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Fed Must Disclose Bank Bailout Records As Court Of Appeals Upholds Historic "Mark Pittman" Decision
- Bank of America
- Bank of America
- Bank of New York
- Bloomberg News
- Citigroup
- Covenants
- Deutsche Bank
- Discount Window
- Federal Reserve
- FOIA
- Freedom of Information Act
- Great Depression
- JPMorgan Chase
- Judge Loretta Preska
- Lehman
- Lehman Brothers
- Mark Pittman
- Royal Bank of Scotland
- The Clearing House Association
- US Bancorp
- Wells Fargo
Next step for the Fed weasels - petitioning the Supreme Court in an attempt to completely trample America's constitution. In the meantime, Mark Pittman smiles from above as Satan reevaluates the amend and extend provisions of his affirmative covenants with the Fed.
From Bloomberg:
March 19 (Bloomberg) -- The Federal Reserve must disclose
documents identifying financial firms that might have collapsed
without the largest ever U.S. government bailout, a federal
appeals court said.
The U.S. Court of Appeals in Manhattan ruled today that the
Fed must release records of the unprecedented $2 trillion U.S.
loan program launched primarily after the 2008 collapse of
Lehman Brothers Holdings Inc. The ruling upholds a decision of a
lower-court judge, who in August ordered that the information be
released.
The opinion might not be the final word in the bid for the
documents, which was launched by Bloomberg LP, the parent of
Bloomberg News, with a November 2008 lawsuit. The Fed could seek
a rehearing or appeal to the full appeals court and eventually
petition the U.S. Supreme Court.
The court was asked to decide whether loan records are
covered by the U.S. Freedom of Information Act, or FOIA.
Historically, the type of government documents sought in the
case has been protected from public disclosure because they
might reveal competitive trade secrets. The Board of Governors
of the Federal Reserve System had argued that disclosure of the
documents threatens to stigmatize lenders and cause them
“severe and irreparable competitive injury.”
Financial Crisis
Bloomberg, majority-owned by New York Mayor Michael
Bloomberg, sued after the Fed refused to name the firms it lent
to or disclose loan amounts or assets used as collateral under
its lending programs. Most of the loans were made in response to
the deepest financial crisis since the Great Depression.
Lawyers for Bloomberg argued in court that the public has
the right to know basic information about the “unprecedented
and highly controversial use” of public money.
“Bloomberg has been trying for almost two years to break
down a brick wall of secrecy in order to vindicate the public’s
right to learn basic information,” Thomas Golden, an attorney
for the company with Willkie Farr & Gallagher LLP, wrote in
court filings.
Banks and the Fed warned that bailed-out lenders may be
hurt if the documents are made public, causing a run or a sell-
off by investors. Disclosure may hamstring the Fed’s ability to
deal with another crisis, they also argued.
Potential Harm
Much of the debate at the appeals court argument on Jan. 11
centered on the potential harm to banks if it was revealed that
they borrowed from the Fed’s so-called discount window. Matthew
Collette, a lawyer for the government, said banks don’t do that
unless they have liquidity problems.
FOIA requires federal agencies to make government documents
available to the press and public. An exception to the statute
protects trade secrets and privileged or confidential financial
data. In her Aug. 24 ruling, U.S. District Judge Loretta Preska
in New York said the exception didn’t apply because there’s no
proof banks would suffer.
The Fed’s balance sheet debt doubled after lending
standards were relaxed following Lehman’s failure on Sept. 15,
2008. That year, the Fed began extending credit directly to
companies that weren’t banks for the first time since the 1930s.
Total central bank lending exceeded $2 trillion for the first
time on Nov. 6, 2008, reaching $2.14 trillion on Sept. 23, 2009.
Payment Processors
The Clearing House Association, which processes payments
among banks, joined the case and sided with the Fed. The group
includes ABN Amro Bank NV, a unit of Royal Bank of Scotland Plc,
Bank of America Corp., The Bank of New York Mellon Corp.,
Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc, JPMorgan
Chase & Co., US Bancorp and Wells Fargo & Co.
More than a dozen other groups or companies filed friend-
of-the-court briefs. Those arguing for disclosure of the records
included the American Society of News Editors and individual
news organizations.
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).
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As my English teacher explained to me, language is in a constant state of evolution. If a word is distorted over time, the distortion becomes "acceptable" or accepted speech, and thus correct. But this doesn't make it right, just that the slang became widely used. Since language by definition is whatever is widely used and understood, you are correct, it is acceptable. I have a 100 year old dictionary that says the only way to pronounce it is koo-pon.
