Fed Still Not Saying Who Got Money

Friday, December 12, 2008 4:37 PM

http://moneynews.newsmax.com/streettalk ... 61339.html

By: Elaine Barr Article Font Size



Four months after Bloomberg News asked for the names of recipients of $2 trillion in taxpayer dollars, the Federal Reserve finally said no.


Bloomberg filed a request under the U.S. Freedom of Information Act requesting details about the terms of 11 emergency lending programs and asked what assets the Fed accepted as collateral.


According to a story posted today by Bloomberg, the Fed responded on Dec. 8, saying it's allowed to withhold internal memos as well as information about trade secrets and commercial information.


Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson, however, said in September that they would comply with congressional demands for transparency in a $700 billion bailout of the banking system.


“Notwithstanding calls for enhanced transparency, the Board must protect against the substantial, multiple harms that might result from disclosure,â€