Fed Refuses to Disclose Recipients of $2 Trillion

[Ichingcarpenter]

Source: Bloomberg

Dec. 12 (Bloomberg) -- 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.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=apx7XNLnZZlc

---

[Marie26]

1. I wonder if any of that is going overseas. nt

[kirby]

4. Of course...It is a Global economy...

The genie was let out of the bottle in the past few decades. Financially everything is so intertwined...

[Marie26]

7. Maybe that's one reason they're hiding it

Americans might not react well if they knew that billions were sent to Dubai as the US auto industry fails. Probably the "collateral" is junk, too. Maybe some lovely credit default swaps?

[kirby]

12. Exactly...

They is exactly why they are hiding it. The public outcry will be loud...

[niceypoo]

53. The looting shall escalate.....

...until the village idiot leaves the castle.

[superconnected]

87. Well it's not without a whole lot of support from the people ... a lot of them right here at DU.

I agree, we'll see it until Obama gets in. It would help if he'd stop supporting it though. He should know it's a rape of our tax dollars.

[truedelphi]

55. And according to what I am hearing, the nation of Dubai is getting Bush's help

In putting together nuclear power.

Huh? I mean, I guess his intelligence crowd is not aware of Dubai's connection to Iran.

[Blaze Diem]

6. yep, no doubt jetted off in neatly wrapped bundles of one million each. Be nice

to know what our tax dollars are being spent on.
Since its NOT the American people.
Bunch of lying thieves.

[niceypoo]

54. That would be two million bundles...

...just to give an idea of the scope of the looting.

[aquart]

8. We know it is. We just don't know where or how much.

Also, businesses are being bought overseas with this money. Again, we just don't know how many.

[lovuian]

46. you Betcha China for one

that they do not disclose means they are hiding something

[JDPriestly]

51. Yes, Issa let slip during one of the hearings that one half of it is

going overseas.

http://www.youtube.com/watch?v=Aiq3I0o_SHA

I think this is the video in which Denninger plays the cuts from the Kashkari hearing in which Issa let it slip.

[JDPriestly]

52. Once it is out of the country we can't find it or trace it.

Remember all the cash transported out of the country at the beginning of the Iraq War. This is the same kind of thing.

[Webster Green]

59. I remember. 9 billion missing. Shrink-wrapped pallet loads of cash vanished.

They've almost completed their looting of the U.S. Treasury.

There will be nothing left after the current heist is finished. :banghead:

[SOS]

83. Remember this one?

"Money also disappeared in truckloads and by helicopter.
The CPA reportedly distributed funds to contractors in bags off the back of a truck.
In one notorious incident in April 2004, $1.5 billion in cash that had just been delivered by three Blackhawk helicopters was handed over to a courier in Erbil, in the Kurdish region, never to be seen again.
Afterwards, no one was able to recall the courier’s name or provide a good description of him."

[mbperrin]

2. Well, it's not like it OUR money or anything.....

.....hey, waitaminute...........

[bdamomma]

3. the fleecing of Americans

[specimenfred1984]

5. Be quiet, don't ask, be a good German

Also, nobody was tortured, Iraq was full of WMD and now's not the time to protest.

[Marie26]

9. Clues:

"The Fed supplied copies of three e-mails in response to a request that it disclose the identities of those supplying data on collateral as well as their contracts.

While the senders and recipients of the messages were revealed, the contents were erased except for two phrases identifying a vendor as “IDC.” One of the e-mails’ subject lines refers to “Interactive Data -- Auction Rate Security Advisory May 1, 2008.”

Brian Willinsky, a spokesman for Bedford, Massachusetts- based Interactive Data Corp., a seller of fixed-income securities information, declined to comment. "


Maybe someone can make something of that.

[hay rick]

30. Auction rate securities.

The market for auction rate securities froze up in February when auctions started failing on a regular basis. Many of the holders of these securities were stuck because the securities had become illiquid- they couldn't be sold. Some of the holders initiated lawsuits against the investment banks that marketed them as liquid investments. In August, Citigroup agreed to buy back several billions worth from clients. It would be no surprise if these repurchased securities are now residing at the Fed as collateral for loans. Another major player in that market was the Swiss bank UBS. Some folks might be upset if they were getting "bailed out"...

[bread_and_roses]

41. and don't forget "keep your powder dry" (n/t)

[ohio2007]

73. "the powers that be" should rethink that amendment in trying times like these

when the govt takes power and privilege,its time to rise up against govt.

just saying

[Karenina]

10. Wie bitte?

Nochmal.

[Xipe Totec]

11. That giant sucking sound you hear is the Hoover-II Administration n/t

[Waiting For Everyman]

13. We should write all this off, create national banks, and leave them holding the bag.

All nations around the world should syncronize a time to do this all at once and say "F*** You" to these banks, speculators, brokers, lawyers, all of them. Let THEM retrain into a legitimate career.

