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Photographs of alleged prisoner abuse which Barack Obama is attempting to censor include images of apparent rape and sexual abuse, it has emerged. At least one picture shows an American soldier apparently raping a female prisoner while another is said to show a male translator raping a male detainee. Further photographs are said to depict sexual assaults on prisoners with objects including a truncheon, wire and a phosphorescent tube. Another apparently shows a female prisoner having her clothing forcibly removed to expose her breasts. Detail of the content emerged from Major General Antonio Taguba, the former army officer who conducted an inquiry into the Abu Ghraib jail in Iraq. Allegations of rape and abuse were included in his 2004 report but the fact there were photographs was never revealed. He has now confirmed their existence in an interview with the Daily Telegraph. The graphic nature of some of the images may explain the US Presidents attempts to block the release of an estimated 2,000 photographs from prisons in Iraq and Afghanistan despite an earlier promise to allow them to be published. Maj Gen Taguba, who retired in January 2007, said he supported the Presidents decision, adding: These pictures show torture, abuse, rape and every indecency. I am not sure what purpose their release would serve other than a legal one and the consequence would be to imperil our troops, the only protectors of our foreign policy, when we most need them. The mere description of these pictures is horrendous enough, take my word for it.
A fascinating court case in Australia has been playing out around some people who had heart attacks after taking the Merck drug, Vioxx. This medication turned out to increase the risk of heart attacks in people taking it, although that finding was arguably buried in their research, and Merck has paid out more than 2bn to 44,000 people in America. The first ... thing to emerge in the Australian case is email documentation showing staff at Merck made a "hit list" of doctors who were critical of the company, or of the drug. This list contained words such as "neutralise", "neutralised" and "discredit" next to the names of various doctors. "We may need to seek them out and destroy them where they live," said one email, from a Merck employee. Staff are also alleged to have used other tactics, such as trying to interfere with academic appointments, and dropping hints about how funding to institutions might dry up. Worse still, is the revelation that Merck paid the publisher Elsevier to produce a publication. This time Elsevier Australia went the whole hog, giving Merck an entire publication which resembled an academic journal, although in fact it only contained reprinted articles, or summaries, of other articles.
Note: For a superb overview of corruption in the pharmaceutical industry by a leading MD and former medical journal editor, click here.
Gillian Tett [is the author of] Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe. Tett is a respected business journalist at the Financial Times. Tett successfully pieces together the colorful backstory of the bank's work to win acceptance in the market for its brainchild, turning credit derivatives "from a cottage industry into a mass-production business." With the benefit of hindsight, we know that while these inventions were intended to control risk, they amplified it instead. This novel idea turned noxious when applied broadly to residential mortgages, a game that the rest of Wall Street later entered into with gusto. We learn in deep detail about not only how collateralized debt obligations are assembled but also their many iterations. Perhaps it's noteworthy that Tett's book begins when JPMorgan had the face-value equivalent of $1.7 trillion in derivatives on its books. Today that number has jumped to a mind-boggling $87 trillion. Part of that portfolio includes almost $8.4 trillion in credit derivatives, more than Bank of America's (BAC), Citi's, and Goldman Sachs' (GS) holdings combined.
Note: So JP Morgan has $87 trillion in derivatives, a mass market it helped to create. That is greater than the GDP for the entire world! To verify this, click here. For a New York Times review of this revealing book, click here.
After a few days of breathless H1N1 flu coverage - some of it on his own network - CNN commentator Jack Cafferty noted that 13,000 people have died from the "regular ol' flu" this year in the United States, compared with just one confirmed H1N1 flu death. Cafferty then asked his audience to respond to his online poll asking "if swine flu coverage was overblown." He waited a moment, then said, "Hint: Yes." For a week, the flu story has whet cable TV's bloodlust with what the 24-hour cable news vacuum craves: mystery, death and great visuals that inspire fear. "Frankly, I've been a little horrified by how sensationalist and scare-mongering it is," said Vivian Schiller, chief executive officer of National Public Radio. No detail about the flu - often delivered without context - has been too tiny to go unreported, which means that cable TV viewers are getting coverage that is moment-to-moment but often not terribly useful. Conservative talk radio hosts have used fear about the flu to segue to anti-immigrant remarks and calls to close the U.S.-Mexico border.Just when the coverage appeared to be calming a bit Thursday, Vice President Joe Biden helped rekindle fears by saying on the "Today'" show that he "would tell members of my family - and I have - I wouldn't go anywhere in confined places now." Health stories always attract huge audiences, said Andrew Kohut, president of the Pew Research Center. But viewers shouldn't expect as much breathless coverage when Congress begins debating an overhaul of the U.S. health care system over the next few months.
