Comments on: Bloomberg: Release Fed Borrowers’ Names http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Tue, 14 Feb 2012 23:28:32 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: Dan http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-223255 Dan Wed, 07 Oct 2009 02:59:36 +0000 http://www.ritholtz.com/blog/?p=40247#comment-223255 US Court Grants Fed Stay in Bailout Disclosure Case Published: Tuesday, 6 Oct 2009 | 10:36 AM ET By: Reuters A U.S. appeals court Tuesday granted the Federal Reserve's request for a stay of a ruling that would have forced the U.S. central bank to release the names of banks that participated in its emergency lending programs. The U.S. Court of Appeals for the Second Circuit granted the stay of a lower court ruling in August that ordered the release of the data sought by Bloomberg News under a Freedom of Information Act request, according to Justice Department spokesman Charles Miller. The Fed last week said it was appealing the lower court decision and requested a stay arguing that releasing the information could stigmatize participating financial institutions and threaten to undermine the U.S. economy which is trying to recover from the worst recession since the Great Depression. The Fed in late 2007 launched programs designed to help financial institutions weather the economic crisis, thaw frozen credit markets and prevent a meltdown of the global financial system. Arguments before the appeals court in New York are set for Jan. 4, 2010, Miller said.. The case is: Bloomberg LP v. Board of Governors of the Federal Reserve System, U.S. District Court, Southern District of New York (Manhattan), No. 08-9595. http://www.cnbc.com/id/33191867 US Court Grants Fed Stay in Bailout Disclosure Case

Published: Tuesday, 6 Oct 2009 | 10:36 AM ET
By: Reuters

A U.S. appeals court Tuesday granted the Federal Reserve’s request for a stay of a ruling that would have forced the U.S. central bank to release the names of banks that participated in its emergency lending programs.

The U.S. Court of Appeals for the Second Circuit granted the stay of a lower court ruling in August that ordered the release of the data sought by Bloomberg News under a Freedom of Information Act request, according to Justice Department spokesman Charles Miller.

The Fed last week said it was appealing the lower court decision and requested a stay arguing that releasing the information could stigmatize participating financial institutions and threaten to undermine the U.S. economy which is trying to recover from the worst recession since the Great Depression.

The Fed in late 2007 launched programs designed to help financial institutions weather the economic crisis, thaw frozen credit markets and prevent a meltdown of the global financial system.

Arguments before the appeals court in New York are set for Jan. 4, 2010, Miller said..

The case is: Bloomberg LP v. Board of Governors of the Federal Reserve System, U.S. District Court, Southern District of New York (Manhattan), No. 08-9595.

http://www.cnbc.com/id/33191867

]]> By: Lugnut http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-222947 Lugnut Tue, 06 Oct 2009 13:52:46 +0000 http://www.ritholtz.com/blog/?p=40247#comment-222947 Didn't the Fed move the BS assets to the Treasury to escape the terms of disclosure of the prior suit? Can't audit whats not on the books anymore. Didn’t the Fed move the BS assets to the Treasury to escape the terms of disclosure of the prior suit? Can’t audit whats not on the books anymore.

]]> By: jc http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-222942 jc Tue, 06 Oct 2009 13:38:32 +0000 http://www.ritholtz.com/blog/?p=40247#comment-222942 These bailouts will get bigger when we have to save C, BAC and WFC when the next wave of foreclosures and dicretionary jingle mail hits in the next few months. These bailouts will get bigger when we have to save C, BAC and WFC when the next wave of foreclosures and dicretionary jingle mail hits in the next few months.

]]> By: jc http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-222940 jc Tue, 06 Oct 2009 13:36:42 +0000 http://www.ritholtz.com/blog/?p=40247#comment-222940 Uncle Ben just wants to delay the release as long as possible hoping that things will kind of work themselves out and make the revelations moot. They stonewalled Congress before they revealed that the AIG bailout was a conduit for payments to first and foremost GS and then a bunch of foreign banks. Since they're not backing down on this is assume it's even more shocking & disgusting. Like Chris Whalen said yesterday on Tom Keene, "we'll be paying for these bailouts for the rest of the century" Uncle Ben just wants to delay the release as long as possible hoping that things will kind of work themselves out and make the revelations moot.

