Fed Shouldn’t Reveal Crisis Loans, Banks Vow to Tell Supreme Court(if necessary)

[larsonstdoc]

http://www.bloomberg.com/apps/news?pid=20601087&sid=ax8ulGXswn4E


Fed Shouldn’t Reveal Crisis Loans, Banks Vow to Tell High Court
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By Bob Ivry


The big banks are saying "We are above the law."

April 14 (Bloomberg) -- The biggest U.S. commercial banks will take their fight against disclosure of Federal Reserve lending in 2008 to the Supreme Court if necessary, the top lawyer for an industry-owned group said.

Continued legal appeals will delay or block the first public look at details of the central bank’s $2 trillion in emergency lending during the 2008 financial crisis. The Clearing House Association LLC, a group that includes Bank of America Corp. and JPMorgan Chase & Co., joined the Fed in defense of a lawsuit brought by Bloomberg LP, the parent company of Bloomberg News, seeking release of records related to four Fed lending programs.

The U.S. Court of Appeals in Manhattan ruled March 19 that the central bank must release the documents. A three-judge panel of the appellate court rejected the Fed’s argument that disclosure would stigmatize borrowers and discourage banks from seeking emergency help.

“Our member banks are very concerned about real-time disclosure of information that could cause a run on the banks,” said Paul Saltzman, the group’s general counsel, in an interview yesterday. “We’re not going to let the Second Circuit opinion stand without seeking a review.”

Regardless of whether the Fed appeals, the Clearing House will take the next legal step by asking for a review by the full appellate court, Saltzman, 49, said at his office in New York. If the ruling is unfavorable, the bank group will petition the Supreme Court, he said.

Joined Lawsuit

The 157-year-old, New York-based Clearing House Payments Co., which processes transactions among banks, is owned by its 20 members. They include Citigroup Inc., Bank of New York Mellon Corp., Deutsche Bank AG, HSBC Holdings Plc, PNC Financial Services Group Inc., UBS AG, U.S. Bancorp and Wells Fargo & Co.

The Clearing House Association, a lobbying group with the same members, joined the lawsuit in September 2009, after an initial ruling against the central bank in federal court in Manhattan.

The Fed is “reviewing the decision and considering our options,” said Fed spokesman David Skidmore in Washington. He had no comment on Saltzman’s plans.

Attorneys face a May 3 deadline to file their appeals.

“We’ll wait to see the motion papers,” said Thomas Golden, attorney for Bloomberg who is a partner at New York- based Willkie Farr & Gallagher LLP. “The judges’ decision was well-reasoned, and we doubt further appeals will yield a different result.”

Bloomberg sued in November 2008 under the U.S. Freedom of Information Act, after the Fed denied access to records of four Fed lending programs and a loan the central bank made in connection with New York-based JPMorgan Chase’s acquisition of Bear Stearns Cos. in March 2008.

231 Pages

The central bank contends that 231 pages of daily reports summarizing lending activity, which were prepared by the Federal Reserve Bank of New York for the Fed Board of Governors in Washington, aren’t covered by the FOIA. The statute obliges federal agencies to make government documents available to the press and the public. The suit doesn’t seek money damages.

The Fed released lists on March 31 of assets it acquired in the 2008 bailout of Bear Stearns.

The New York Times Co., the Associated Press and Dow Jones & Co., publisher of the Wall Street Journal, are among media companies that have signed up as friends of the court in support of Bloomberg.

The Fed Board of Governors’ “refusal to disclose the names of borrowers renders public oversight of its actions impossible -- it prevents any assessment of the effectiveness of the Board’s actions and conceals any collusion, corruption, fraud or abuse that might have occurred,” the news organizations said in a letter to the appeals panel.

The case is Bloomberg LP v. Board of Governors of the Federal Reserve System, 09-04083, U.S. Court of Appeals for the Second Circuit (New York).

[Dig]

bilderberg assassinated the bloomberg reporter exposing the treason

[larsonstdoc]

http://www.cnbc.com/id/36501729


The Feds want to regulate(manipulate) all sizes of banks so they can easily TAKE THEM OVER.  Bob Chapman--over 2000 banks to go under in 2010.  Celente today said that there will be an economic collapsae by September caused primarily by more sovereign debt collapse and commercial bank loans collapsing.

Recovery Ongoing but Jobs Still a Problem: Fed's Dudley

Federal Reserve efforts to revive the U.S. economy have worked but the recovery remains subdued and the jobless rate "unacceptably high," New York Federal Reserve Bank President William Dudley said Wednesday.


AP
While recent economic data, including Wednesday's report showing a jump in U.S. retail sales last month, points to economic expansion, Dudley said the economy faces headwinds.

"It still seems likely that recovery will be muted compared to past recoveries," he said, adding "the bank system is still under a lot of stress and households have probably not fully adjusted yet" to a sharp slide in housing prices.

