Racketeering 101: Bailed out banks threaten systemic collapse if Fed discloses information

Bloomberg filed an FIOA request with the Fed to get info about the bank bailouts. The Fed refused. Bloomberg went to court and a judge ruled the Fed must turn the documents over. Now banks are whining this would just be so unfair, put them at a competitive disadvantage, and probably cause the moon to move backwards in the sky and blood to fall from the skies as well.

In a nutshell – the banks want their complete opacity cake and eat it too, or else, the racket goes, the transparency that will somehow promote massive rumor mongering will again destroy capitalism. In the meantime, the Ken Lewises of the world can continue touting how stable their businesses are based on optimistic future projections, while implicitly, they continue to survive merely thanks to the cash granted them by you, taxpayers.

Elsewhere, Pension Pulse finds that Caisse, a huge pension fund manager in Canada, has lost so much money on stupidly structured deals that an investigation is called for.

There should be a full investigation to see if there were any bribes taken to accept these ludicrous terms. Bring in the best certified fraud examiners to go over all the Caisse’s fraud policies and procedures for allocating to external funds, including real estate, private equity and hedge funds.

They dig deep in the article, and find much more.

And finally, the Fed FDIC is running out of cash.

The looting of our economy by thugs in high places continues.

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  • Not the Fed– the FDIC is running out of cash

    • That’s what I get for creating posts late at night when I have a cold… Thx.

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