Fed Stonewalling details

Yves Smith at Naked Capitalism has a topic we should be keeping an eye on over time, as does CR.

Bloomberg now suing in court under the Freedom of Information Act for aggregate information concerning types of collateral being used for collateral with the $1.5 trillion authorized by Congress. The books from Treasury are being kept by the Fed, so regular rules of FOIA are in a deeply grey area.

Does the President have any control over disclosure rules??

[Update from Ken: Am I the only one who thinks that if Tim Geithner goes along with the Administration’s “no aggregates” postion,* combined with his hiring of Michael Alix to help supervise banks, it would disqualify him from being a reasonable candidate for Treasury Secretary?]

Update: used for collateral replaces bought in second paragraph

Update II: clarification of what Geithner should not be advocating, as noted by Walker in comments.