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Federal Reserve Says Disclosing Emergency Loans Will Hurt Banks

Posted By admin On August 27, 2009 @ 4:40 am In Featured Stories | Comments Disabled

Mark Pittman
Bloomberg [1]
Thursday, August 27, 2009

The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot.

The Fed’s board of governors asked Manhattan Chief U.S. District Judge Loretta Preska to delay enforcement of her Aug. 24 decision that the identities of borrowers in 11 lending programs must be made public by Aug. 31. The central bank wants Preska to stay her order until the U.S. Court of Appeals in New York can hear the case.

“The immediate release of these documents will destroy the board’s claims of exemption and right of appellate review,” the motion said. “The institutions whose names and information would be disclosed will also suffer irreparable harm.”

The Fed’s “ability to effectively manage the current, and any future, financial crisis” would be impaired, according to the motion. It said “significant harms” could befall the U.S. economy as well.

The central bank didn’t say when it would file its appeal.

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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=aAOhgVw78e3U

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] Federal Reserve Appeals Order to Disclose Emergency Bank Loans: http://www.prisonplanet.com/federal-reserve-appeals-order-to-disclose-emergency-bank-loans.html

[4] Everyone Knows that the Federal Reserve Banks Are PRIVATE … Except the American People: http://www.prisonplanet.com/everyone-knows-that-the-federal-reserve-banks-are-private-except-the-american-people.html

[5] Fed Shouldn’t Reveal Crisis Loans, Banks Vow to Tell High Court: http://www.prisonplanet.com/fed-shouldn%e2%80%99t-reveal-crisis-loans-banks-vow-to-tell-high-court.html

[6] The Federal Reserve ADMITS that Its 12 Banks Are PRIVATE – Not Government – Entities: http://www.prisonplanet.com/the-federal-reserve-admits-that-its-12-banks-are-private-not-government-entities.html

[7] Sen Dorgan: Federal Reserve Refuses To Identify Recipients Of 2 Trillion In Emergency Loans: http://www.prisonplanet.com/sen-dorgan-federal-reserve-refuses-to-identify-recipients-of-2-trillion-in-emergency-loans.html

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