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HUFFPOST COMMUNITY MODERATOR
msjimmied
11:31 PM on 03/21/2011
We have one man to thank for this, a great financial reporter who worked for Bloomberg and made this happen. Yes, they don't make journalists like this anymore. RIP, and thank you.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=alcABq2uaBOc
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KristenE
Working to reclaim the American Dream from the far
11:53 PM on 03/21/2011
Thanks for the info - F & F. Also posted to twitter.
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democrats for life
republicans need not apply
11:20 PM on 03/21/2011
why did it take 3 years to get this done? does the fed have it's own special rules?
12:56 AM on 03/22/2011
The FED would have done it long ago. The banks appealed it. There was nothing the FED could do but wait for the case to move through the process. The same rules would apply to you.
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01:00 AM on 03/22/2011
They realized that they are Human again. Japan and turmoil in the Middle East must be a wake up call. People Revolution is more powerful than the power they have. Japan is mother nature tragedy, they realized the power and money they have will not save them from themselves.
HUFFPOST SUPER USER
JPETERB
08:26 AM on 03/22/2011
One can only hope, this is the case. We citizens can, perhaps, still do something to change our future for the better at this point in time. But the time for action is not as unlimited as the need for action.
11:02 PM on 03/21/2011
LET's SEE how Fed Reserve big member-banks (e.g. Citigroup, JPM, BoA, GS, etc.) will, with the help from their lapdog members of congress and MSM, outsmart the American consumers and working/middle class on this one...
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HUFFPOST SUPER USER
Steve Rockett
01:31 AM on 03/22/2011
Uh, it is my understanding that the Fed wanted this ruling and the banks did not.
10:42 PM on 03/21/2011
How about an audit of the National gold holdings? Ultimately the US Dollar will hyperinflate http://www.wtffinance.com/2011/01/historic-lessons-of-inflation/
09:34 PM on 03/21/2011
full disclosure and equality in negotiating contracts are two things the "banks", AKA debt servicing corporations, do not want to share with regular common folk.

If an individual, or US citizen/"PERSON", racked up medical and food bills on credit during an emergency, i'm sure the information would be readily available to government agencies and credit bureaus. Why not the other way around? IF these companies "borrow" money directly from a lender that we ourselves will never be able to lobby, then why the privacy protection??
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HUFFPOST SUPER USER
Steve Rockett
01:32 AM on 03/22/2011
The banks don't want us to know who screwed up and needs the loan.
08:18 PM on 03/29/2011
Steve, the "banks" dont want us to know ANYTHING.
ESPECIALLY the meanings of the commercial positions we sign ourselves into when doing "business" with them.
HUFFPOST SUPER USER
kamact
Market Observer
09:34 PM on 03/21/2011
Ironically, transparency is likely one of the corporate values for everyone of these TBTF financial terrorists organizations
HUFFPOST SUPER USER
EdA
09:00 PM on 03/21/2011
Strictly speaking, the Supreme Court ruled only that it would not hear the case, allowing the appeals court ruling to stand. How Clarence Thomas was told to vote will not be known.
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blessedfrog
Libertas Perfundet Omnia Luce
08:37 PM on 03/21/2011
NOTHING regarding banking should be secret.

Certainly not the particulars of tax-payer funded bail outs.

It is antithetical to the concept of a free and just republic.

Kudos Supreme Court. You haven't ruled in favor of the people in a while.
10:43 PM on 03/21/2011
very much agree with you.
12:57 AM on 03/22/2011
So the banks should publish a website that includes all your financial history?
barbra1971
Sherry Hunt my hero
01:06 AM on 03/22/2011
Your financial history is no secret.
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08:13 PM on 03/21/2011
Whatever comes of it, Obama will be blamed. I can just see it right now.
08:15 AM on 03/22/2011
he's been in the "best" position to significantly improve transparency on Fed Reserve's activities; so far, ........
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08:10 PM on 03/21/2011
Ooh, I can't wait to delve into this treasure trove.
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HUFFPOST SUPER USER
blabberator
Who cut the cheese?
08:04 PM on 03/21/2011
If a bank needs to go to the emergency fed window, investors and customers should have immediate access to records. Good call by the Supremes.

Now on with the investigation.
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Viper
Former repub, still repenting
09:59 PM on 03/21/2011
Its just the FED window. Banks cover routinely short falls in deposits/reserves vs loans on any given night by borrowing from the FED windows... happens almsot every day. Now thats why some dont want it disclosed because they think people may be too stupid to leanr thats its normal....Of course what occured in 2008/2009 was not normal.. it was an attempt to save the country and FEDs took almost worthless collateral to keep from a total collapse brought about by the repugs deregulating Wallstreet.. of course what they tell their sheeple is that it was ACORN or Fannie and freddie ( a company listed on Wallstreet, that does not even make loans) and now the problem is teachers, firefighters and police... LOL... noty those making billions and needing bal;ilouts are a repug economy that created no private sector jobs in 8 years (even as the population increased by 30 million), while 40,000 plants closed and real wages declined.


Regards.
12:49 AM on 03/22/2011
This is hardly likely to make things better. Banks will shy away from the discount window. There will be less lending. Rich people will be able to get loans.
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HUFFPOST SUPER USER
tmpl8
Avid newshound & data analyst
07:04 PM on 03/21/2011
I really wish there was an annual report from the Federal Reserve showing where and when every penny is spent. Maybe have it overseen by the CBO.
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blessedfrog
Libertas Perfundet Omnia Luce
08:38 PM on 03/21/2011
It's a crime that they operate in secrecy.
10:45 PM on 03/21/2011
agree. I'd take it one step further, it's a crime that they operate in the first place. We should have a free market with interest rates fluctuating according to supply of savings for lending and demand for credit. This artificial low interest rate policy with endless bailouts that went on for many decades now is ruining this country.
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LunaPark
Don't believe it until it's officially denied
10:16 PM on 03/21/2011
It's the job of congress.
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spytheweb
Black Democrat
06:56 PM on 03/21/2011
Show me the money! Democrats do something right.

Bernanke says no to where the money went:

http://www.youtube.com/watch?v=id04EMU6OIw&feature=related
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blessedfrog
Libertas Perfundet Omnia Luce
08:46 PM on 03/21/2011
It is fully stunning the power the FED weilds.

http://www.youtube.com/watch?v=AidBugvVqpw&feature=related
06:55 PM on 03/21/2011
This should be headline news.
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blessedfrog
Libertas Perfundet Omnia Luce
08:39 PM on 03/21/2011
Indeed
06:52 PM on 03/21/2011
O.K so they slow walked it for two years,and managed to get a two year space in the order, but I'm still impressed with the supreme court.