The government endorsed racket continues. First we bail them out, then the court says they have to disclose the bailout loans they received (courtesy of Mark Pittman's last great deed), and still they refuse to tell America just who and how received $2 trillion in rescue aid. The Clearing House Association of America, the very people who would not exist without taxpayer bailouts, and who are now pocketing hundreds of billions thanks to the same steep curve which results in $10 billion of new US debt every day, has threatened it will appeal every decision that forces it to disclose the details of the Fed's bailout, all the way to the Supreme Court, flipping off the very people who permitted the bankers to continue to steal and pillage every single day in the biggest government facilitated wealth transfer in the history of this country. We are now convinced that the animosity toward the banks is the primary reason why the Primary Dealers have decided to not allow even one downtick in the market (that and the hope that they will finally find greater idiots to sell all their massive paper holdings to): should there be one substantial correction, with liquidity about to be drained (2099 is one day closer today than it was yesterday), it will be followed by another, and another.... And then the public anger may finally come crashing on the heads of the megalomaniacs from the CHAA, both metaphorically and literally. By then, however, we are confident they will find a way to extract diplomatic immunity and/or renounce their US citizenship, from the administration that cost them so little to purchase.
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.”
At stake are 231 pages of disclosure detailing just how the banks managed to rape the American middle class, and saddle it with debt that will never be paid off.
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.
As this case will certainly rise to the very top of the appeals process (just like Chrysler did, and in that case the US Supreme Court soundly abrogated the sanctity of contacts), we have a nagging suspicion that a vote for the Clearinghouse and the Fed will be the tipping point that will highlight that America is a nation the serves nobody but the 11,000 or so richest people, the bulk of whom come from Wall Street. What happens next we don't know. But we do find that certain buildings in downtown New York have an odd resemblance to the Bastille.