Bloomberg News filed a Freedom of Information Act lawsuit against the Federal Reserve on November 7 to find out who is getting the $2 trillion in bailout money. The Federal Reserve told them to shove it.
The Fed responded Dec. 8, saying it's allowed to withhold internal memos as well as information about trade secrets and commercial information.
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"Notwithstanding calls for enhanced transparency, the Board must protect against the substantial, multiple harms that might result from disclosure," Jennifer J. Johnson, the secretary for the Fed's Board of Governors, said in a letter e-mailed to Bloomberg News.
"In its considered judgment and in view of current circumstances, it would be a dangerous step to release this otherwise confidential information," she wrote.
You think Madoff's $50 billion fraud was something? He's a patzer compared to these guys.
Federal Reserve refuses to disclose the recipients of $2 trillion in emergency loans