Note: For an excellent article showing how media fear-mongering of this and past flu emergencies have brought unprecedented profits to the pharmaceutical companies, click here.
The former NASA astronaut Edgar Mitchell has claimed that aliens exist and their visits are being covered up by the United States government. Mitchell is in good company in his beliefs. Here we highlight 12 other public figures who believe that extraterrestrials may have been visiting our planet over the last 100 years. Jimmy Carter, US President from 1976 to 1980, promised while on the campaign trail that he would make public all documents on UFOs if elected. He said: "I don't laugh at people any more when they say they've seen UFOs. I've seen one myself." General Douglas MacArthur, the Korean and Second World War soldier, said in 1955 that "the next war will be an interplanetary war. The nations of the earth must someday make a common front against attack by people from other planets. The politics of the future will be cosmic, or interplanetary". J Edgar Hoover, head of the FBI from its inception in 1935 to 1972, said of a famous incident when flying saucers were allegedly fired at over Los Angeles in 1942: "We must insist upon full access to disks recovered. For instance, in the LA case the Army grabbed it and would not let us have it for cursory examination." Monsignor Corrado Balducci, a Vatican theologian, said: "Extraterrestrial contact is a real phenomenon. The Vatican is receiving much information about extraterrestrials and their contacts with humans from its embassies in various countries, such as Mexico, Chile and Venezuela." Professor Stephen Hawking: "Of course it is possible that UFO's really do contain aliens as many people believe, and the Government is hushing it up."
Note: For a concise summary of evidence for UFOs and extra-terrestrial visitors presented by many highly-respected and credible former government and military officials, click here.
The Justice Department ... made public detailed memos describing brutal interrogation techniques used by the Central Intelligence Agency, as President Obama sought to reassure the agency that the C.I.A. operatives involved would not be prosecuted. In dozens of pages of dispassionate legal prose, the methods approved by the Bush administration for extracting information from senior operatives of Al Qaeda are spelled out in careful detail like keeping detainees awake for up to 11 straight days, placing them in a dark, cramped box or putting insects into the box to exploit their fears. The interrogation methods were authorized beginning in 2002, and some were used as late as 2005 in the C.I.A.s secret overseas prisons. The United States prosecuted some Japanese interrogators at war crimes trials after World War II for waterboarding and other methods detailed in the memos. Together, the four memos give an extraordinarily detailed account of the C.I.A.s methods and the Justice Departments long struggle, in the face of graphic descriptions of brutal tactics, to square them with international and domestic law. Passages describing forced nudity, the slamming of detainees into walls, prolonged sleep deprivation and the dousing of detainees with water as cold as 41 degrees alternate with elaborate legal arguments concerning the international Convention Against Torture. The revelations may give new momentum to proposals for a full-blown investigation into Bush administration counterterrorism programs and possible torture prosecutions.
Note: For many revealing reports from major media sources on increasing threats to civil liberties, click here.
U.S. taxpayers need to know the risks behind the Federal Reserves $2 trillion in lending to financial institutions because the public is now an involuntary investor in the nations banks, according to a court filing by Bloomberg LP. The Fed refuses to name the borrowers, the amounts of loans or assets banks put up as collateral under 11 programs, arguing that doing so might set off a run by depositors and unsettle shareholders. The largest U.S. banks have tapped more than $125 billion in government aid under the Troubled Asset Relief Program in the past seven months. Assets, including loans and securities, on the Fed balance sheet totaled $2.09 trillion as of April 9. Banks oppose any release of information because that might signal weakness and spur short-selling or a run by depositors, the Fed argued in its March 4 response. The release of the information can fuel market speculation and rumors, including a drop in stock price and a run on the bank, the Fed said. Bloomberg replied yesterday that these speculative injuries relate only to the reactions of customers, shareholders and other members of the public, not to competitors use of the borrowers proprietary information to their advantage, the exception to disclosure under the FOIA law. Government loans, spending or guarantees to rescue the U.S. financial system total more than $12.8 trillion since the international credit crisis began in August 2007, according to data compiled by Bloomberg as of March 31. The total includes about $2 trillion on the Feds balance sheet.
