Friday, Aug 28, 2009
Fed Deadline is Monday if appeal rejected
Market Watch: Fed to appeal court ruling on naming bank names
The Federal Reserve on Thursday said it planned to appeal a federal judge's ruling that the central bank must release the names of the financial institutions that have borrowed money under its emergency loan programs. The Fed asked the court to delay the release of the names while the appeal was heard. In a ruling Monday, federal judge Loretta Preska ordered the Fed to give the names to Bloomberg News, the agency that had requested the information under the Freedom of Information Act. In its notice of appeal, the Fed repeated that releasing the names would harm the institutions
Posted by sold 2 rent 1 @ 08:50 AM (506 views) Add Comment
4 Comments
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1. sold 2 rent 1 said...
It is difficult to get good information on this story.
Here is a good video clip from Bloomberg
http://www.youtube.com/watch?v=wzrt7WY9nuY
My take on it is that the judge will make a decision today whether to accept or reject the appeal.
If rejected, will the Fed wait until the deadline on Monday before they release the data?
One possibility is that they release the information today, and see how the markets react so they can put together some deals over the weekend to support the weakest banks.
This ruling comes at a time when FDIC has declared 416 smaller banks are in trouble. Other analysts say the figure could be closer to 1000
2. will said...
Stock market volume is extremely light at the moment, because the rally has been manipulated by the central banks and most investors simply don't trust them. The Fed are not encouraging investors back into the market with such obvious intervention and concealment.
However, if the Fed were to publish the list of banks who have received a bail out, investor's confidence in those institutions will be broken, leading to disposal of those holdings and possibly another downleg in the markets.
Watch this space. Damn or be damned.
3. sold 2 rent 1 said...
I just read the latest update from the fractalgoldreport.com
All charts (monthly, weekly, daily, and 150 minute) are loaded to the hilt with explosive energy)
Combine this with a key turning date by Armstrong on 29 August and a Calleman resonance to the day of a huge silver peak on 12 June 1968 (that had risen from 24 cents in 1932 to $2.57 in 1968)
Hold on to your hats
4. doomwatch said...
The Fed (nothing to do with Federal) has been run on secrecy since it's bizarre conception. They believe they are above the law, and
probably are now.