Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says

peaceandlove · 08-25-2009, 09:11 AM

This sounds potentially positive!

Here Comes THE JUDGE! **UPDATED**

Monday, August 24. 2009
Posted by Karl Denninger

BOOYA! Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says
http://www.bloomberg.com/apps/news?p...d=afi7TJiJFys0

Aug. 24 (Bloomberg) -- The Federal Reserve must make public reports about recipients of emergency loans from U.S. taxpayers under programs created to address the financial crisis, a federal judge ruled.

Stick THAT in your pipe and smoke it Bernanke!

What our CONgress refuses to do the judiciary comes through with! Transparency - one way or another.

The ruling can be found here: http://www.zerohedge.com/sites/defau...20judgment.pdf (PDF, thanks Zerohedge!) and is important in a number of ways:

1. It destroys any attempt to claim that identity of a borrower from The Fed's programs is "proprietary" or "generated" by the borrower (a "person") since the data is in fact generated by The Federal Reserve system itself. Bravo for the judge seeing through the attempted BS.
2. It calls out The Fed for intentionally not searching potentially-responsive documents. Bad move Bernanke. Rulings citing apparent bad faith are rare in cases such as this.
3. It (properly, IMHO) dismisses arguments of "stigma" due to nothing more than a speculative assertion. This was Bernanke's claim during Congressional testimony as well when he refused to provide the information to Congress; we now have a judicial ruling saying that that argument is BS.

The only bad news is that coming from the district court it is not binding precedent, but if The Fed attempts to appeal it and loses it will become so - and a quick perusal of the opinion shows little meat for The Fed to attempt an appeal upon.

This should result in the public disclosure both here and forward of borrowers and terms under The Fed's facilities.

It should also result in an immediate demand from Congress for all of this data as well to be provided on a public basis, both for current programs and on an ongoing, forward basis, since there is now a judicial ruling that these records are NOT exempt from disclosure.

Now if we can just get all this fraudulent accounting and violations of prompt corrective action in front of a Judge.....

PS: Ben, here's my gift of the day to you:

See image at SOURCE: http://market-ticker.denninger.net/a...!-UPDATED.html

peaceandlove · 08-25-2009, 04:31 PM

Court Orders Federal Reserve to Disclose Emergency Loan Details

By Mark Pittman

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.

Continues: http://www.campaignforliberty.com/wire.php?view=7120

mntruthseeker · 08-25-2009, 05:13 PM

Well I wouldnt hold my breath seeing as Obama just gave Bernaki *sp)his job for another term.

Seriously think about this though.....What would happen if they really did do this audit? What happens then? The bank holiday which I think is already in the works.

we shall see

THE eXchanger · 08-25-2009, 06:25 PM

xxx

THE eXchanger · 08-25-2009, 06:28 PM

xxx

mntruthseeker · 08-25-2009, 08:25 PM

LOL you got that right like our earth

Anchor · 08-26-2009, 12:47 AM

Quote:

Originally Posted by mntruthseeker

Well I wouldnt hold my breath seeing as Obama just gave Bernaki *sp)his job for another term.

Seriously think about this though.....What would happen if they really did do this audit? What happens then? The bank holiday which I think is already in the works.

we shall see

It matters not what power is given to the Fed at this point or who runs it.

FEDs dead baby!

A..

PS: Apologies to Mr Tarantino.

Tango · 08-26-2009, 05:40 AM

YEEESSSS....!!!!!! Wanna bet people are going to be su I sided...

I think its good Ben, was re appointed... So, he can go down tooo.

When the audit is going to start, there are going to be planes headed

to isreal. Filled with FR people... Thanks again, PaL.

Trooly,

Tango

08-25-2009, 09:11 AM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says This sounds potentially positive! Here Comes THE JUDGE! UPDATED Monday, August 24. 2009 Posted by Karl Denninger BOOYA! Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says http://www.bloomberg.com/apps/news?p...d=afi7TJiJFys0 Aug. 24 (Bloomberg) -- The Federal Reserve must make public reports about recipients of emergency loans from U.S. taxpayers under programs created to address the financial crisis, a federal judge ruled. Stick THAT in your pipe and smoke it Bernanke! What our CONgress refuses to do the judiciary comes through with! Transparency - one way or another. The ruling can be found here: http://www.zerohedge.com/sites/defau...20judgment.pdf (PDF, thanks Zerohedge!) and is important in a number of ways: 1. It destroys any attempt to claim that identity of a borrower from The Fed's programs is "proprietary" or "generated" by the borrower (a "person") since the data is in fact generated by The Federal Reserve system itself. Bravo for the judge seeing through the attempted BS. 2. It calls out The Fed for intentionally not searching potentially-responsive documents. Bad move Bernanke. Rulings citing apparent bad faith are rare in cases such as this. 3. It (properly, IMHO) dismisses arguments of "stigma" due to nothing more than a speculative assertion. This was Bernanke's claim during Congressional testimony as well when he refused to provide the information to Congress; we now have a judicial ruling saying that that argument is BS. The only bad news is that coming from the district court it is not binding precedent, but if The Fed attempts to appeal it and loses it will become so - and a quick perusal of the opinion shows little meat for The Fed to attempt an appeal upon. This should result in the public disclosure both here and forward of borrowers and terms under The Fed's facilities. It should also result in an immediate demand from Congress for all of this data as well to be provided on a public basis, both for current programs and on an ongoing, forward basis, since there is now a judicial ruling that these records are NOT exempt from disclosure. Now if we can just get all this fraudulent accounting and violations of prompt corrective action in front of a Judge..... PS: Ben, here's my gift of the day to you: See image at SOURCE: http://market-ticker.denninger.net/a...!-UPDATED.html

08-25-2009, 04:31 PM	#2
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Re: Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says Court Orders Federal Reserve to Disclose Emergency Loan Details By Mark Pittman 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. Continues: http://www.campaignforliberty.com/wire.php?view=7120

08-25-2009, 05:13 PM	#3
mntruthseeker Avalon Senior Member Join Date: Sep 2008 Location: Minnesota Posts: 2,482	Re: Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says Well I wouldnt hold my breath seeing as Obama just gave Bernaki *sp)his job for another term. Seriously think about this though.....What would happen if they really did do this audit? What happens then? The bank holiday which I think is already in the works. we shall see

08-25-2009, 06:25 PM	#4
THE eXchanger Avalon Senior Member Join Date: Aug 2008 Location: Spiritual eXplorer-Canada Posts: 4,915	Re: Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says xxx Last edited by THE eXchanger; 09-14-2009 at 03:17 PM.

08-25-2009, 06:28 PM	#5
THE eXchanger Avalon Senior Member Join Date: Aug 2008 Location: Spiritual eXplorer-Canada Posts: 4,915	Re: Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says xxx Last edited by THE eXchanger; 09-14-2009 at 03:16 PM.

08-25-2009, 08:25 PM	#6
mntruthseeker Avalon Senior Member Join Date: Sep 2008 Location: Minnesota Posts: 2,482	Re: Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says LOL you got that right like our earth

08-26-2009, 05:40 AM	#8
Tango Avalon Senior Member Join Date: Sep 2008 Location: eating dessert in the desert of Arizona Posts: 1,554	Re: Fed Must Make Public Reports on Emergency Loans, U.S. Judge Says YEEESSSS....!!!!!! Wanna bet people are going to be su I sided... I think its good Ben, was re appointed... So, he can go down tooo. When the audit is going to start, there are going to be planes headed to isreal. Filled with FR people... Thanks again, PaL. Trooly, Tango