Bloomberg sued under the Freedom of Information Act to uncover to whom the Fed has extended $2 trillion in loans. The Fed has refused to disclose both the recipients of the emergency loans and the nature of the collateral for those loans, despite requirements by Congressional legislation to do so.
“If they told us what they held, we would know the potential losses that the government may take and that’s what they don’t want us to know,” said Carlos Mendez, who oversees about $14 billion at New York-based ICP Capital LLC."Here is the Bloomberg story.
