http://www.bloomberg.com/news/2010-12-01/taxpayer-risk-impossible-to-know-for-some-fed-financial-crisis-programs.html
Something is quite hinky here and if "WE" ay the bill, I do believe "WE" have a right to know what the FED blew it on.
The Federal Reserve withheld details on individual securities pledged as collateral by recipients of $885 billion in central bank loans, denying taxpayers a measure of the risks they faced from its emergency aid.
The central bank yesterday released data on 21,000 transactions from $3.3 trillion in emergency lending to stem the financial crisis. July’s Dodd-Frank law required the Fed to disclose the names of borrowers, the size and interest rates of loans, and “information identifying the types and amounts of collateral pledged or assets transferred.”
For three of the Fed’s six emergency facilities, the central bank released information on groups of collateral it accepted by asset type and rating, without specifying individual securities
The secrecy surrounding Fed bailouts led lawmakers to demand disclosure after the central bank approved aid dwarfing the federal government’s $700 billion Troubled Asset Relief Program.
Collateral Pledged
The loans extended to primary dealers under the PDCF by the New York Fed were recourse loans, meaning the potential liability of borrowers who defaulted was greater than the value of the collateral pledged, according to the Fed. Primary dealers are the firms authorized to deal in government securities directly with the Fed. At its peak, borrowing under the facility came to about $156 billion.
