Disgusting
 

Secret Fed Loans Gave Banks Undisclosed $13B - Bloomberg

Not the fact that they made billions...or the fact that they needed to be bailed out.

What is most disgusting is that the federal govt had to be SUED to disclose this as they kept it quiet

THIS falls ENTIRELY on Mr SNOWBAMA. Another thing that happened under his TRANSPARENCY watch/oath that he gave the American people.

Another case of lying Political hack bull#^&#^&#^&#^& :smash:

Obama wasn't president when this all went down.....happened in 2008....at least according to that article you posted

i read article breifly and think there is some bias to the info and a general lack of understanding of how the ecnomy works.
Banks borrow from the central bank and other banks daily, its the foundation of the banking system and how money flows. I would expect there to be huge swings during the crisis. Big banks borrow from the govt and then lend to you and make to make profits, its what they do. For example walmart buys tvs from a wholesaler and sells to you for a profit, same for banking and the owner of the currency is......the fed. Nothing shady here, just old news IMHO

Kevin:
Scott doesn't let 'facts' get in the way of his hatred of 'Snowbama'

"The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day"

but this was not bailout money, right? It was a daily loan - thats what the fed does all the time. Its the purpose of a central bank.

Correct.
quote was just taken to show date.

These loans are actually what was used to "payback" the bailout money. The banks paid us back with our own cash.

cant be, this is too early

yes a daily loan. I read it. Did not sync the date sorry. You can put me on ignore and buy plastic lures now :wave:

STILL this should not change the fact the the federal govt had to be sued to provide something that should be FOIA and ALREADY transparent. The fact that hundreds of thousands was wasted in court...which WAS probably done during the Obama administration?

And that would change what, exactly...?

not much here :hee:

Actually the Whole Process started on May 21, 2008.

yes the Appeal Process carried over to Obama's Administration...but the Initial "FU we ain't releasing them" was set in motion prior to him getting elected.

Timeline of Bloomberg's lawsuit against the Fed

- May 21, 2008: Bloomberg files a Freedom of Information Act request. The Fed denies this request

- Nov. 7, 2008: Bloomberg files suit to require disclosure [Bloomberg LP v. Federal Reserve, U.S. District Court, Southern District of New York (Manhattan)].

- Aug. 24, 2009: Judge Loretta Preska rules that the Fed must disclose this information

- Sept. 30, 2009: Fed appeals decision

- Jan. 12, 2010: U.S. Court of Appeals hears oral arguments

- March 19, 2010: Appeals court upholds Preska decision

- May 4, 2010: Fed and Clearing House ask full U.S. Court of Appeals to overturn Preska ruling

- Aug. 23, 2010: Full appeals panel refuses to overturn Preska ruling

- Aug. 27, 2010: Court of Appeals gives Federal Reserve 60 days to decide on taking the case to the Supreme Court

- Oct. 26, 2010: Federal Reserve decides not to join the Clearing House Association in asking the Supreme Court to consider an appeal.

- Feb. 19, 2011: U.S. Solicitor General recommends the Supreme Court reject the Clearing House's appeal.

- March 21, 2011: Supreme Court rejects appeal and orders release of bank loan data



Bloomberg Blog

So it's Bush's fault then.

They sure fought hard to keep this private information didn't they.

So just to be sure we're clear here...

You're revolted at the idea big banks are colluding with the Federal Government to artificially improve their balance sheets while giving out massive bonuses and executive paychecks.

Yet...

You ridicule a movement that's pretty much stated this EXACT ISSUE is what they're protesting?

Salty, it may be time to check the seals on the dust collector.

-spence

I ridicule a movement that has NO freakin idea what they're protesting.

You been living under a rock the past few months?

Yea I need a new dust collector. Send funds I need a bailout.


colluding? REALLY?

Quack quack, waddle waddle.

-spence

i can't read it my eyes aren't that good anymore it's too small

:nopics:

-spence

:bshake: neener neener neener