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« TARP Deadbeat List Now More Than 120 Banks | Main | Goldman Sachs & The AIG Criminal Cover-Up: Is Government Sachs Being Protected By SIGTARP Barofsky? (Newest From Janet Tavakoli) »
Tuesday
Sep142010

SECRECY AT THE FED: Bernanke wants to keep AIG bailout debates hidden from public view

Bernanke, Paulson

Bernanke, Federal Reserve

Geithner, Barney Frank

Tim Geithner, Larry Summers

New opinion piece from the editorial board at the Wall Street Journal.  For background, see the following story:

---

Reprinted with permission.

Federal Reserve Chairman Ben Bernanke is justly famous for his loose-money policies. But when it comes to preventing disclosure to taxpayers, Mr. Bernanke continues to tighten. In central bank speak, you could say that Mr. Bernanke's operation is not "accommodative" when responding to Freedom of Information Act requests.

This week we received a letter from the Fed regarding documents we requested in February. Specifically, we asked the central bank to release a 2008 staff memo entitled, "Issues Related to Possible IPC Lending to American International Group." Soon after the memo was drafted, the Federal Reserve Bank of New York began lending money to AIG. This might suggest that the Fed staff favored this federal intervention.

But in a CNBC interview last winter, Senator Jim Bunning said that Mr. Bernanke's staff did not think AIG was too big to fail after all. "His staff didn't agree with him," said the Kentucky Republican. "I'm talking about an email that he sent his staff after his staff recommended that the Federal Reserve not touch AIG."

Members of Congress have been able to see this memo, though not to take a copy with them. We think taxpayers should be able to see the staff memo, as well as Mr. Bernanke's response, since the taxpayer exposure at AIG eventually reached $182 billion and the decision may hold lessons for the future. But our request has been "denied in full," according to the Fed, because the documents contain "pre-deliberative intra-agency analyses and recommendations."

This is exactly the type of information that the Financial Crisis Inquiry Commission should be studying and making available to the public. We urge the commission to shine a light on this central episode in the history of the financial panic, allowing taxpayers to learn the truth.

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Reader Comments (25)

Allegation: Americans Flooded Out Millions in Pakistan to Protect U.S. Drone Military Base

http://georgewashington2.blogspot.com/2010/09/allegation-americans-flooded-out.html
Sep 14, 2010 at 2:06 PM | Registered CommenterDailyBail
Big banks that received TARP bailout money are funding payday lenders -- companies Senator Dick Durbin (D - Ill.) termed "bottom feeders" -- and which charge high interest rates and fees for short-term loans, according to a report released Tuesday.

The banks, which include Wells Fargo, Bank of America and JP Morgan, currently provide roughly $1.5 billion in credit lines to publicly-held payday loan companies and between $2.5 to $3 billion to the larger payday loan industry, says the report, which was issued jointly by community group network National People's Action and non-partisan watchdog Public Accountability Initiative.

http://www.huffingtonpost.com/2010/09/14/payday-lenders-banks_n_716246.html
Sep 14, 2010 at 2:08 PM | Registered CommenterDailyBail
Sep 14, 2010 at 2:10 PM | Registered CommenterDailyBail
WASHINGTON (Reuters) - The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.

The bankers said Fannie Mae and Freddie Mac should move beyond the "conservatorship" that started two years ago and be placed "receivership."

http://abcnews.go.com/Business/wireStory?source=patrick.net&id=11587256#abc_tw_islam_100912_wc.jpg
Sep 14, 2010 at 2:13 PM | Registered CommenterDailyBail
Want to solve the housing slump? Let it be.

No more government intervention in housing would be a gift to future homeowners.

http://www.csmonitor.com/Business/The-Daily-Reckoning/2010/0912/Want-to-solve-the-housing-slump-Let-it-be?source=patrick.net#mainColumn
Sep 14, 2010 at 2:14 PM | Registered CommenterDailyBail
z...i took down your comment...for 1 day don't make any comments about Obama's personal life...be more relevant...debt, deficits, bailouts, war, corruption...you know the themes...michelle obama is not one of them...
Sep 14, 2010 at 2:34 PM | Registered CommenterDailyBail
Sep 14, 2010 at 2:35 PM | Registered CommenterDailyBail
Really, you are going to censor me???
Sep 14, 2010 at 2:37 PM | Unregistered CommenterZ
You don't think Michelle Obama being the soup nazi over salt is not a form of corruption???

You don't think Obama smoking and then passing Obamacare is not about the economy, deficits and corruption???
Sep 14, 2010 at 2:40 PM | Unregistered CommenterZ
Not interested in stories about obama smoking or michelle...when she goes on the next million-dollar vacation, i'll cover it...until then it's noise...
Sep 14, 2010 at 2:46 PM | Registered CommenterDailyBail
Really, you are going to censor me???

----

Umm...yes...did you somehow become special overnight...
Sep 14, 2010 at 2:56 PM | Registered CommenterDailyBail
That is why you don't understand the dangers of Obamarxism. I will check in later and see if you have gained some perspective and see if there is room for dissent. Maybe you do understand Obamarxism and this is your means of helping to implement it.