The Fed "borrows" the money from us in the first place, then does what it wants with it (discriminating as much as it wants), and hands us back the bill with outrageous interest added on, for us to pay as a debt. Bullshit. We're paying twice and never getting repaid for the Fed borrowing from us in the first place.

We're paying for the national debt which creates the money, and then as individual borrowers again. It's the same damn money we issued to begin with. We should make our loan payments to the Treasury ourselves and keep the banks' profits and thieving out of it.

[KakistocracyHater]

28. yes, exactly that

synchronize & do it!

[truedelphi]

57. Uh, our nation tried to get rid of a central bank like the Fed, and then

The National Bank of England put together the War of 1812. Shortly after our national leaders agreed to a cental bank, the war ended.

Two decades after that, Andrew Jackson refused to re-up the charter of the National Bank, and a short time later, an assasination attempt occurred. For whaever reason, both barrels of the gun failed, and he survived the attack without anything but being shaken up.

Lincoln put together various remedies to raise money for the Civil War, remedies that left the Central Bank people out of the loop, and then he got invited to the theatre one Friday night in April 1865...

Things have not improved over time. Ever since 1913, with the creation of the Federal Reserve Act and simultaneous fraudulent ratification of the 16th Amendment that gave Congress the ability to tax our personal income, this country keeps spiralling into debt.

The reason originally given for the creation of the Fed was that by having a central bank, our nation could avoid massive bank runs. Great in theory, but why didn't we give up on the notion when only 16 years after its creation, the Great Depression occurred?

Then, like now, only certain families seemed to make out, almost like they were the puppet masters and our nation's economic policies were their puppets.

[tbyg52]

71. "Almost.....?"

:grr: :mad: :wtf:

[truedelphi]

77. Would you be happier with "Always" ??

My writing coach says to avoid that word. Never and always supposedly indicate sloppy writing.

Which I am "never" guilty of, I tell ya!

[tbyg52]

78. How about "almost always".....?! ;-> nt

[truedelphi]

79. Heh Heh

I actually have a team of writing coaches, now that this local writer's group is meeting on days when I can attend. Not that many here would believe that.

:toast:

[JDPriestly]

68. You put it nicely.

[Buns_of_Fire]

14. "Trade Secrets?"

I knew it. Those bozos spent $2 trillion of our money on the Colonel's Secret Seasoning, the Coca Cola formula, and the rights to the Perpetual Motion Machine.

P.S. Not to mention "the Secret Diebold Computer Code..."

[AllentownJake]

15. Well it should be on their 10(k)s in April

Unless this is off balance sheet financing.

[niyad]

16. hey FED--you work for US-- it's OUR money, and we not only have the RIGHT, we DEMAND to know

where every single dime has gone, and is going. WHAT ARE YOU HIDING?

(wonder how much is really going to halliburton, etc)

[biermeister]

17. The bailout bill stated that the treasury's decisions

could not be reviewed but the Courts or by Congress. That's the new power that they were given by our congress including Clinton, Obama, Kerry, Biden, etc.

Rre you really surprised that they aren't telling you where the money went? Did you notice that we're talking about $2 trillion? I thought the bill was only for $850 million. Millions, trillions, does it really matter?

Time to grow up folks, we just got fucked again

[and-justice-for-all]

31. The FED does not work for us...it is a private banking institution. nt

[Sgent]

35. That's like saying

TVA is private.

[notesdev]

38. More specifically it's a banking cartel

which basically makes us insane to allow it control over our money.

And the funny thing is, the Constitution gives control over the money supply to Congress... I wonder why Congress has so easily and so permanently ceded this fundamental, powerful prerogative?

[ooglymoogly]

49. The Fed is a privately owned entity that rules the world.

Held by a group of international bankers. It prefers to be thought of as a federal operation while fleecing us, then privately flexes its muscle; Salting the booty into offshore vaults to manipulate governments of the world to do its bidding; Further fattening it's gluttonous apatite for power and greed. It is time to rid us of this tonnage on our shoulders as JFK wanted to do.

[Political Heretic]

69. Does talk like that just make us feel good or what?

So you DEMAND to know....

Big whup.

Now what happens?

Nothing.

[Zorra]

18. Maybe it went toward the financial industry's "executive bonus fund".

After all, Benny Boy's gotta make sure his industry cohorts get their fair share of the stolen loot.

And that sure wouldn't go over well with taxpayers if they found out.

[Overseas]

19. What concessions in salary and benefits are being made by the financial industry?

I'm one of the many Americans who are horrified to hear all that micromanaging of the auto industry workers while there were no personal salary package concessions forced upon all those finance people.

Maybe a few of the chief execs who got multimillion dollar packages in previous years are giving up things in 2008, but what about all the other employees? Why aren't we pushing them to give up their perks and basics?

