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Originally posted by RionaEire:
Some good points Kaneman.

"A completely coherant River means writers don't deliver" KatTaya

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Originally posted by kaneman:
...not one of you partisan ass-hats has posted a thread on the FEDs court ordered release too Bloomberg.

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The Federal Reserve’s court-ordered release today of secret loan documents provides a new window into how Chairman Ben S. Bernanke navigated the depths of the financial crisis.

Among the 29,000-plus pages of documents are about 1,000 pages of e-mails showing weekly reports from November 2008 to July 2009 that were sent to Bernanke and other senior Fed officials. The reports included written summaries of lending highlights and colorful graphs showing how much individual banks were borrowing and against what collateral.

While the crisis loans were published in December as part of the disclosure ordered by Congress of $3.3 trillion in emergency loans, today’s release shows how staffers presented the data to Bernanke and his colleagues each week, giving them a much deeper picture than the aggregate figures the public could see on the Fed’s website each Thursday.

“As Citigroup, Merrill Lynch and Morgan Stanley increased their PDCF borrowing, they have increased their use of relaxed eligibility standards granted to them to pledge over $7 billion in foreign denominated securities,” according to a Nov. 28, 2008, report sent to Bernanke by his assistant, Rita Proctor. “These securities account for just above 11% of their total collateral.” PDCF stands for Primary Dealer Credit Facility, a Fed emergency-lending program created in 2008 for securities firms.

That compares with the weekly balance-sheet report posted the same day to the Fed’s website, showing average daily credit to primary dealers rose by $2.25 billion to $52.4 billion, without detailing individual borrowers or collateral.
Appeal Rejected

The reports are contained in information released pursuant to a Freedom of Information Act request from News Corp.’s Fox News Network LLC. The Supreme Court this month rejected an appeal by banks to keep some lending information secret, letting stand lower-court rulings against the Fed and in favor of Fox News and Bloomberg LP, parent of Bloomberg News.

The release is the first time the Fed has identified borrowers from the discount window. The Dodd-Frank Act requires the Fed to disclose such loans made after July 21, 2010, with a two-year delay.

Proctor, Bernanke’s assistant, was one of about 35 people to receive, for example, a Nov. 7, 2008, “Primary Dealer Tri- Party Collateral Report,” including then-New York Fed President Timothy F. Geithner and Donald Kohn, then the Fed’s vice chairman. Reports were labeled restricted and confidential.

Another weekly report, “Chart Pack of Market Monitoring Metrics for Fed Facilities,” gives graphical representations of how much individual companies, including Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM), were borrowing from Fed facilities, charted against investor bets on a debt default. Many pages were blacked out in the documents released to the public today.

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