He also said a national jobless rate of 9.7 percent remains "unacceptably high." Dudley was speaking at the opening of a New York Fed briefing on regional employment.

In addition, Cleveland Federal Reserve Bank President Sandra Pianalto told Wednesday's Levy Economics Institute conference in New York that the U.S. Federal Reserve is the only regulator that has the expertise to effectively supervise financial firms of all sizes.


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"No other agency has, or could easily develop, the degree and nature of expertise that the Federal Reserve brings to the supervision of banking organizations of all sizes and the identification and analysis of systemic risks," Pianalto said.

Pianalto's remarks come as U.S. Congress is moving closer to a decision on legislation that would tighten the regulatory screws on banks and capital markets, potentially changing the financial services industry for decades to come.

A Senate proposal would strip the Fed of its current powers to oversee banks with less than $50 billion in assets.

Pianalto argued that not only large firms perceived as "too big to fail" have the potential to pose a risk to the entire financial system if they get into trouble.

"Other important factors that need to be considered are contagion, correlation, concentration, and context," Pianalto said.

She described these firms as "too interconnected to fail", "too many to let fail", "too dominant to fail" or "too much attention to fail."

She said a more consolidated approach to supervision is needed to plug the gaps in regulatory oversight that came to light during the financial crisis.

"I support legislation that would remove some of the constraints we currently face to obtain information from, and address unsafe and unsound practices in, the subsidiaries of bank holding companies," Pianalto said.

"Without consolidated supervisory authority, oversight gaps will continue, making it difficult to identify cross-entity risks within a bank holding company and to take appropriate action to mitigate those risks," she said.

[TahoeBlue]

An interesting group of "friends".... Bilderberg VS Bilderberg ?

The New York Times Co., the Associated Press and Dow Jones & Co., publisher of the Wall Street Journal, are among media companies that have signed up as friends of the court in support of Bloomberg.

The Fed Board of Governors’ “refusal to disclose the names of borrowers renders public oversight of its actions impossible -- it prevents any assessment of the effectiveness of the Board’s actions and conceals any collusion, corruption, fraud or abuse that might have occurred,” the news organizations said in a letter to the appeals panel.

The case is Bloomberg LP v. Board of Governors of the Federal Reserve System, 09-04083, U.S. Court of Appeals for the Second Circuit (New York).

[larsonstdoc]

  The bottom line here is that THE FED WANTS TO STOP THE AUDIT OF THE FED.

[H0llyw00d]

Audit hell...needs to be decommissioned and dissolved!!!
(my 2¢)

[larsonstdoc]

Audit hell...needs to be decommissioned and dissolved!!!
(my 2¢)

RIGHT ON HOLLYWOOD.  But we have to take one step at a time--audit, charge the scum, convict the scum, imprison  the scum and then dissolve the fed.

[Geolibertarian]

The bottom line here is that THE FED WANTS TO STOP THE AUDIT OF THE FED.

Well, bear in mind that the elite bankers who orchestrated the institution of the Fed in the first place pretended to be against the Federal Reserve Act (when they had in fact authored it).

This was basic "please-don't-throw-me-into-the-briar-patch" psychology, and it worked exactly as they intended.

I therefore can't help but wonder if they want us to focus merely on auditing the Fed. Not because they don't fear an audit, necessarily, but because they -- realizing how close the economy is to total collapse -- are trying to run out the clock on us (to use a football analogy) so that there's no time left to replace the entire debt-based, fractional reserve money system with a debt-free money system.

As Lindsey Williams said fairly recently on Alex's show, the ruling elite fully expect that, within two years, the masses will be too weak from poverty to "resist" their global fascist agenda. That's why we must focus on replacing the current system. If, because of our preoccupation with "auditing," we fail to do this NOW, then won't we be playing right into the bankers' hands?

[decemberfellow]

Little off this topic but Supreme  Court has been given this info.

As stated in the January 21 letter, the following is a partial chart of Government Officials sent to the Supreme Court that have benefited in the blocking of Falcone's Funds.


President Obama             Vatican Bank             $1,000,000,000
President Obama             Bank of Santander         $1,000,000,000
Vice President Joseph Biden         Vatican Bank             $100 Million   
Tim Geithner                 Vatican Bank              $700 Million
George Bush, Sr.             Vatican Bank             $700 Million
George Bush, Jr.             Vatican Bank             $200 Million
Alan Greenspan             Vatican Bank             $500 Million
Mitt Romney                 Vatican Bank             $400 Million
Michael Herzog             Vatican Bank             $500 Million
Bill & Hillary Clinton             Vatican Bank             $400 Million
Paul Guennette (associate  of Bush, Sr.)            Vatican Bank             $700 Million

      Note 1:  The chart of stolen funds supplied to the Supreme Court focused mainly on the Vatican Bank.  We listed the account data exactly as it was delivered to the Supreme Court.  Why are all these corrupt Politicians using the Vatican Bank

http://tdarkcabal.blogspot.com/ 

Long article but lots of info