Note: For an extensive archive of key reports on the hidden realities of the Wall Street bailout, click here.
In a remarkable illustration of the power of lobbying in Washington, a study released last week found that a single tax break in 2004 earned companies $220 for every dollar they spent on the issue -- a 22,000 percent rate of return on their investment. The study by researchers at the University of Kansas underscores the central reason that lobbying has become a $3 billion-a-year industry in Washington: It pays. The paper by three Kansas professors examined the impact of a one-time tax break approved by Congress in 2004 that allowed multinational corporations to "repatriate" profits earned overseas, effectively reducing their tax rate on the money from 35 percent to 5.25 percent. More than 800 companies took advantage of the legislation, saving an estimated $100 billion in the process, according to the study. The largest recipients of tax breaks were concentrated in the pharmaceutical and technology fields, including Pfizer, Merck, Hewlett Packard, Johnson & Johnson and IBM. Pfizer alone repatriated $37 billion, representing 70 percent of its revenue in 2004, the study found. The now-beleaguered financial industry also benefited from the provision, including Citigroup, J.P. Morgan Chase, Morgan Stanley and Merrill Lynch, all of which have since received tens of billions of dollars in federal bailout money. The researchers calculated an average rate of return of 22,000 percent for those companies that helped lobby for the tax break.
Note: For lots more on corporate corruption from reliable sources, click here.
US investigators have traced $150m in bribes given to Nigerian officials to Swiss banks, Nigeria's justice minister has said. Michael Kase Aondoakaa said the money was part of $180m in bribes given by US construction company Halliburton to Nigerian officials. The Nigerian government says it has asked the US to release the names of officials who negotiated the bribes. Halliburton admitted paying the bribes to top officials between 1994 and 2004. "We have discovered that $150 million of the bribe money is in Zurich. That is the first shocking discovery. The entire money is $180 million. $150 million is already trapped in Zurich," Mr Aondoakaa said. Halliburton and its engineering subsidiary Kellogg Brown Root negotiated bribes with "three successive holders of a top-level office in the executive branch of the government of Nigeria" during that time, according to the plea agreement the company made with the US Department of Justice. The Nigerian government has come under pressure from the media to follow up the findings of the US court and prosecute the Nigerian bribe-takers. Mr Aondoakaa said they had requested the court unseal the judgement and pass on the names of the officials. Albert "Jack" Stanley, the former chief executive of KBR who pleaded guilty to making the bribes in order to secure $6bn in contracts, is to be sentenced on 6 May. KBR has agreed to pay more than $402m in fines, of which Halliburton, as the former parent company, agreed to pay $302m.
Note: Why doesn't the public know that Halliburton bribed top government officials, and why aren't those officials being prosecuted? For major reports from reliable sources on corporate corruption, click here.
The Federal Deposit Insurance Corporation was set up 76 years ago with the important but simple job of insuring bank deposits. Now, because of what could politely be called mission creep, its elbowing its way into the middle of the financial mess as an enabler of enormous leverage. In the fine print of Treasury Secretary Timothy F. Geithners plan to lend as much as $1 trillion to private investors to help them buy toxic assets from our nations banks, youll find some details of how the F.D.I.C is trying to stabilize the system by adding more risk, not less, to the system. Its going to be insuring 85 percent of the debt, provided by the Treasury, that private investors will use to subsidize their acquisitions of toxic assets. These loans, while controversial, were given a warm welcome by the market when they were first announced. And why not? The terms are hard to beat. They are, for example, nonrecourse, which means that if an investor loses money, he owes taxpayers nothing. Its the closest thing to risk-free investing with leverage! around. But, as weve learned the hard way these last couple of years, risk-free investing is an oxymoron. So where did the risk go this time? To the F.D.I.C., and ultimately, to us taxpayers. A close reading of the F.D.I.C.s statute suggests the agency is using a unique some might call it plain wrong reading of its own rule book to accomplish this high-wire act. Somehow, in the name of solving the financial crisis, the F.D.I.C. has seemingly been given a blank check, with virtually no oversight by Congress.
Note: For a powerfully revealing archive of reports from reliable sources on the hidden realities of the financial bailout, click here.
