Fed "Secrecy" Slowly Falls

From Bloomberg....

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn't tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn't mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed's below-market rates, Bloomberg Markets magazine reports in its January issue.

Why did they have to "fight", and what were they "fighting"? The rest of this article makes it sound like the government was interested in the little guy on the street, and Bloomberg fought the good fight with the government against those e-vile bastards at The Fed. Nothing could be further from the truth. Oh, it's true that Bloomberg sued. And it's true that they won. But it's false to assert that government and The Fed are on opposite sides of this issue. They most-certainly.... Read the full analysis at Market Ticker.