I'm really pointing to the fact that lazy speakers distorted it, not because it was mixed with another dialect but simply because it was mispronounced repeatedly. I noticed it beginning about 15 years ago by news readers on, of course, the TV. It soon spread to commercials and the rest, as they say, is history. It shows the power of the boob tube. If it was on TV, it must be real.
I am usually guilty of that one, I'm afraid.
I also say 'Care-uh-muhl, not 'Car-muhl or 'Car-mell
Puh-'kahn, not 'Pee-can or 'Pee-kahn
Another one that newsreaders get wrong all the time is the difference between phenomena (pl) and phenomenon (sing). The newspapers usually get it right though, AFAICT.
It's too bad they don't teach Latin in school these days, unless you're at a good private school. (They didn't when I was a kid either, but I had a smart English teacher that taught us the stems.)
Friday night...drinking alone, working, and posting about Latin on an anonymous internet blog. I'm living on the edge.
"Friday night...drinking alone, working, and posting about Latin on an anonymous internet blog. I'm living on the edge."
LOL
Let's just reel that excitement in a bit. Too much fun can kill you.
I figure I have 20 years left, maybe a bit more. I wasted my first 40 plus doing the superficial Friday night party scene and all I succeeded in doing was wasting my money and my mind. I've spent the last 10 -15 working on myself, feeding my inner self, not the outer shell. I'm better for it, my family is better for it, my community is better for it.
No comparison what-so-ever.
latin was compulsory @ my H.S.
america public school system is just a let down in the 21st century.
from my viewpoint, college today is about at the 10th grade level of the 60's.
but got detention for wearing a mini skirt, C'est la vie
and i am in the booze business.
jimmy carter used to drive me crazy, with NUCULAR
remember there are two sets of cheeks
◊
this place just cracks me up
...crack...I see what you did there.
Welcome to the club of vanishing illusions.
Just this morning?? Better late than never. Welcome to the club.
Okay, what are our best guesses on where the $2 trillion went? Did it go into the mortgage pit somewhere, to China or Japan for Fannie/Freddie repos, or did the taxpayer cash settle a bunch of derivatives contracts, or to a special pre-funded FDIC default slush fund?
Somebunny knows.
ahhh maybe they call it bye bye money heaven
it will be used to finance the new world order, by retiring some of the debt, they created, to destroy the old order, and appear to be saviors
Courts: "Show us your records!"
Fed : "We won't show you our records. But here are some 8-tracks".
Listen up fellow slaves
You’re only a slave if you accept to continue to be enslaved by the Thin Air Monetary Unitarian system.
What one must do is wake up the masses and get them sufficiently educated in self reliance but first they must stop allowing themselves to self destruct by polluting their bodies with toxic intake.
Almost every person on this planet has become a money slave. Even some of the elite are slaves to their own demanding lifestyles.
There has to be a better and more harmonious way to interact with this reality.
As we have seen from the Greeks, we are very close to the end game of this usury based enslavement.
We do not need a revolution to keep tyranny flowing from one revolving door to another.
We need self reliance and self governance and a new perspective that is not based on competing against our fellow man for dwindling resources.
All easier said than done. For most adults it may be a lost cause. The few must wake up the children to look out for their own future otherwise Humanity is near its end.
I believe the exposure of the worthlessness of Goldman Sachs and JP Morgan and their cross Atlantic Ilk not only in Balance sheet but in Morale compass will be the trigger for the complete and expedited crash of the big one: the bond market. The stock market is the sideshow. Always has been.
http://funy1.blogspot.com/2010/03/whose-leverage-is-more-worthless-jp.html
Bank failure Friday - yet another bank that FDIC couldn't find a buyer for. DIF takes a ~$635mil hit on that one, plus a couple other failures.
State Bank of Aurora, Aurora, MN
First Lowndes Bank, Fort Deposit, AL
Bank of Hiawassee, Hiawassee, GA
Appalachian Community Bank, Ellijay, GA
Advanta Bank Corp., Draper, UT
Century Security Bank, Duluth, GA
American National Bank, Parma, OH
And it's only 6:30 Eastern...
it looks like we are now a little over one billion for the DIF hit.
not including the TBTFs, the FDIC only has about another 800 or more to go.
ehhh. Who's counting. They'll never run out of money.
