Bernanke Fed LOSES in an FOIA Lawsuit

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machinehead's picture
machinehead
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Bernanke Fed LOSES in an FOIA Lawsuit

From Bloomberg News:

Aug. 25 (Bloomberg) -- The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of Information Act lawsuit. Manhattan Chief U.S. District Judge Loretta Preska ruled against the central bank yesterday, rejecting the argument that loan records aren’t covered by the law because their disclosure would harm borrowers’ competitive positions.

The Fed has refused to name the financial firms it lent to or disclose the amounts or the assets put up as collateral under 11 programs, saying that doing so might set off a run by depositors and unsettle shareholders. Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, sued on Nov. 7 on behalf of its Bloomberg News unit.

The judge said the central bank “improperly withheld agency records” by “conducting an inadequate search” after Bloomberg News reporters filed a request under the information act. She gave the Fed five days to turn over documents it told the reporters it located, including 231 pages of reports, and said it must look for more at the Federal Reserve Bank of New York, which runs most of the loan programs.

The U.S. House may vote as soon as next month on a bill to require the Fed to submit to audits by the Government Accountability Office, said Representative Scott Garrett, a New Jersey Republican on the Financial Services Committee. The judge’s ruling “is strikingly good news,” Garrett said. “This is what the American people have been asking for.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=a7CC61ZsieV4

That's the good news -- that the high-handed Fed's disgraceful, undemocratic slush fund is finally being brought into the bright sunlight of public disclosure. Watch the cockroaches and termites scurry for shelter!

And the timing of this ruling seems divinely ordained to propel sales of Ron Paul's book End the Fed, which will be released on Sep. 16th. Supporters are being urged to pre-order, so that End the Fed  will rank No. 1 in sales at amazon.com during its first week on sale.

But the BAD NEWS is that Bensane Bernanke will be reappointed to another term of wrecking the legal tender numeraire. From Bloomberg:

Obama decided to reappoint Bernanke because he wanted to keep together the team that had weathered the crisis, an administration official said. The official said Treasury Secretary Timothy Geithner, Chief of Staff Rahm Emanuel and National Economic Council Chairman Larry Summers all recommended Bernanke be reappointed.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aymAIFp3wdNs

Like his predessor Bush, Obama has demonstrated unerring accuracy in selecting the corrupt, the compromised and the incompetent to serve as his lieutenants. Not one member of the economic 'team' mentioned above could be trusted to run the sports betting pool in the office, much less to rescue a shaky $15 trillion Ponzi scheme that's choking on its own debt.

Let's make Bensane Bernanke the LAST Fed chairman. Whack him again, Ron -- HARDER!

 

 

machinehead's picture
machinehead
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Posts: 1077
DEATH PANEL FOR THE FED

I LOVE THIS --

I’ve read and witnessed various pundits during the Presidential campaign describe Ron Paul as crazy. The corrupt tax and spenders in Congress know their days would be numbered if they followed his vision of government. After reading his tremendously sane rebuke of Ben Bernanke and the policies of his Federal Reserve, I’m reminded of a classic scene from Seinfeld.

Jerry:       "Ah, you're crazy."
Kramer:   "Am I? Or am I so sane that you just blew your mind?!"
Jerry:       "It's impossible!"
Kramer:   "Is it? Or is it so possible that your head is spinning like a top?!"
Jerry:       "It can't be."
Kramer:   "Can it? Or is your entire world just crashing down all around you?"
Jerry:       "Alright, that's enough."
Kramer:   "Yaaaaaaahhh!!!"

Ron Paul’s scathing assessment of the Federal Reserve’s primary role in creating the financial crisis and his raking of Chairman Bernanke over the coals is so accurate, truthful and sane that it should blow your mind. Mr. Bernanke must have felt like his head was spinning like a top while Ron Paul gave him a tutorial in basic economics.

Mr. Paul’s noble efforts to Audit the Fed (HR 1207) and eventually to rid the country of its insidious control over our lives will bring the pillars of the Federal Reserve building crashing down upon Mr. Bernanke in his mahogany paneled, gold plated boardroom with ornate chandeliers.

http://www.lewrockwell.com/spl/fed-must-die.html

ah ha ha ha

AH HA HA HA

Money mouthRUN, BEN, RUN!!!!  Money mouth

You in trouble now, boy ...

