Fed Won't Disclose Who Got the $2 Trillion; Bloomberg Sues
by: The Prudent Investor December 15, 2008
Bloomberg's move to sue the Fed is a novelty in journalism. The former bond trader who built the leading financial information provider from scratch in two decades has opened a front against the secretive Fed, a privately owned organization that has never been audited and is constitutionally questionable. [...]
The Fed has, of course, refused. There really is no oversight for the Creature from Jekyll Island
despite that the US Federal Government gets to choose the chairman. But this will be interesting. The Federal Reserve
sports a top level domain of .gov . The various regional branches
all sport a TLD of .org . So which is it? If they are a PRIVATE organization, then they can ignore the request. If they are government institution, then they MUST comply. If they are a private group, then WHY do they have a .gov top level domain?
I hope they are successful so that The Fed will come under increased scrutiny and oversight AND so we taxpayers can know what is being done with our money. If they lose, then I think there is the possibility for a public backlash against the Fed.