Federal Reserve Gets Beat AgainST
It looks like the Federal Reserve is on its last leg in its ongoing attempt to block the public from seeing which banks were bailed out, for how much, and how precarious the individual banks' situations were. The U.S. Court of Appeals in New York refused to review the ruling by a lower court forcing the Fed to disclose the information. Without a stay, the Federal Reserve will have to publish the documents by Friday.
If they get the stay, the Fed can appeal the case to the Supreme Court. Even if they're successful in receiving a stay, they only have 90 days to request a Supreme Court ruling, and I'd be surprised (but not astounded) if that ruling went in their favor. In other words, the truth will set us free.
"The decision is of exceptional importance," the Fed's lawyers wrote in a legal brief on May 4 in which they asked the circuit court to reconsider the decision. "The real-world consequence of the panel's decision will be serious, perhaps irreparable harm to the institutional borrowers whose information will be revealed."
Fuckin'-A, I hope so. A guy like me thinks bad business decisions should have been allowed to do serious, perhaps irreparable harm to the institutional borrowers who made them. It's about time these losers were named and shamed.
Incidentally, I don't expect the Federal Reserve to ever comply with this court order, even if it's upheld by the Supreme Court. They're above the law, and they know it.
I know I've asked this before, but I've never received a good answer. What is the worst that can happen if the Fed is forced to reveal this data? Is the whole world going to suddenly realize that Citi is a POS? Seriously, can somebody give me a good reason for the stonewalling?