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News Link • Federal Reserve

Fed Must Reveal Which Big Banks Took Emergency Loans From Discount Window

• BusinessInsider.com/
 
Who did and who didn't access the funds and when should be very interesting. Remember when the Fed released all of those TARP details and everyone said, "but they didn't reveal anything interesting!" Well, this is the interesting stuff - it's who took emergency loans during the crisis. Bloomberg sued the Fed demanding that they reveal the data. The Clearing House (a group of the nation’s largest commercial banks) had invoked a FOIA exemption that covers “trade secrets and commercial or financial information obtained from a person and privileged or confidential," according to Bloomberg. But now, the the Fed has will have to release the information within five days. The information that will be released, according to Bloomberg: 231 pages of documents related to borrowers in April and May 2008, along with loan amounts. Why don't the banks don't want it released?

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