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Fed Refuses to Disclose Recipients of $2 Trillion (Update2), By Mark Pittman, Bloomberg, Dec. 12, 2008.
The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.
Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.
The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.
The “Troubled Assets Relief Program” (TARP) (Public Law 110-343, 122 STAT. 3765, DOCID: f:publ343.110) is the financial “bailout.”
ProPublica has a lot of useful information on the bailout:
- Map: Show Me the TARP Money
- Show Me the TARP Money (a running count of the TARP $700 billion funds, updated regularly. includes Amount, Date, Bank Name, Background Profile.)
- Continuing Coverage
- RSS feed
- Bailout Widget you can put on your site.
And don’t forget the Coverage at OpenTheGovernment.org!
OpenTheGovernment.org has set up a Bailout Transparency page: What Don’t We Know About The Bailout?.
OpenTheGovernment is using this page as a clearinghouse for information on the bailout as information becomes available. Currently, most of what we know is coming from news reports rather than from the government directly.
ProPublica is keeping a running list of banks that are getting money from the Treasury Department bailout:
- Bailout Banks Grows to 26, by Paul Kiel, ProPublica – October 27, 2008
Which banks are getting the Treasury Department’s billions? As we noted earlier today, a slew of regional banks have signed up for the government’s capital injection program, but the government is not saying which banks are getting taxpayer money.
Based on news reports and press releases, we’ve cobbled together a partial list, totaling 26 banks at an overall investment of approximately $160 billion.