Federal Reserve Seeks to Block Release of U.S. Bailout Secrets

SLUSK

The Federal Reserve had a massive $2bn bailout program and now when the public wants to know how this money was spent and which companies received bailout money they try to go to court in order to block the release of this information.
http://bloomberg.com/apps/news?pid=20601087&sid=a4PnUdySIink&pos=5

When they used tax payers money to bail companies out I think people have the right to know how this money was spent. Do you think the FED should be allowed to do massive bailout programs and not let the public now how the money is spent?

Overheal

If they bailed out the Stargate program: No.

Banks and the Fed warn that bailed-out lenders may be hurt if the documents are made public, causing a run or a sell-off by investors. Disclosure may hamstring the Fed’s ability to deal with another crisis, they also argued. The lower court agreed with Bloomberg.

This.

Do you think the FED should be allowed to do massive bailout programs and not let the public now how the money is spent?

In a similar chime, should I be able to view your medical records if and when the government pays for your hip surgery?

whynotwhycanti

I think every single penny of the taxpayers money should be accountable but it won't be. The banks lobbied the government for this bailout and one of the conditions was always going to be a certain lack of transparency. The banks were never going to give information on where exactly it went, maybe it went to the ridiculous bonuses they have started paying themselves once again. Its one of the only industires i know of where incompetence is rewarded by bonuses

SLUSK

Overheal wrote: »

If they bailed out the Stargate program: No.This.
In a similar chime, should I be able to view your medical records if and when the government pays for your hip surgery?

So you think FED transparency is a bad idea? You think unelected people should be allowed to do whatever they see fit with tax payers money?

Overheal

SLUSK wrote: »

So you think FED transparency is a bad idea?

I think its a great idea, when appropriate.

You think unelected people should be allowed to do whatever they see fit with tax payers money?

The Fed's appointed by elected officials as far as I am aware.

Truthrevolution

The Federal Reserve seems to operate independantly of state government with impunity and contempt of the American people.There have been serious calls to audit the Fed and rightly so.Taxpayers money has gone directly into this corrupt banking institution without any knowledge of what its for, and one must ask the question if they are blocking information from public view what exactly are they hiding.
Another dangerous scenario we have now is that in order to keep rates down Bernanke and co. are printing dollars to beat the band, all the while claiming that the dollar is getting stronger, this is in effect a dangerous move which will inevitably weaken the dollar.If they keep going down this road they will ruin the American economy.

Victor

SLUSK wrote: »

The Federal Reserve had a massive $2bn bailout program

You might want to re-evaluate that. I think you are about $1,998bn short.

Not every bank was happy taking the money. I know of one banker who was particularly upset when it was proposed to more heavily tax income of bankers of banks that had accepted money. They were told take the money as the Fed wasn't willing to have other banks fail.

Overheal

Yeah i've been guilty and out of the loop with the latest Bank Volley but I so hear that theyre now going to Retroactively tax the banks that accepted the funds?

I might as well go back through my last year of invoices and backcharge all of our customers a bull**** service fee they never agreed to.

SLUSK

Overheal wrote: »

Yeah i've been guilty and out of the loop with the latest Bank Volley but I so hear that theyre now going to Retroactively tax the banks that accepted the funds?

I might as well go back through my last year of invoices and backcharge all of our customers a bull**** service fee they never agreed to.

So you say profits from banks should go into private pockets but the taxpayer should bail them out when they are on the verge of bankruptcy?

Overheal

SLUSK wrote: »

So you say profits from banks should go into private pockets but the taxpayer should bail them out when they are on the verge of bankruptcy?

Stop putting words in my mouth. It doesn't make you look any prettier.

Thats not at all what I said.

Victor

Overheal wrote: »

Yeah i've been guilty and out of the loop with the latest Bank Volley but I so hear that theyre now going to Retroactively tax the banks that accepted the funds?

I don't think thats unreasonable. The money has to be recovered somehow and hopefully making the banks repay it through tax / banking levy will make them behave more responsibly. Certainly in Ireland having the banks and insurance companies re-pay the government here for the ICI debacle sobered them up a bit.

Overheal

Im learning this is a tax on the bonuses... which is not a bad thing.

im disappointed politics forum. Youre meant to keep me informed! informed I say!

Victor

Ah, different countries, different taxes.

As I understand things, Obama is proposing that the banks repay the trillion or so they got via a banking levy (a bank only tax) or similar over something like 10 years.

The British are already harshly taxing any bank bonus over STG£25,000 and are supporting a Tobin tax or similar.

Black Swan

The GAO doesn't audit Treasury and report their findings?