Morpheus's picture
Morpheus
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Re: Bernanke Fed LOSES in an FOIA Lawsuit

I doubt anything will come of this.

We need to keep up the grass roots pressure on this. No one really thinks the economic superclass is going to give up the beans this easy, do you?

They'd declare martial law before they did that.

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: Bernanke Fed LOSES in an FOIA Lawsuit

This is good news indeed - the more pressure exerted on the non-federal reserve the better!

The international banking cartel MUST operate in the shadows, quietly bribing and threatening policy makers to perpetuate the greatest scam in history.  The scam is hollow and easy to figure out which makes their job all the more difficult.  They must control the corporate media, education, and politicians to keep the people from figuring out that our monetary system is a ponzi scheme.

If the people begin demanding that something be done we may find that many in government may find the courage to stand up to the thugs.  The non-federal reserve is a cancer that will kill our prosperity and freedom.  They are our greatest enemy and our biggest problem.  Get rid of the fed!

Larry

 

Cloudfire's picture
Cloudfire
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Posts: 1813
Re: Bernanke Fed LOSES in an FOIA Lawsuit
Morpheus wrote:

I doubt anything will come of this.

We need to keep up the grass roots pressure on this. No one really thinks the economic superclass is going to give up the beans this easy, do you?

They'd declare martial law before they did that.

They'll give up "the beans", alright . . . but the litigation wouldn't have gotten this far unless the Fed had already played the shell game, and hidden the real dirt . . . I suspect this is a ploy to "prove" to us, "once and for all" that the Fed has nothing to hide, so there's no reason not to trust them, or ask for more, ongoing transparency, and we should all hand over supervision of the entire economy to their competent hands, rather than listening to those paranoid conspiracy theorists who think that giving a small group of private parties control of the entire world economy is a bad idea.  But then, I guess I have a negative attitude toward a poor, innocent institution that's just trying to help us . . . Poor Ben . . . [insert plaintive violins here].

machinehead's picture
machinehead
Status: Diamond Member (Offline)
Joined: Mar 18 2008
Posts: 1077
Re: Bernanke Fed LOSES in an FOIA Lawsuit

OMG, get a load of this:

In an interview released today by Digg and the Wall Street Journal, Treasury Secretary Timothy Geithner was pressured about the growing popular movement to Audit the Fed spearheaded by Texas Congressman Ron Paul. A visibly uncomfortable Geithner attempts to dismiss the question by stating “I’m sure people understand that you want to keep politics out of monetary policy.”

When Geithner is again pressed on the issue, he makes the stunning assertion that conducting an audit of the Federal Reserve—something never before done in its 96 year history—is a “line that we don’t want to cross,” proclaiming that such a move would be “problematic for the country.”

http://www.prisonplanet.com/geithner-auditing-the-fed-is-a-line-that-we-...

Let me spell out the implications of this bobbing and weaving by the shifty-eyed Geithner. IF an audit of the Fed reveals irregularities, the New York Fed -- headed by Timmy Geithner until last year -- will be the epicenter of the problem. Because that's where the money is.

Remember the Italian banker Roberto Calvi, found hanging under the Blackfriars Bridge in London? Let's hope Timmy don't take the easy way out of his plight. Just fess up like Bernie did, Tim.  Here, let me write the news story --

Aug. 27 (Bloomberg) -- Tim Geithner confessed this week that his former New York Fed branch was “a giant Ponzi scheme” that cost the central bank $500 billion before two FBI agents showed up yesterday morning at his Washington apartment.

“We’re here to find out if there’s an innocent explanation,” Agent Theodore Cacioppi told Geithner, who headed the New York Fed before becoming Treasury Secretary..

“There is no innocent explanation,” Geithner told the agents, saying he traded and embezzled money for the Fed's institutional clients. He said he “paid counterparties with money that wasn’t there” and expected to go to jail.

At his apartment, Geithner told Treasury employees that the New York Fed's books were a “fraud” and he was “finished,” according to the FBI complaint.

‘One Big Lie’

He said the Fed had “absolutely nothing,” that “it’s all just one big lie,” and that it was “basically, a giant Ponzi scheme,” Agent Cacioppi wrote in the complaint. 

The Fed had been insolvent for years, said Geithner, who then estimated losses at more than $500 billion. 

It's ovahhhhhhhhhhh ... Money mouth

 

 

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