Bloomberg News asked a U.S. court today to force the Federal Reserve to disclose securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks.ZOMG!!!
The lawsuit is based on the U.S. Freedom of Information Act, which requires federal agencies to make government documents available to the press and the public, according to the complaint. The suit, filed in New York, doesn't seek money damages.
``The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,'' said Matthew Winkler, the editor-in-chief of Bloomberg News, a unit of New York-based Bloomberg LP, in an e-mail.
The Fed has lent $1.5 trillion to banks, including Citigroup Inc. and Goldman Sachs Group Inc., through programs such as its discount window, the Primary Dealer Credit Facility and the Term Securities Lending Facility. Collateral is an asset pledged to a lender in the event that a loan payment isn't made.
[ cf Bloomberg Sues Fed to Force Disclosure of Collateral (Update1) ]
What a clear and compelling case that the RADICAL LEFT WINGERS and their Red Hollywood Elitist Fellow Travellors on Wall Street are taking no chances about stabbing our valiant fighting forces in the back by seeking super sekret extra special WAR FIGHTING DOCUMENTS about how the President and the Holy Warriors are taking on the Godless Unbelievers in the Holy Crusade Against Wall Street!!!
Everyone KNOWs that folks like Blomberg News do not have the Military Expertise to understand the Super Sekret Extra Special WAR FIGHTING DOCUMENTS, even IF they could get a Radical Judicial Activist Legislating From The Bench Judge to support their Mainforce assault on Tradional Family values in what can only be described as an obvious trick by Gay HomoZeXual Marriage Initiatives to undermine our Holy Crusaders Holy Crusading against the Evil of Liberals on Wall Street!!!
{ did that strike the right balance of hysteria and misdirection? }