[CGrantt57]

20. I said it before...

and I'll say it again:

It's not a bailout; it's a plunder.

This is payback for all the money business has given to Shrub and his cronies.

You'd best BOCHICA, my friends (Bend Over 'Cause Here It Comes Again.)

[bertman]

21. There are house parties going on all over America this weekend and next to organize

people on issues of importance that they want our new President to place as a priority on his agenda. Go to my.barackobama.com or democrats.com and sign up for one near you.

These house parties are going to be the first line of attack organizing Progressives. Our Congresscritters need to hear from us in a big way about their responsibility in this TRILLION DOLLAR GIVEAWAY. Let's get folks organized and start turning up the heat on the people who approved this fiasco and who are now acting like they have no idea what's going on.

Another biggie on the house party agenda is the demand that President Obama appoint a Special Prosecutor to investigate (and prosecute) the crimes of the Bush administration.

If you don't participate, you have no right to whine. The Obama team and these Progessive Dems are giving us the mechanism to CHANGE OUR COUNTRY FOR THE BETTER.

[ekelly]

39. I went to democrats.com

and I can't seem to find anything about these house parties. A little help please?

[bertman]

61. ekelly, try this one:

http://my.barackobama.com/page/content/changeiscoming/

You'll have to sign up if you are not already signed up, but it's a piece of cake.

May apologies for taking so long. We were decorating the tree with family.

[KG]

22. Thank Gawd It Passed!

idiots.

[Phred42]

23. Proof that we are under the control of a Fascist Oligarchy

:grr:

[ozone_man]

24. Anyone starting to realize that the Fed must be abolished?

It doesn't operate in our best interests and never has.

[ElsewheresDaughter]

27. here.....

"I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." -- Thomas Jefferson -- The Debate Over The Recharter Of The Bank Bill, (1809)

[BrklynLiberal]

34. Jefferson was better than Nostradamus in predicting the future.

[ozone_man]

42. I know, he's more on target than ever.

But it's finally nice to get some verification that banks really are more dangerous than standing armies. Are there any doubts left?

[Night_Nurse]

44. JFK wanted to abolish the Fed Reserve...

which is what got him assassinated.

[guruoo]

25. It's all being raptured away...

So Relax...

http://www.zshare.net/audio/52652190e5b9342e/

[ElsewheresDaughter]

26. I heard that some of it went to a China Bank

[cliffordu]

29. This calls for the Mussolini Solution.

Fuck me blind.

[HopeHoops]

32. Can we just back a paddy wagon up to the White House on Jan 20 and load all the Bushslime into it?

[truedelphi]

62. That would be a great thing to see, and no surprise to most of

Us should the two trillion come flopping out of Mr Cheny's jacket pocket.

[BrklynLiberal]

33. I wonder how many of the recipients have names like Carlyle, Bush, Prescott, Cheney, Harriman,

Halliburton, Exxon/Mobil, or start with the word "Shiek"

[notesdev]

36. So....

Who wants to bet that an outsized portion went to Goldman Sachs?

[sellitman]

37. This post should have a sticky until we find the answer.

Leave it up as a reminder of our foolishness.

[truedelphi]

81. Yes it should. How do we go about doing that?? n/t

[Hotler]

40. If this shit happened in......

say France or Greece the people would be throwing rocks. The only time people here get pissed off is when their TV goes out.

[FailureToCommunicate]

43. Well, our tee-vees ARE going out in, when, February?, cause we gave the

public bandwidths away for peanuts. During Vietnam many many people with held war taxes (the portion that funded
the war). Maybe we should try that again. Tell the IRS we won't pay the portion of our taxes that are being used to fund secret
(only the Fed knows, and won't tell) entities.

[windoe]

45. Time for tough love on these clowns

I say, en masse we pay no taxes until or unless they disclose where OUR MONEY has gone.

The reason they have gotten away with stealing our money is that we have allowed it. Game over.

[nc4bo]

47. I guess we get to find out in say 75 years or so.....

My gawd - 2 TRILLION DOLLARS that I couldn't, even in my wildest dreams, begin to count.

Where in the hell did 2 trillion dollars go?!

[truedelphi]

80. Wanna bet that Dick Cheney knows about this, and maybe has half a trilllion or so. n/t

[Name removed]

48. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Name removed]

60. Deleted message

Message removed by moderator. Click here to review the message board rules.

[ohio2007]

72. it's always ME ME ME with U old geezers

lol:wow:

[robinlynne]

50. trade secrets? That is our money!!!!!!!!

[whistle]

56. Cronyism and looting the Republican/Bush-Co legacy

[slipslidingaway]

58. One Congressman spoke about this on the floor the other day...

hopefully people can just read the comments and make that a point of discussion instead of bringing up unrelated issues.

