And all we wanted was a little transparency with our trillions to the rescue. As reported a few weeks back, Bloomberg News filed suit under the Freedom of Information Act to force the Fed to reveal where the bailout money really is going. Bad news. Mark Pittman reports in Bloomberg today ("Fed Refuses to Disclose Recipients of $2 Trillion - Update2") that the Fed said, simply, "no:"
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.
I really don't know what to say. How could this information be kept secret? We've continued to do our best to map the rescue network but frankly no one can.