When CIA officials subjected their first high-value captive, Abu Zubaida, to waterboarding and other harsh interrogation methods, they ... succeeded in breaking him, and the stories he told of al-Qaeda terrorism plots sent CIA officers around the globe chasing leads. In the end, though, not a single significant plot was foiled as a result of Abu Zubaida's tortured confessions, according to former senior government officials who closely followed the interrogations. Nearly all of the leads attained through the harsh measures quickly evaporated, while most of the useful information from Abu Zubaida -- chiefly names of al-Qaeda members and associates -- was obtained before waterboarding was introduced, they said. Moreover, within weeks of his capture, U.S. officials had gained evidence that made clear they had [falsely accused] Abu Zubaida. Abu Zubaida was not even an official member of al-Qaeda, according to a portrait of the man that emerges from court documents and interviews with current and former intelligence, law enforcement and military sources. Rather, he was a "fixer" for radical Muslim ideologues, and he ended up working directly with al-Qaeda only after Sept. 11 -- and that was because the United States stood ready to invade Afghanistan. Since 2006, Senate intelligence committee members have pressed the CIA, in classified briefings, to provide examples of specific leads that were obtained from Abu Zubaida through the use of waterboarding and other methods, according to officials familiar with the requests. The agency provided none, the officials said.
Note: Was the torture of Abu Zubaida an error, or was it for some other purpose than extracting information from him? For many reports which raise similar questions about the so-called "Global War on Terror", click here.
The unmanned bombers that frequently cause unintended civilian casualties in Pakistan are a step toward an even more lethal generation of robotic hunters-killers that operate with limited, if any, human control. The Defense Department is financing studies of autonomous, or self-governing, armed robots that could find and destroy targets on their own. On-board computer programs, not flesh-and-blood people, would decide whether to fire their weapons. "The trend is clear: Warfare will continue and autonomous robots will ultimately be deployed in its conduct," Ronald Arkin, a robotics expert at the Georgia Institute of Technology in Atlanta, wrote in a study commissioned by the Army. Autonomous armed robotic systems probably will be operating by 2020, according to John Pike, an expert on defense and intelligence matters and the director of the security Web site GlobalSecurity.org in Washington. This prospect alarms experts, who fear that machines will be unable to distinguish between legitimate targets and civilians in a war zone. "We are sleepwalking into a brave new world where robots decide who, where and when to kill," said Noel Sharkey, an expert on robotics and artificial intelligence at the University of Sheffield, England. Human operators thousands of miles away in Nevada, using satellite communications, control the current generation of missile-firing robotic aircraft, known as Predators and Reapers. Armed ground robots, such as the Army's Modular Advanced Armed Robotic System, also require a human decision-maker before they shoot.
Note: For further reports from reliable sources on new weapons under development for future wars, click here.
If there is one scientist who knows more about sea levels than anyone else in the world, it is the Swedish geologist and physicist Nils-Axel Mrner, formerly chairman of the INQUA International Commission on Sea Level Change. And the uncompromising verdict of Dr Mrner, who for 35 years has been using every known scientific method to study sea levels all over the globe, is that all this talk about the sea rising is nothing but a colossal scare story. Despite fluctuations down as well as up, "the sea is not rising," he says. "It hasn't risen in 50 years." If there is any rise this century it will "not be more than 10cm (four inches), with an uncertainty of plus or minus 10cm". The reason why Dr Mrner, formerly a Stockholm professor, is so certain that ... claims about sea level rise are 100 per cent wrong is that they are all based on computer model predictions, whereas his findings are based on "going into the field to observe what is actually happening in the real world". When running the International Commission on Sea Level Change, he launched a special project on the Maldives, whose leaders have for 20 years been calling for vast sums of international aid to stave off disaster. Six times he and his expert team visited the islands, to confirm that the sea has not risen for half a century.
Note: Though evidence shows that most glaciers have rapidly been melting over the past three decades, and ice in the Arctic Ocean reached a record low in 2007, there is strikingly little evidence this is causing any shift in sea level. The frequently quoted 1972 Club of Rome report "Limits to Growth" warned of a potential major rise in sea level wreaking havoc by the year 2000. Where is it? Why all the fear-mongering about rising sea levels when there is so little evidence of any rise? For many reports on global warming from reliable sources, click here.