God they've got to be on drugs over there at the eff-dick. I can just imagine staff meetings...everyone crazy-laughing at every little joke, nobody wanting to face the fact that they're deep in the red with no prospect of getting out...Sheila Bair telling some pollyanna story about it always being darkest before the dawn...
We didn't hit 37 till June 5th last year. 46% increase in 12 months. Is there a triple leveraged bullish ETF for Bank Failures?
one a day, like vitamins
Without the FED, the deployment and upward escort of a continuous foreign creeping coup would be impossible..
Andrew Marshall, the Pentagon’s legendary Yoda, is at it again. The resident futurologist and gray eminence of the US Department of Defense is now 89 years old and has been running Office of Net Assessment for 37 years, since he founded it in 1973. Now comes word that a gaggle of Strangeloves operating under Yoda’s sponsorship is recommending a new array of utopian psychological warfare strategies to try to shore up the sagging US-UK world empire in extremis. These schemes are contained in a report entitled Capability Surprises, which has just been issued under the auspices of the Pentagon’s Defense Science Board. The core recommendation of the assembled Strangeloves is that United States should create and conduct a robust and permanent inter-agency Office of Strategic Deception, to be assembled by a “Tiger team” of utopian think tankers, consultants, and academics, as soon as possible.
Capability surprises refer to sudden scientific, technological, or organizational breakthroughs that give one nation a sudden potential strategic advantage over another. They can represent secret weapons, or new ways of organizing existing capabilities, such as the German Blitzkrieg of World War II. Capability surprises, in the opinion of the DSB panel, can be expected for the United States in such areas as cyber warfare, space warfare, military operations, and technology, special emphasis on nuclear and biological capabilities. The report lists the Soviet launch of Sputnik in 1957 as a capability surprise inflicted by the Soviet Union on the United States. Another shocking surprise for the US came with the Tet offensive in Vietnam of January. Yet another surprise was the widespread use of Improvised Explosive Devices (IEDs) in Iraq. The panel thinks that the US attack on Iraq in the form of operation Desert Storm in 1991 represented a capability surprise based on effective deception against Saddam Hussein, whom they however dismiss as an “incompetent victim.”
The goal of the report is to minimize the shocking surprises experienced by the US, or at least to make sure that Washington can recover quickly and stabilize after each new shock. The other concern of the panel is to maximize the number of capability surprises the US can inflict on its rivals. The need to create surprises for others and the need to prepare to cope with your own are the two premises of the report.
Although this report is officially sponsored by Paul G. Kaminski, the chairman of the Defense Science Board, it represents in its essence a product of the Andrew Marshall network among think tanks, academics, and private consultants. This is a network which Yoda has been building up for more than four decades, using the Office of Net Assessment budget to commission a whole series of utopian scenarios and studies some of whose titles have been obtained by Talking Points Memo under the Freedom of Information Act, and which are listed at that website. Yoda’s influence has been nothing short of immense; Donald Rumsfeld, Dick Cheney, Paul Wolfowitz, and Scooter Libby can all be counted to some degree among Yoda’s pupils. We can say with absolute confidence that Yoda is a key component of that shadow government or rogue network cutting across the executive departments and agencies of the United States government which is determined to assert its own concept of foreign policy, defense policy, finance policy, and the national (or imperial) interest without regard to the momentary majorities in Congress or the momentary tenant of the White House. If Yoda is not a part of the shadow government, then no one is.
Yoda’s main job has always been in the area of imagination and futurology, identifying threats to US military supremacy well in advance and devising means to stave them off. If there was one point in the United States government which should have been held responsible for foreseeing and warding off the September 11 attacks, it was surely Yoda’s futurology and imagination shop in the Pentagon. After September 11, Yoda declined all responsibility with a series of cynical and cavalier remarks. Significantly, he was not held accountable by any commission, was not dragged before congressional hearings, still holds his post, and is as full of sociopathic energy as ever.
This study is the product of the DSB summer seminar of 2008. Yoda provided the keynote address for the entire project. The immediate prod for a seminar in capability surprises would appear to have come from the successful test of an anti-satellite weapon by China in January of 2007. This event caused widespread shock and consternation in official Washington, which had expected no such thing. Another ingredient was doubtless the Washington perception of growing Chinese capability in the area of computer hacking, under the heading of what the US calls Titan Rain.
