The article titled "Wall Street Aristocracy Got $1.2 trillion in Fed's Secret Loans," was the result of Bloomberg business news agency's relentless quest involving numerous Freedom of Information Act requests and an act of Congress over a 3-year period. The article is destined to be famous in the annals of American journalism and will be a fundamental document of a history of these times.
It is not easy to read and demands study, rewards study.
We have included a 2009 article by Mark Pittman, who filed the first FOIA with the Fed and has since passed away. Below Pittman's article we have included two opposing views on what "Wall Street Aristocracy Got $1.2 trillion" means. At the very bottom we have included a passage from a Swedish novel about a financial investigative reporter about the importance of financial journalism to the future of that nation or any other.
In the case of the US financial crash and bailout, regardless of the divergence of views on the Federal Reserve's actions, perhaps a majority of the nation would now reply -- if polled -- that investigative reporting on the financial system was "too little and too late." and had a nearly impossible task bucking the headwinds of hot air from the 450 high priests of the Free Market.Read More »