How long would it take you to spend a trillion dollars? How about two trillion? Didn’t take the Federal Reserve Board long. They disbursed that much to an undisclosed list of banks in the blink of an eye recently. Now, the Fed is refusing to name the banks that got the loot.
Thumbing his nose at congressional demands for transparency, Fed Chairman Ben Bernanke balked when Bloomberg Television asked for a list of the beneficiaries of the biggest hidden bailout in history. No, this is not about the seven-billion-dollar bailout package that Treasury Secretary Hank Paulson is doling out to his banking buddies. This is two trillion dollars extra!
Bloomberg is suing to get the names of the fortunate fat cats receiving “emergency” loans from Bernanke and his gang.
“Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system,” Bloomberg complained wistfully. “Two months later, as the Fed lends far more than that in separate rescue programs that didn’t require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.”
Hence the lawsuit. I wonder how long that will take to wend its way through the Bernanke-friendly court system?
I can only hope that MSNBC-TV’s Keith Olbermann is right when he says this entire bailout boondoggle will be described one day as “the reason Daddy went to prison.”