Bloomberg Responds To Fed FOIA Appeal, Blasts Bernanke's "Hyperbolic Speculation" Of Economic Collapse

Tyler Durden's picture

The fine folks at Bloomberg refuse to give to the Fed's demands for undisputsed intergalatic domination:

The Board contends that it is serving the public’s interest by keeping all of this information secret from it, claiming that disclosure might harm the borrowers and, therefore, the entire U.S. economy. But the Board has offered no evidence – relying instead on hyperbolic speculation – from which this Court could conclude that such harm was likely to result from disclosure.

And:

The Board’s interests in secrecy are, in fact, aligned with the banks’ interests and are contrary to the public interest. The Board wishes to continue to lend trillions of dollars of public money without oversight or accountability, and the banks wish to continue to reap the benefits of their access to public money without their depositors or shareholders – or the public at large – knowing anything about it.

And lastly:

By contrast, the public has a manifest interest in understanding and evaluating the government’s response to the recent economic crisis, in safeguarding its money, and in knowing whether its government is doling out its money to private entities imprudently. To make matters worse, the public is being denied this basic information even as the Board continues to act on its behalf in providing public assistance to private financial institutions. In order to allow the public to participate in the ongoing debate on the appropriate role of the federal government in alleviating the economic crisis, it should be provided with details of last year’s loans.

Full motion by Bloomberg to deny Fed's appeal below: