Update: Fed refuses to disclose recipients of $2 trillion in emergency loans

December 12, 2008 by · Leave a Comment
Filed under: Legal News 

Interesting that the Federal Reserve said that it was a trade secret on who got that money.  Here is the following definition of “Trade Secret” according to Wiki : 

A trade secret is a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.  I am not sure if our tax dollars should be loaned to anyone as a secret through an semi-private organization that has the backing of our governement.  I believe what they do not want us to know is that we have sent money to bail out foreign speculators.  

News:

The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.

The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.

“If they told us what they held, we would know the potential losses that the government may take and that’s what they don’t want us to know,” said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC, which oversees $22 billion in assets.     

Source: Bloomberg

 

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