There will be no place for dissent…was I just squashed like cockroach? I do feel demoralized. Most of it will be done by Americans to Americans…YUP…Hmmmm, I think they will have a job for you…

http://www.youtube.com/watch?v=KDOFUMuQCp4

Our freedoms are at stake but you seem to think limiting them is the right thing to do. I don’t get it. What is the harm in free thought and free expression?
Sep 14, 2010 at 2:57 PM | Unregistered CommenterZ
stuff about obama's bc/religion/smoking/michelle...none of it interests me...go to another site for that kind of coverage/discussion...
Sep 14, 2010 at 3:00 PM | Registered CommenterDailyBail
Dam, I was just going to give this one to Z to read about and report back to us, its a real story...

Where's the oil? On the Gulf floor, scientists say more found on the bottom, a lot more.
http://news.yahoo.com/s/ap/20100913/ap_on_sc/us_sci_gulf_oil_spill_sea_floor;_ylt=AuqrQ0vNVNjJyRp_uM2EJDms0NUE;_ylu=X3oDMTFlcXY4dWdmBHBvcwMxMTUEc2VjA2FjY29yZGlvbl9zY2llbmNlBHNsawN3aGVyZXN0aGVvaWw-?om_rid=NQ-S6t&om_mid=_BMj2aGB8UsTIeC

Should be on the MSM tonight if they arnt sencored.
Sep 14, 2010 at 4:52 PM | Unregistered CommenterTexas Dar
It's all good...

Question Asked of Mike Castle...

DB...Listen to them CHEER when the BIRTH CERTIFICATE question is asked...ARE THEY BORED BY IT?

Then watch as the ENTIRE crowd stands up and says the Pledge of Allegiance of the U.S....

http://www.youtube.com/watch?v=9V1nmn2zRMc

Sorry TD, I might not get the chance to respond to your comment...
Sep 14, 2010 at 7:05 PM | Unregistered CommenterZ
Sorry TD, I might not get the chance to respond to your comment...

WhAt, do you know who I am......Was, Thought, could of been, Opps, for got, the oil spill is a Hot Poato and the MSM has been instrucked to leave it alone.

Nothing said tonight and the AP broak it yesterday. I gota get my Ducks, Monkeys, Sheep, Ozarks Craw-Dad's" in line here. I'll work it fer ya "Z".

Much "Tar Oil" found on the sea bead with warm bodys of sea life under the oil.
Sep 14, 2010 at 8:01 PM | Unregistered CommenterTexas Dar
Today, the latest polls show 58 percent of Americans don't believe Obama's story and suspect he is not eligible to serve.
http://www.wnd.com/index.php?fa=PAGE.view&pageId=202929

58%...and growing!!!
Sep 14, 2010 at 8:09 PM | Unregistered CommenterZ
Tex Dar...Did you see this...

Revealed: Obama hired media expert to monitor 'negative' coverage of BP oil spill

http://www.dailymail.co.uk/news/worldnews/article-1311643/Revealed-Obama-hired-media-expert-monitor-negative-coverage-BP-oil-spill.html

The U.S. government paid an expert $18,000 to assess whether news stories about the Gulf oil spill were positive or negative for the Obama administration, it was revealed today.

TexDar, DB and even the rest...THIS STORY MAKES ME SICK AND I LOOK AT IT AS THE BIGGEST PIECE OF NEWS OUT TODAY!
Sep 14, 2010 at 8:21 PM | Unregistered CommenterZ
And it awarded a $216,625 no-bid contract for a survey of seabirds to an environmental group that has criticised what it calls the 'extreme anti-conservation record' of Sarah Palin.

Hmmmmm!
Sep 14, 2010 at 8:27 PM | Unregistered CommenterZ
IT JUST GOT INTERESTING...FRANCE NOT AFRAID TO STIR THE HORNET'S NEST...WHY ARE AMERICANS AFRAID???

French Senate Votes 246-1 to Ban Muslim Burqas

http://www.aolnews.com/surge-desk/article/what-frances-burka-ban-actually-means/19633485

Men who are found to force women to fully veil their faces could be fined $39,000, and could receive up to a year in prison if the female in question is a minor.
Sep 14, 2010 at 8:55 PM | Unregistered CommenterZ
"TexDar, DB and even the rest...THIS STORY MAKES ME SICK AND I LOOK AT IT AS THE BIGGEST PIECE OF NEWS OUT TODAY! "

Of course it is Gobie, everyone knows it must be the fishermen's fault, that is why they want the fishermen to sign those waivers about the sea food being their responsibility since BP and the Goobermint have stated the Gulf is clean.

In case you are confused, that statement is so they can track it as a negative. All administrations hire firms to track public response on hotbed issues, where have you been all these years.

I really hate no bid contracts, but in the last 9 years it seems America has grown very fond of them.
Sep 14, 2010 at 8:57 PM | Unregistered CommenterS. Gompers
Bailout debates should be in full public view.
Sep 14, 2010 at 9:01 PM | Unregistered CommenterS. Gompers
t dar...thanks for the link on the gulf spill...
Sep 14, 2010 at 9:40 PM | Registered CommenterDailyBail
Your Wellcome DB, check this breaking news flash................

But Taitz noted in an e-mail. "Why am I getting this invitation from Harry Reid? Is it a mistake or Harry Reid is trying to push eligibility to the forefront and get rid of Obama in order to save his own skin."

BORN IN THE USA?

'Birther in chief' invited to dinner by Harry Reid
'I have no fear of anything. I'll ask him about eligibility on camera'
http://www.wnd.com/?pageId=203485
Sep 15, 2010 at 2:19 PM | Unregistered CommenterTexas Dar

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