They stonewalled Congress before they revealed that the AIG bailout was a conduit for payments to first and foremost GS and then a bunch of foreign banks. Since they’re not backing down on this is assume it’s even more shocking & disgusting.

Like Chris Whalen said yesterday on Tom Keene, “we’ll be paying for these bailouts for the rest of the century”

]]> By: jc http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-222938 jc Tue, 06 Oct 2009 13:32:15 +0000 http://www.ritholtz.com/blog/?p=40247#comment-222938 The truth will set you free. The truth will set you free.

]]> By: soulmatic09 http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-222920 soulmatic09 Tue, 06 Oct 2009 12:21:46 +0000 http://www.ritholtz.com/blog/?p=40247#comment-222920 Don't we already know who took the money? Something tells me that Dollar Tree or Beazer isn't involved. But then again, I'm not one of those snazzy economists, so what do I know... Don’t we already know who took the money? Something tells me that Dollar Tree or Beazer isn’t involved.

But then again, I’m not one of those snazzy economists, so what do I know…

]]> By: CTB http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-222891 CTB Tue, 06 Oct 2009 05:19:37 +0000 http://www.ritholtz.com/blog/?p=40247#comment-222891 Let's vote in the right politicians. Like in Brewster's Millions: Vote None Of The Above http://dubyad40.com/images/blogimages/brewster2.jpg Let’s vote in the right politicians. Like in Brewster’s Millions: Vote None Of The Above
http://dubyad40.com/images/blogimages/brewster2.jpg

]]> By: constantnormal http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-222890 constantnormal Tue, 06 Oct 2009 04:48:50 +0000 http://www.ritholtz.com/blog/?p=40247#comment-222890 I doubt that they will play the "appeal to the Supreme Court" card, as it seems likely that the Court would side with all the previous verdicts. Instead, I expect some sort or Presidential finding that says the inner workings of the Federal Reserve must be kept private in order to preserve the "national security" of the United States. Such a capability is, I believe, part and parcel of the oxymoronic Patriot Act, and would trump the Freedom of Information Act. Yes, there would be a bit of carnage in the markets, but nothing that the folks that run the markets can't handle (especially as they account for a large (the largest?) chunk of the trading). And the trouble from that would be less than what would transpire if it was uncovered who got the $2+T and what the Fed took as collateral. My guess is that over half went to no more than 3 firms. It's easy to come up with this -- just ask yourself: "What would Dubya do?" I doubt that they will play the “appeal to the Supreme Court” card, as it seems likely that the Court would side with all the previous verdicts.

Instead, I expect some sort or Presidential finding that says the inner workings of the Federal Reserve must be kept private in order to preserve the “national security” of the United States. Such a capability is, I believe, part and parcel of the oxymoronic Patriot Act, and would trump the Freedom of Information Act.

Yes, there would be a bit of carnage in the markets, but nothing that the folks that run the markets can’t handle (especially as they account for a large (the largest?) chunk of the trading). And the trouble from that would be less than what would transpire if it was uncovered who got the $2+T and what the Fed took as collateral. My guess is that over half went to no more than 3 firms.

It’s easy to come up with this — just ask yourself: “What would Dubya do?”

]]> By: investorinpa http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-222888 investorinpa Tue, 06 Oct 2009 03:29:24 +0000 http://www.ritholtz.com/blog/?p=40247#comment-222888 I hope you are right, BR. This charade must end. I hope you are right, BR. This charade must end.

]]> By: JoWriter http://www.ritholtz.com/blog/2009/10/bloomberg-release-borrowers%e2%80%99-names/comment-page-1/#comment-222887 JoWriter Tue, 06 Oct 2009 03:27:25 +0000 http://www.ritholtz.com/blog/?p=40247#comment-222887 Transparency. Open government. New tone. How many times will voters fall for that? Oh, wait. They have no choice. All the experts agree that a third party would be a bad thing. Oh well. Transparency. Open government. New tone.

How many times will voters fall for that? Oh, wait. They have no choice. All the experts agree that a third party would be a bad thing.

Oh well.

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