• 21 Mar 2011 at 10:27 AM

Fed To Release Names Of Banks That Got Emergency Loans During 2008 Crisis

By Bess Levin

For those of you living in the past, this should prove exciting!

The Federal Reserve must disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view. The justices today left intact a court order that gives the Fed five days to release the records, sought by Bloomberg News’s parent company, Bloomberg LP. The Clearing House Association LLC, a group of the nation’s largest commercial banks, had asked the Supreme Court to intervene.

The order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed’s unprecedented $3.5 trillion effort to stem the 2008 financial panic.

Fed Must Release Loan Data [Bloomberg]

Comments (9)

  1. 1
    Posted by Anonymous | March 21, 2011 at 2:57 PM

    I’m sure it’s just my inbred close-mindedness, but in what alternate universe is this information not owned by the public? What possible argument can be made against the disclosure, particularly 30 months after the fact?

  2. 2
    Posted by Anon | March 21, 2011 at 3:00 PM

    I’m sorry for the fact that I feel confused on this matter. Didn’t the Fed already release the data last year, or was that a different Fed data dump?

  3. 3
    Posted by Guest | March 21, 2011 at 3:14 PM

    Poor Bloomberg had to sue for the past 3 years when Wiki leaks would have stole the data and posted it online after securing a couple of mil in “donations” ….(and that’s using a CG ellipses)

  4. 4
    Posted by Richard Cripples | March 21, 2011 at 3:17 PM

    I for one hope they do something fun with it, like a word scramble or crossword puzzle or something.

    3 Across – This bank never sleeps.
    5 Across – Home of the golden scrot.
    7 Across – Rhymes with “stank of america”.

    4 Down – 3-letter acronym for a bank that sucks.
    6 Down – Don’t call it “Jimbo’s Bank”.
    8 Down – No longer force places insurance policies on vampires

  5. 5
    Posted by Ken Lewis | March 21, 2011 at 3:41 PM

    Mark my words, Ed McMahon will show up at BofA HQ today with a huge-ass cardboard check for $250 Billion from this Clearing House Association, LLC and I will finally be vindicated. I can’t wait to see all those balloons.

  6. 6
    Posted by Vikram P. | March 21, 2011 at 4:20 PM

    I don’t come down to where YOU work and release the names of whose dicks were in YOUR mouth.

  7. 7
    Posted by Guest | March 21, 2011 at 4:23 PM

    Where’s Pit-Pat?

  8. 8
    Posted by Guest | March 21, 2011 at 4:25 PM

    That’ll be interesting… seeing Ed McMahon’s partially decomposed corpse at my door…

    -T. Burton

  9. 9
    Posted by Guest | March 21, 2011 at 4:25 PM

    That’ll be interesting… seeing Ed McMahon’s partially decomposed corpse at my door…

    -T. Burton

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