March 19 (Bloomberg) -- The Federal Reserve Board must disclose documents identifying financial firms that might have collapsed without the largest U.S. government bailout ever, a federal appeals court said.
The U.S. Court of Appeals in Manhattan ruled today that the Fed must release records of the unprecedented $2 trillion U.S. loan program launched primarily after the 2008 collapse of Lehman Brothers Holdings Inc. The ruling upholds a decision of a lower-court judge, who in August ordered that the information be released.
The Fed had argued that disclosure of the documents threatens to stigmatize borrowers and cause them ?severe and irreparable competitive injury,? discouraging banks in distress from seeking help. A three-judge panel of the appeals court rejected that argument in a unanimous decision.
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The Fed had argued that it could withhold the information under an exemption that allows federal agencies to refuse disclosure of ?trade secrets and commercial or financial information obtained from a person and privileged or confidential.?
The Clearing House Association, which processes payments among banks, joined the case and sided with the Fed. The group includes ABN Amro Bank NV, a unit of Royal Bank of Scotland Plc, Bank of America Corp., The Bank of New York Mellon Corp., Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co., US Bancorp and Wells Fargo & Co.
Federal Reserve Must Disclose Bank Bailout Records (Update5) - Bloomberg.com
This is good news, we'll finally find out who took the cash, who actually needed the cash and why, and who was was forced to take it. The great FED cover-up will finally be exposed. Those wackos who run the place think they're above scrutiny, well, guess what, not any more.
