The Secret Of | The Trillion $ Secrets

September 4, 2010 – 1:22 am

Hey Obama, where’s the governmental transparency you promised in the campaign? I’m not one who is either a Republican nor Democrat basher- or supporter. I want honesty in government. The Fed works for we the taxpayers and the Fed and our government is to serve the people of that state or Republic; however, the Fed refuses to tell us, whose money they are giving away, where the money (TRILLIONS) is being spent. Why?

The Federal Reserve Board of Governors receives daily reports on loans to banks and securities firms, the institution said in response to a Freedom of Information Act lawsuit filed by Bloomberg News. The Fed refused yesterday 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.

A stigma? A stigma you say. Weak, very weak! :-(

The bank provides “select members and staff of the Board of Governors with daily and weekly reports” on Primary Dealer Credit Facility borrowing, said Susan E. McLaughlin, a senior vice president in the markets group of the Federal Reserve Bank of New York in a deposition for the Fed. The documents “include the names of the primary dealers that have borrowed from the PDCF, individual loan amounts, composition of securities pledged and rates for specific loans.”

And?

And, the Board of Governors contends that it’s separate from its member banks, including the Federal Reserve Bank of New York which runs the lending programs. Most documents relevant to the Bloomberg suit are at the Federal Reserve Bank of New York, which the Fed contends isn’t subject to FOIA law. The Board of Governors has 231 pages of documents, which it is denying access to under an exemption under trade secrets. And guess who our new Treasury Secretary is? Yep, Timothy Geithner who used to head that same New Yorl Federal Reserve Bank.

We’re in trouble as a nation and at our CORE is not the symptom of financial abuse, but dishonesty and lack of integrity of our individual and coporate soul.

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