So much for the jockeying to get the big Fed job appears to be over.
From the New York Times, Obama to Nominate Bernanke to 2nd Term as Fed Chief:
President Obama plans to nominate Ben S. Bernanke to a second term as chairman of the Federal Reserve, administration officials said Monday night.
The nomination, while expected, comes after Mr. Bernanke has had perhaps the most tumultuous term of any Fed chairman, helping to steer the economy through its greatest downturn since the 1930's. Mr. Bernanke is a Republican who was appointed by President George W. Bush.
A top White House official said Mr. Obama had decided to keep Mr. Bernanke at the helm of the Fed because he had been bold and brilliant in his attempts to combat the financial crisis and the current deep economic recession.
So, what about all of those trillions given out to institutions unknown that we cannot find out about?
Guess what, that day of reckoning maybe sooner than we think. Bloomberg (cheer, rah!) just had a judge rule in their favor Fed Must Make Public Reports on Emergency Bank Loans:
The Federal Reserve must make records about emergency lending to financial institutions public within five days because it failed to convince a judge the documents should be exempt from the Freedom of Information Act.
Manhattan Chief U.S. District Judge Loretta Preska rejected the central bank’s argument that the records aren’t covered by the law because their disclosure would harm borrowers’ competitive positions. The collateral lists “are central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression,” according to the lawsuit that led to the ruling.
The Fed has refused to name the borrowers, the amounts of loans or the assets put up as collateral under 11 programs, saying that doing so might set off a run by depositors and unsettle shareholders. Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, sued Nov. 7 on behalf of its Bloomberg News unit.
Wow! I just hope Bloomberg releases the originals along with the obvious blockbuster story that will be written.