emergency stay application with the 2nd U.S. Circuit Court of Appeals.

She also said Bloomberg will not, for now, insist on a search of "official files" at the Federal Reserve Bank of New York, after the central bank's representation that a search would likely be fruitless.

The case arose when two Bloomberg reporters submitted FOIA requests about actions the Fed took to shore up the financial system in 2007 and early 2008, including an expansion of lending programs and the sale of Bear Stearns Cos to JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz).

The case is: Bloomberg LP v. Board of Governors of the Federal Reserve System, U.S. District Court, Southern District of New York (Manhattan), No. 08-9595.

http://www.reuters.com/article/ousiv...57R5BE20090828

[ZIDouglas]

“There are numerous examples of financially sound institutions collapsing or suffering further financial deterioration from the loss of public confidence.” This is a blatant doublespeak. We're talking about banks that got Fed "bailouts", in which case they weren't financially sound. Nor are/were institutions suffering from 'further deterioration'.