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. [snip]
Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure. [snip]
“You have to balance the need for transparency with protecting the public interest,” Talbott said. “Taxpayers have a right to know where their tax dollars are going, but one piece of information standing alone could undermine public confidence in the system.”
“Protecting the public interest” indeed. A thin screen.
I’ve been engaged in taxations for longer then I care to acknowledge, both on the individual side (all my working life!!) and from a legal point of view since passing the bar and pursuing tax law. I’ve offered a lot of advice and redressed a lot of wrongs, and I must say that what you’ve put up makes impeccable sense. Please carry on the good work – the more people know the better they’ll be outfitted to handle with the tax man, and that’s what it’s all about.
Thank you Lindsey! It’s quite reassuring, coming from someone with your background. I much appreciate it! I am carrying on with my book — which is nearing completion. I’m about to do a big update to the blog — all very exciting.