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Tuesday, January 12, 2010

US Fed Maintains Secrecy on Banks Bailout

The United States Federal Reserve is making an effort to block a court decision on divulging the government's trillion dollar program to save major US banks.

The US central bank has asked the Court of Appeals in Manhattan to refrain from revealing the 'secret identities' of the country's main creditors in a move against the Freedom of Information Act, Bloomberg reported on Monday.

In their appeal to the court, the Board of Governors of the Federal Reserve System wrote, “Confidentiality is essential to the success of the board's statutory mission to maintain the health of the nation's financial system and conduct monetary policy".'

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1 comment:

  1. Interesting, would a struggling small business owner get free money from the Government(s) if their business was going bust?

    Smells like corruption and favouritism to me.

    In the meantime, the banks have the cheek and gaul to give themselves bonuses after robbing the taxpayers blind.

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