Force The Secrets From The Fed The opportunity to present a case for audit and investigation was created by the arrogance of the Fed when it refused to identify the recipients of trillions of dollars in emerging loans, and what was being accepted as collateral and what was its real value. In addition, the Fed loaned funds that didn't require congressional approval and many wanted to see the extent and details of such lending. In this particular case Bloomberg News, which got a court order to do so was told by the Fed that it was a state secret. The Fed simply defied the court order and nothing has been done to force them to comply. We know $700 billion was lent through the TARP program and $500 billion in the currency swap program, but what about the rest of the loans? We have no idea where the money went or what if anything was pledged in return.
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