:hide:

http://www.c-spanarchives.org/congress/?q=node/77531&id=8906731

"Mr. PAUL. Mr. Speaker, I rise in opposition to this bill. It doesn't make a whole lot of sense. But I am concerned that we are narrowed down on a problem of the car industry, which is a significant problem, but we are dealing with $15 billion here. But if you look at the grand problem we have, it is much, much bigger, and it seems like we don't pay much attention to it.

...But we don't seem to want to go back and find out how financial bubbles form and why they burst. Instead, we just carry on doing the same old thing and never look back. We spend more money, we run up more debt, we print more money, and we think that is going to solve the problem that was created by spending too much money, running up debt, printing too much money. And here we are today, we are talking about tinkering on the edges without dealing with the big problem.

The Federal Reserve has literally created over $2 trillion here in the last several months, at least in obligations, and that is outside the realm of the Congress. We don't even audit the Federal Reserve. They create this money, and when the Fed Chairman comes before our committee and we ask, well, where did you dispose of this $2 trillion that you have created recently, he says well, it is not your business. That is not necessary. Under the law, he doesn't even have to tell us..."


http://www.c-spanarchives.org/congress/?q=node/77531&id=8906620

"Mr. PAUL.... I do believe in the transition. That is, if we need a bailout for the car companies, even though I don't like the idea, if you could pay for it, take it out of these hundreds of billions of dollars running the American empire around the world. Cut it; bring it home and spend it here, but running up of these deficits is going to do us in, and we are working on the collapse of the dollar. That is what you'd better pay attention to. So pay attention. This is a lot more important than this little $15 billion. To me, it has been a gross distraction of the great harm we've done in the past 6 months."

[slay]

63. WOW! - "where did you dispose of this $2 trillion"

I'd like to know as well - everyone DESERVES to know - I mean, what the hell is going on here?!?! :mad: :grr:

[slipslidingaway]

65. We've been too distracted by the 15 billion :( n/t

[StudsT]

64. The owners don't want anyone to know what everybody knows...

He who has the gold, makes the rules.

Not sure how Obama can fix all this but i certainly put my trust and faith in him... hopefully he won't be like all the rest.

Studs

[slipslidingaway]

66. Geithner should know, looking forward to the transparency in January.

[JDPriestly]

70. Geithner is same old, same old, not change.

[slipslidingaway]

75. I do not disagree with you. n/t

[CatholicEdHead]

67. $2T is about the amount in Social Security

so this may be a play to force it to be unfunded.

Grover Norquists's "Bathtub of debt".

[Revolution aka Ohio]

74. If ever there was a call to revolution...this must be it....

The Fed has to be abolished asap....not some idea that will take 20 years....but within the next 5.

There needs to be a HUGE grassroots movement started. I applaud this place...btw...first post.

Would love to work with millions of Americans to end this....and the tyranny it represents.

[Name removed]

76. Deleted message

Message removed by moderator. Click here to review the message board rules.

[gtar100]

82. Hey, it's not like it's our money. Geez, leave the trustworthy bankers alone.

:sarcasm:

[Revolution aka Ohio]

84. What's happening on this?

Is any grassroots movement starting up?

Would love to push for a full and completely open banking system. Has anyone seen this: http://www.breakthematrix.com/content/URGENT-LETTER-FROM-THE-PRODUCERS-OF-THE-MONEY-MASTERS

It is a proposal that Milton Friedman endorsed some years back and would end this "hell" on earth from a economic point of view.

PLEASE ADVISE if there is any group forming...thanks!

[Revolution aka Ohio]

86. PLEASE CAN WE ORGANIZE AROUND THIS!!!!

PLEASE!!!???

[Revolution aka Ohio]

88. PLEASE CAN WE DO SOMETHING ABOUT THIS!!!????

HELLO!!!!!!!!!!!!!!!!!!!!!

PHONE BANK?

DAY OF ACTION????/....we all call the White House and Obama Transition team on a specific day........even if one hundred of us call....they will know something is afoot. PLEASE TALK TO YOU FRIENDS AND NEIGHBORS ABOUT THIS>...THIS IS ABSOLUTE BS.

WHERE THE HELL HAS $2 TRILLION DOLLARS GONE?

IT IS TIME TO NATIONALIZE THE FED AND BE DONE WITH IT.

[Sex Pistol]

85. Well, one thing's for sure, they won't find any of it in my house

[Trillo]

89. Just a gut response: 4th Amendment.

One more reason the banking system was privatized way back in 1913. Comes in handy in a cash-flow jam requiring public assistance.

I remember reading something on Wikipedia, that the Fed. Res. was a "quasi-public agency". Sounds like the courts will get to decide if the public's money, once given to the Fed as corporate welfare, becomes private money.

I don't know much about welfare for mere humans, but aren't there disclosure requirements regarding income, and spending restrictions such as food stamps, in order to receive it?