An analysis of the language of this report allows us to see in retrospect how great the influence of Yoda and his circles over Rumsfeld actually was. In the report, capability surprises are divided into two categories. The first are the “known surprises.” These are breakthroughs by an adversary which one’s own espionage or other intelligence has allowed one to anticipate. These were the events famously classified by Rumsfeld as “known unknowns.” Then, in the language of the report, come the “surprising surprises.” These are the real shocks which arrive without any warning at all — obviously the “unknown unknowns,” of Rumsfeldian parlance. The report is grimly realistic when it says that the United States will not be able to avoid some nasty surprising surprises in the foreseeable future. If China can launch a manned mission to the moon before the US gets back into that game, for example, that would be a surprising surprise of the first magnitude. The report is vaguely aware of the stagnation of basic science and advanced technology in this country, which it obliquely recognizes by showing the relative decline of US science Ph.D.s compared to the rest of the world. Therefore, the report recommends “surprise management,” which would become the responsibility of a new Capability Assessment Warning and Response Organization (CAWRO), which would contain special strategic intelligence cells.
The most interesting part of the report deals with the attempted manipulation of strategic adversaries.. It is clear at the utopian Strangeloves of the Yoda network believe that they can ameliorate the declining US strategic position by playing on the gullibility and suggestibility of their main adversaries, especially by concentrating on the weak spots of the respective national ideologies of the rivals. The United States, according to the report, must concentrate on “understanding the enemy culture, standing beliefs, and intelligence-gathering process and decision cycle, as well as the soundness of its operational and tactical doctrine.” But necessary deception strategy will be “reliant …on the close control of information, running agents (and double-agents) and creating stories that adversaries will readily believe.” After the issuing of this report, nobody in the world has any excuse for doubting that the US does indeed run numerous double agents.
The deception strategy demanded by the report will require the psychological and epistemological manipulation of adversaries at the same time that the US attempts to manipulate and orchestrate world events themselves, as the following revealing formulation makes clear:
welcome to the party, baby.
?
Yoda, love your visual analogy
Jedi Master, i got a golf buddy, i call yoda
your kinda crazy thinkin
do you do printer friendly?
ok we are in the year of the TIGER, i think metal
who are you?
cyber warfare i thinkin i printed you out a few days ago. your crazy. your brain is excel er rated
really who the fuck are you?
SHOCK DOCTRINE
REALLY WHO THE FUCK ARE YOU
REALLY i haven't even finished this post and you are trying to scare the living shit out of me
Hi velo. I lurked here for only three or four months before TD made me get an account. (Ever since I saw a link to a zerohedge article on my favorite alternative news blog.) Even I know who Geopol is. Great writer, seems to have access to many people.
You're right, that is a deep rabbit hole.
http://en.wikipedia.org/wiki/Andrew_Marshall_%28foreign_policy_strategis...
Love his wikipedia article. (Or did Geopol create the wikipedia article just before he made that post because he knew the first think we'd do is check wikipedia?)
Does anyone else have a source of info about Mr. Marshall?
reminder pantheist, your dealing with a severly challenged brain on my shoulders.
I'd like to be a futurologist. That sounds like a fun gig.
Geo,
911 was an inside job, so you can forget all that Yoda nonsense about it.
Also, we got men on the moon with a bunch of whiz kids with slide rules---they had their Masters, very few were PhDs (piled high and deep). Try to discern the important truths, forget about the sensational lies.
9/11 Was a .......
If I may be so presumptuous as to put words into geopol's mouth, he isn't necessarily disagreeing with you. He is saying that 9/11 WAS an inside job. Past tense. Absolutely, it's important to know and understand the truth about 9/11.
But even more importantly, what, when and where is the NEXT inside job and who will be planning it. Yoda is (one of) the brains of the operation. Thus the reason for pointing a finger at this Yoda.
a "utopian psychological warfare strategy" is like a peacekeeping missle with a condom on the tip
So we have to sue to get information on these banks that are all public companies which should be disclosed to anyone wanting to invest in these banks?
some light reading:
http://www.apfn.org/apfn/reserve.htm
http://iamthewitness.com/
http://thesynagogueofsatan.com/
http://www.rense.com/general86/realholo.htm
http://www.talmudunmasked.com/chapter15.htm
http://www.cheniere.org/correspondence/030110.htm
http://www.rexresearch.com/invnindx.htm
http://www.schauberger.co.uk/home.html
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