{"id":187730,"date":"2011-03-21T18:16:00","date_gmt":"2011-03-21T23:16:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/03\/21\/so-give-bloombert-your-papers-mr-bernanke\/"},"modified":"2011-03-21T18:16:00","modified_gmt":"2011-03-21T23:16:00","slug":"so-give-bloombert-your-papers-mr-bernanke","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/03\/21\/so-give-bloombert-your-papers-mr-bernanke\/","title":{"rendered":"So Give Bloombert Your Papers, Mr. Bernanke"},"content":{"rendered":"

The Supreme Court has declined to hear the Federal Reserve’s appeal<\/a> of the court order directing them to turn over data on its discount window lending program:<\/p>\n

The Federal Reserve will disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view.<\/p>\n

The justices today left intact a court order that gives the Fed five days to release the records, sought by Bloomberg News\u2019s parent company, Bloomberg LP. The Clearing House Association LLC, a group of the nation\u2019s largest commercial banks, had asked the Supreme Court to intervene.<\/p>\n

\u201cThe board will fully comply with the court\u2019s decision and is preparing to make the information available,\u201d said David Skidmore, a spokesman for the Fed.<\/p>\n

The order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed\u2019s unprecedented $3.5 trillion effort to stem the 2008 financial panic.<\/p>\n

\u201cI can\u2019t recall that the Fed was ever sued and forced to release information\u201d in its 98-year history, said Allan H. Meltzer, the author of three books on the U.S central bank and a professor at Carnegie Mellon University in Pittsburgh.<\/p><\/blockquote>\n

Well, it’s about f%$#ing time for the Fed to be sued and forced to release information, Professor Meltzer.<\/p>\n

I’m not sure that there will be much in the way of revelations in the documents, this has been proceeding for a well over a year, so by this point, the recipients are pretty well known, but this is an important precedent (or non-precedent, since the Supreme Court declined to rule). <\/p>\n

My guess is that there is real law-breaking buried somewhere in these documents, both by the big banks and the Fed, but, we won’t see any prosecutions, because in Barack Obama’s Justice Department, prosecutions are just for whistle blowers.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Supreme Court has declined to hear the Federal Reserve’s appeal of the court order directing them to turn over data on its discount window lending program: The Federal Reserve will disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,972,985,1103],"tags":[],"class_list":["post-187730","post","type-post","status-publish","format-standard","hentry","category-finance","category-justice","category-regulation","category-secrecy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/187730"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=187730"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/187730\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=187730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=187730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=187730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}