Federal Reserve releases secret loan documents
Bloomberg has obtained previously secret loan documents from the Federal Reserve Bank and has made those documents available for download (see zip file link below).
- Fed Will Release Bank Loan Data as Top Court Rejects Appeal, By Greg Stohr and Bob Ivry, Bloomberg (Mar 21, 2011).
The order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed's unprecedented $3.5 trillion effort to stem the 2008 financial panic.
- Fed Releases Discount-Window Loan Records During Crisis Under Court Order, By Craig Torres, Bloomberg (Mar 31, 2011).
The Federal Reserve released thousands of pages of secret loan documents under court order, almost three years after Bloomberg LP first requested details of the central bank's unprecedented support to banks during the financial crisis.
- Foreign Banks Tapped Fed’s Secret Lifeline Most at Crisis Peak, By Bradley Keoun and Craig Torres, Bloomberg (Apr 1, 2011).
Bloomberg News is posting the Fed documents here for subscribers to the Bloomberg Professional Service as well as online at www.bloomberg.com.
- zip file [135 MB, unzips to 175 MB and 894 PDF files].
Stories based on the document release are beginning to appear in the press. Here is one from the Sunday New York Times:
- The Bank Run We Knew So Little About, By GRETCHEN MORGENSON, New York Times (April 2, 2011)