World-News

Charley James, The LA Progressive: "Lost in the wake of Henry Paulson's announcement Wednesday that Treasury is 'changing direction' in how it doles out money in the bank rescue plan is a little-noticed lawsuit filed last Friday by Bloomberg LP, the business news wire service. It is suing the Federal Reserve Board's governors for public records that would answer two simple questions: Who is receiving $2 trillion in Fed loans and what collateral are taxpayers getting to support them? That's trillion, with a 't.' And, yes, as hard as it is to believe, taxpayers don't know the identity of the borrowers to whom they are lending. They also don't know what kind of junk - Stocks? Bonds? Three milk cows and a '69 Camaro? - they are getting to collateralize the federal loans."

http://www.truthout.org/111408N



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