http://market-ticker.denninger.net/archives/1868-AIG-More-NY-Fed-Concealment.html
Karl's definitely got a case going on.
I can clearly see where the NY FED has a very serious case of conflicting interests going on, very much like the Federal Reserve itself.
It's becoming very obvious and seriously can't be denied as to whose interest come first.
The question is, how much longer will "The People" settle for this back stabbing garbage?
The New York Fed has said its focus in AIG disclosures has been "ensuring accuracy and protecting taxpayers interests during a time of severe economic distress."
Accuracy only occurs with scrutiny and disclosure. With the public generally and market participants specifically, being able to view the transactions that took place, including their terms.
Without that there is no "accuracy" - only corruption, secrecy and deceit. With secrecy comes mischief and and cover to permit lies.
The NY Fed argues it has the right to do this, as does the FOMC.
I disagree.
The NY Fed may be a bank with commercial interests but when it acts at the direction of, directly or indirectly, the FOMC and The Fed generally it acts as a fiduciary of the Taxpayer and Congress.
