You’d think that after the American public has been put through the ringer, there’d be better transparency from the Fed and corporate America.
But they just don’t seem to care about you or me.
And it’s not the Fed’s money. It’s yours.
We just learned that the Fed is refusing to identify $2 trillion of emergency loans that you and I gave them, or the troubled assets that the Fed is accepting as collateral. Eight of the loans were made in the last 15 months, while we were shoulder-deep in a financial crisis.
And the banks that received those loans are opposing release of information because it could signal weakness and trigger short selling or a bank run.
This comes after Bernanke and Paulson said they’d comply with congressional demands for greater transparency after we gave them $700 billion for the bailout.
Oh, and you’ll love this.
“AIG is asking the US government for a new bail-out less than two months after the Federal Reserve came to the rescue of the stricken insurer with an $85bn loan, according to people close to the situation.”