The CIA, which has been monitoring foreign countries' use of electronic voting systems, has reported apparent vote-rigging schemes in Venezuela, Macedonia and Ukraine and a raft of concerns about the machines' vulnerability to tampering. In a presentation that could provide disturbing lessons for the United States, where electronic voting is becoming universal, [CIA cybersecurity expert] Steve Stigall summarized what he described as attempts to use computers to undermine democratic elections in developing nations. His remarks have received no news media attention until now. Stigall told the Election Assistance Commission ... that computerized electoral systems can be manipulated at five stages, from altering voter registration lists to posting results. Stigall said voting equipment connected to the Internet could be hacked, and machines that weren't connected could be compromised wirelessly. Eleven U.S. states have banned or limited wireless capability in voting equipment, but Stigall said elections officials didn't always know it when wireless cards were embedded in their machines. Stigall said that most Web-based ballot systems had proved to be insecure. The commission has been criticized for giving states more than $1 billion to buy electronic equipment without first setting performance standards. Numerous computer-security experts have concluded that U.S. systems can be hacked, and allegations of tampering in Ohio, Florida and other swing states have triggered a campaign to require all voting machines to produce paper audit trails.
Note: For key articles from reliable sources exposing the many flaws in electronic voting systems, click here.
A city in Brazil recruited local farmers to help do something U.S. cities have yet to do: end hunger. More than 10 years ago, Brazils fourth-largest city, Belo Horizonte, declared that food was a right of citizenship and started working to make good food available to all. One of its programs puts local farm produce into school meals. This and other projects cost the city less than 2 percent of its budget. Belo, a city of 2.5 million people, once had 11 percent of its population living in absolute poverty, and almost 20 percent of its children going hungry. Then in 1993, a newly elected administration declared food a right of citizenship. The new mayor, Patrus Ananiasnow leader of the federal anti-hunger effortbegan by creating a city agency, which included assembling a 20-member council of citizen, labor, business, and church representatives to advise in the design and implementation of a new food system. The city already involved regular citizens directly in allocating municipal resourcesthe participatory budgeting that started in the 1970s and has since spread across Brazil. During the first six years of Belos food-as-a-right policy, perhaps in response to the new emphasis on food security, the number of citizens engaging in the citys participatory budgeting process doubled to more than 31,000. The city agency developed dozens of innovations to assure everyone the right to food, especially by weaving together the interests of farmers and consumers.
Note: Why not take this movement to each of our states and provinces? Are you willing to make a difference? To contact your local and national media and political representatives, click here.
What quantum mechanics tells us ... is surprising to say the least. It tells us that the basic components of objects the particles, electrons, quarks etc. cannot be thought of as "self-existent". The reality that they, and hence all objects, are components of is merely "empirical reality". This reality is something that, while not a purely mind-made construct as radical idealism would have it, can be but the picture our mind forces us to form of [a] mysterious, non-conceptualisable "ultimate reality", not embedded in space and (presumably) not in time either. The quantum mechanical formalism ... compels us to consider that two particles that have once interacted always remain bound in a very strange, hardly understandable way even when they are far apart, the connection being independent of distance. Even though this connection-at-a-distance does not permit us to transmit messages, clearly it is real. In other words space, so essential in classical physics, seems to play a considerably less basic role in quantum physics. [Erwin] Schrdinger had even given [this reality] a name: entanglement, and had claimed entanglement is essential. A real breakthrough took place [when John Bell] published his famous inequalities, which - for the first time - opened a possibility of testing whether or not entanglement-at-a-distance had experimentally testable consequences. Entanglement-at-a-distance does physically exist, in the sense that it has physically verifiable (and verified) consequences. Which proves beyond a shadow of a doubt that some of our most engrained notions about space and causality should be reconsidered.
Note: For lots more intriguing scientific information suggesting reality is much more fluid and miraculous than most might suspect, click here. For a treasure trove of great news articles which will inspire you to make a difference, click here.
