Friday, April 17, 2009

Bloomberg Challenges the Secrecy of the Fed

April 16 (Bloomberg) -- U.S. taxpayers need to know the risks behind the Federal Reserve’s $2 trillion in lending to financial institutions because the public is now an “involuntary investor” in the nation’s banks, according to a court filing by Bloomberg LP.

I'm wondering if the court will see the taxpayer as an "involuntary investor" because the taxpayer should also be the voter and they did, in fact, vote for someone who proposed a certain set of proposals, even though the Fed is really an independent entity. However, even if the court does see the taxpayer as a "voluntary investor," shouldn't a voluntary investor have that kind of information anyway? Bloomberg could get it either way. That would be sweet.

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