Mark Pittman dies of a heart condition at the age of 52.
Zero Hedge reports:
By now everybody has heard about today’s most recent butchering of Obama’s farcical campaign promise of transparency, as exhibited by his superior: the Federal Reserve, which replied to a FOIA request submitted by the late Mark Pittman with 560 pages of blacked out lack of disclosure, all of which highly irrelevant, and a typical demonstration of the Fed’s modus operandi of criminal opacity.
Since there is little we could add to this narrative, we thought long and hard how to most poetically give justice to the ongoing saga between the late Mark and the soon to be late Fed. We couldn’t come up with anything profound. So we decided to fall back on the simplicity of truth. And the truth is that in this most recent attempt to foul the memory of a great journalist and greater man, the Fed once again merely digs the grave of its own demise ever deeper. Even from beyond, Pittman reminds us that one simple man can continue to challenge the multi-headed hydra that is the Fed, and win.
The truth is that the Fed’s response is simply another acknowledgment that it only has lies, deceit, cowardice and secrets to protect it from a hundred years of accumulated crimes against the public of the United States. The truth is that Pittman’s memory will live longer and have a far greater impact than that of all the Fed’s pathetic chairmen combined, the most recent iteration of whom are finally realizing they are fighting a losing war to preserve their institution, now in its terminal phase, after which their legacy will be at best forgotten, and at worst a sorrowful reminder of what happens when a nation allows itself to fall under the tyranny of a few corrupt and worthless men.
Bloomberg’s lawsuit, filed back in November of 2008:
Nov. 7 (Bloomberg) — Bloomberg News asked a U.S. court today to force the Federal Reserve to disclose securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks.
The lawsuit is based on the U.S. Freedom of Information Act, which requires federal agencies to make government documents available to the press and the public, according to the complaint. The suit, filed in New York, doesn’t seek money damages.
“The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,” said Matthew Winkler, the editor-in-chief of Bloomberg News, a unit of New York-based Bloomberg LP, in an e-mail.
The Fed has lent $1.5 trillion to banks, including Citigroup Inc. and Goldman Sachs Group Inc., through programs such as its discount window, the Primary Dealer Credit Facility and the Term Securities Lending Facility. Collateral is an asset pledged to a lender in the event that a loan payment isn’t made.
The Fed made the loans under 11 programs in response to the biggest financial crisis since the Great Depression. The total doesn’t include an additional $700 billion approved by Congress in a bailout package.