From Pine View Farm

Guys and Dollars 0

Bloomberg (emphasis added):

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.”

Mr. Saltzman’s fear is horse-hockey. The information in question is from 2008. That is hardly real time. Indeed, it was an unreal time.

The banksters naturally wish not to reveal the true reasons behind their fight against releasing the information, which I believe is this: It will make them look bad.

It will reveal that they screwed things up far more than they or the government is willing to admit, that they disdain fiduciary responsibility, and that, behind all the Wall Street double-talk and the looking good in meetings, their role model is Good Old Reliable Nathan, Nathan, Nathan, Nathan Detroit.


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