Bloomberg v. The Fed

I have been searching for updates on Bloomberg’s lawsuit seeking disclosure of collateral held by the Fed in exchange for a trillion plus in loans. Kudo’s to Bloomberg’s Mark Pittman for his coverage and efforts to bring accountability to the bailout process.

Here is a copy of the initial filing.

 

View a PDF 

My prediction?

The markets seizing up reflects markets working. Market’s will not trade when there is insufficient information to price accurately, when rules are not being respected and where fraud is present.

Fed Refuses to Disclose Recipients of $2 Trillion

Now that market participants understand that there is significant fraud, including collateral fraud, in the asset backed and related derivative markets, no one wants to trade. They can’t trade. Who knows how much anything is worth? And who can trust anyone to certify anything? They can’t. All they can do is to get the US Treasury and the Fed to promise it does not matter. Government guarantees price and performance when fundamental economics can not.

That means that the Fed will not permit full disclosure. Given what I have personally seen of the federal court process when the owners of the Federal Reserve Banks want to keep collateral fraud under wraps, the law does not matter — in cases like this, there is no law, That said, no amount of money and effort will be spared in the effort to achieve the appearance of the rule of law. So the spin will be interesting to watch.

Keep us posted if you see updates on this one.

10 Comments

  1. Have you a map of who owns who? I understand that the banks towkow to the central banks and these are part private part federal/Government owned. But what are the connections who is higher in the network. It seems to me these people worship central control. So if that is correct is there a bank or entity that sits at the apex of all this stuff. And if there is such an entity are they more powerful than all the worlds Governments. If the laws are irrelevant in the above bloomberg/fed case, then maybe this is so. Would that not also then make all governments and politicians mere unknowing pawns. What a horrible thought.

  2. The fed is buying assets from “offshore Americans” and “the fed” itself, the trillions in diverted resources were sent to foreign agents/sub-prime financiers-aka “the fed” posing as foreign investors.

    No doc liar loans were proliferated for political reasons not altruistic or economic ones, every bustop on the home loan busline was a donation point for mass immigration and congress, both groups (Alien rights groups and Congress)recieved hundreds of millions in “advocacy dollars”-dollars which keep coming as long as immigration & home loans to immgrants keep coming, unfortunately like all pyramid/ponzui schemes you always need a new pool of sucker investors which Earth ran out of.

    The sub-prime financiers weren’t “investors” , they were social engineers using home loans of other people’s money to achieve a political agenda-mass immmigration and “Latin Socialization” of America.

    We should force a default & make the sub-prime finaciers eat their already accured losses & face the consequences (in CHina execution, in US-jail with Bubbah)

  3. Thank you Mr. Bloomberg..

    At least someone is asking questions..

    Maybe if we ask enough the public will realize that we don’t need this system anymore..

    And for starters get rid of the Fed all together.

  4. the appearance of the rule of law.

    Well, if we are a ‘country under the rule of law’ – keeping up that appearance is important.

    A Mr. Kelton at rule of law radio has much to say, and what we could do, in the matter.

  5. I would have just loved it if the FED said that they (The Board of Governors) did not actually issue the credit, and instead that the credit was issued through the NY FED Discount Window Program — therefore because the NY FED is a privately owned entity and not a government agency they were not obligated under federal law (Freedom of Information) to disclose the securities received for the fiat injection. But, I guess in the world of the FED a spade is a hammer.

    Citizen Pete

  6. I’m listening to you at this very moment on C2C with Art Bell. I just wanted to mention that earlier today I was watching CNBC’s ‘Closing Bell’ with Maria Bartiromo. She casually mentioned that Citigroup got $351 Billion. They also printed this on screen with a graphic along with other bailout recipients like AIG, Fannie and Freddie.

    $351 for Citigroup astounded me and I had never heard this before. The uproar was about AIG getting $150 billion last month. Bartiromo mentioned this really casually, so I googled it and came up with nothing. However I am very suspicicious that Citigroup was given $351 billion secretly by the Fed.

    It would be interesting if you could find out more about this.

  7. HI Catherine. I listened to your show last night on Coast to Coast as I have other times. I actually was one call from asking you my question…… What about gold confiscation?.. as they did once before. Its provisions are in the Patriot Act and I’m just wondering what you think about that eventuality?

    Sincerely PAul

  8. Just heard you on Coast to Coast with Art Bell. Shouldn’t the regulations that were formulated under the FDR Administration be put more or less back in place….With even stricter accounting of the types of investments that are being made and how? It should also be obvious that our “dear” President Bush is more interested in saving the monied class than he is in saving the average worker ala Big 3 Car Maker bailout. To me that is nothing more than a union busting tactic on his part for his buddies in business. Those pesky unions are the cause of all this. Not the underhanded and far-reaching greed of Wall St. Insiders and Corporate Managers who seem to have gone out of their way to sink American business.

Leave a Reply