The company that released contaminated flu virus material from a plant in Austria confirmed Friday that the experimental product contained live H5N1 avian flu viruses. And an official of the World Health Organization's European operation said the body is closely monitoring the investigation into the events that took place at Baxter International's research facility in Orth-Donau, Austria. The contaminated product, a mix of H3N2 seasonal flu viruses and unlabelled H5N1 viruses, was supplied to an Austrian research company. The Austrian firm, Avir Green Hills Biotechnology, then sent portions of it to sub-contractors in the Czech Republic, Slovenia and Germany. The contamination incident, which is being investigated by the four European countries, came to light when the subcontractor in the Czech Republic inoculated ferrets with the product and they died. Ferrets shouldn't die from exposure to human H3N2 flu viruses. Public health authorities concerned about what has been described as a "serious error" on Baxter's part have assumed the death of the ferrets meant the H5N1 virus in the product was live. But the company, Baxter International Inc., has been parsimonious about the amount of information it has released about the event. On Friday, the company's director of global bioscience communications confirmed what scientists have suspected. "It was live," Christopher Bona said in an email. Accidental release of a mixture of live H5N1 and H3N2 viruses could have resulted in dire consequences.
Note: How on earth did the avian flu virus ever get into vaccines? Could it be that this was planned? For a powerful book by a Harvard-trained dentist suggesting there may be a hidden force behind the spread of deadly infectious diseases, click here. For more revealing reports on bird flu, click here.
A special "vaccines court" hears cases brought by parents who claim their children have been harmed by routine vaccinations. The court buffers Wyeth and other makers of childhood-disease vaccines from ... litigation risk. The legal shield, known as the National Childhood Vaccine Injury Compensation Program, was put into place in 1986. Vaccines ... are poised to generate $21.5 billion in annual sales for their makers by 2012, according to France's Sanofi-Aventis SA, a leading producer of inoculations. Vaccines' transformation into a lucrative business has some observers questioning whether the shield law is still appropriate. Critics ... underscored the limited recourse families have in claiming injury from vaccines. "When you've got a monopoly and can dictate price in a way that you couldn't before, I'm not sure you need the liability protection," said Lars Noah, a specialist in medical technology. Kevin Conway, an attorney at Boston law firm Conway, Homer & Chin-Caplan PC, which specializes in vaccine cases and brought one of the recent autism suits, says the lack of liability for the pharmaceutical industry compromises safety. Even if they had won their cases, the families of autistic children wouldn't have been paid by the companies that make the vaccines. Instead, the government would have footed the bill, using the funds from a tax levied on inoculations.
Note: For more along these lines, see concise summaries of deeply revealing news articles on vaccines from reliable major media sources showing huge corruption and deception.
The [U.K.] government has been accused of trampling on individual liberties by proposing wide-ranging new powers for bailiffs to break into homes and to use reasonable force against householders who try to protect their valuables. Under the regulations, bailiffs for private firms would for the first time be given permission to restrain or pin down householders. They would also be able to force their way into homes to seize property to pay off debts, such as unpaid credit card bills and loans. These laws strip away tried and tested protections that make a persons home his castle, and which have stood for centuries, said Paul Nicolson, chairman of the Zacchaeus 2000 Trust, a London-based welfare charity. They could clearly lead to violent confrontations and undermine fundamental liberties. Bailiffs have for hundreds of years been denied powers to break into homes for civil debt or to use force against debtors, except in self-defence. Ministers have now proposed bailiffs be given powers to physically remove debtors who try to defend their property, for example by draping themselves over a car or blocking the door of their home. Details of the new guidelines were obtained under freedom of information laws. Reasonable grounds for breaking down the door include the movement of a curtain, a radio being heard or a figure being spotted inside which may be the offender. In one case, an 89-year-old grandmother returned home to find a bailiff sitting in her chair having drawn up a list of her possessions. He was pursuing a parking fine owed by her son, who did not even live at the address.
Note: For many disturbing reports from reliable sources on threats to civil liberties, click here.
The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral. Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression. The Fed responded Dec. 8, saying its allowed to withhold internal memos as well as information about trade secrets and commercial information. If they told us what they held, we would know the potential losses that the government may take and thats what they dont want us to know, said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC. The Fed stepped into a rescue role that was the original purpose of the Treasurys $700 billion Troubled Asset Relief Program. The central bank loans dont have the oversight safeguards that Congress imposed upon the TARP. Total Fed lending exceeded $2 trillion for the first time Nov. 6. It rose by 138 percent, or $1.23 trillion, in the 12 weeks since Sept. 14, when central bank governors relaxed collateral standards to accept securities that werent rated AAA. There has to be something they can tell the public because we have a right to know what they are doing, said Lucy Dalglish, executive director of the Arlington, Virginia-based Reporters Committee for Freedom of the Press.
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