By Mark Pittman, Bob Ivry and Alison Fitzgerald
Nov. 10 (Bloomberg) — The Federal Reserve is refusing to
identify the recipients of almost $2 trillion of emergency loans
from American taxpayers or the troubled assets the central bank
is accepting as collateral.
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry
Paulson said in September they would comply with congressional
demands for transparency in a $700 billion bailout of the banking
system. Two months later, as the Fed lends far more than that in
separate rescue programs that didn't require approval by
Congress, Americans have no idea where their money is going or
what securities the banks are pledging in return. Read the Story