Bloomberg News Responds to Bernanke Criticism

Bloomberg News Responds to Bernanke Criticism

Federal Reserve Chairman Ben S. Bernanke said in a letter to four senior lawmakers today that recent news articles about the central bank’s emergency lending programs contained “egregious errors.”

While Bernanke’s letter and an accompanying four-page staff memo posted on the Fed’s website didn’t mention any news organizations by name, Bloomberg News has published a series of articles this year examining the bailout. The latest, “Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress,” appeared Nov. 28.

“Bloomberg stands by its reporting,” said Matthew Winkler, editor-in-chief of Bloomberg News.

Here is a point-by-point response to the Fed staff memo.

From Fed memo: “These articles have made repeated claims that the Federal Reserve conducted ‘secret’ lending that was not disclosed either to the public or the Congress. No lending program was ever kept secret from the Congress or the public. All of the programs were publicly announced when they were initiated, and information about all lending under the programs was publicly released — both on a weekly basis through the Federal Reserve’s public balance sheet release and through detailed monthly reports to Congress, both of which were also posted on the Federal Reserve’s website.”

Response: Bloomberg’s Nov. 28 story about Fed lending reported that the central bank published regular reports on the scope of borrowings from the discount window and other emergency or temporary programs. The loans were described as “secret” because the amounts, names of borrowers, dates and, often, interest rates weren’t disclosed. The stories reported that the Fed’s rationale for keeping the loans secret was to prevent bank runs.

You can check out the rest of the responses from Bloomberg here…


17 Responses to “Bloomberg News Responds to Bernanke Criticism”
  1. Fury says:

    the BIGGEST “egregious error” is having ben bernanke heading the Fed.

    dump him!
    save the nation!

    • incognito123 says:

      What do you mean Fury, who cares about him – get rid of the FED!!

      • lvent says:

        I couldn’t agree more..ABOLISH THE FED…I saw a headline on CNBC that Bernanke’s favorablility rating is up to 71%? WHAT?? 71%? Who are these idiots who find Bernanke is doing a good job? They must be doing these polls on Wall Street..Same with Gingrich leading in the polls? Who would vote for that liar…. The media are telling us what to believe..I was watching speeches by the GOP candidates to the Republican Jewish Coalition last nite on C-Span…Gingrich and Michelle Bachman were just saying some unbelievable lies…Bachman trying to incite a war with Iran and Gingrich is no better. They were both pushing the NWO WAR MONGERING AGENDA and telling the crowd everything they want to hear…By watching this you realize they are definitely NOT doing the peoples work and America has been hijacked by evil dictators who can’t wait to start WWIII with Iran………There is an agenda here and it is incredibly evil and dangerous! I would not vote for one of these assholes..Ron Paul was not at the meeting….We need a real American Patriot in 2012 or we are doomed.

      • lvent says:

        Here is a CNN video where you can hear the war mongering Republicons trying to incite WWIII and bashing Obama’s stance on Israel…I read a while ago that Obama’s mother was Jewish so I do not think it is the Jews that Obama hates…
        GOP Court Jewish Vote:

      • lvent says:

        Interesting that Ron Paul was not invited to speak at the Republican Jewish Coalition…Maybe because Ron Paul is not a war mongering psychopath…
        GOP Candidates Pledge to be Israels Best Friends…

  2. I just answered someone needing help on Foreclosure hamlet and found a fraud claiming to be me Shelley Erickson, stating I was recommending the bloggers to call a 1-888 number for help. It was not me if anyone has trusted this article it is a fraud please pass this on. I hope no one was scammed by this imposter.

    • Fury says:

      ask lisa to delete those posts and change your nic if you need to do it.

      how utterly despicable that someone would hijack your nic.

    • lvent says:

      Shelley, can Lisa check the IP address..? That is some really weird, crazy shit! Gotta wonder why someone would do that? The disinfo agents are out there..

      • lvent says:

        I have offered to help people on FH..If someone asks for advice and my e-mail I tell them to meet me there and they usually do not respond…There is alot of deception and evil out there, many shady characters who are worried they are getting caught up with so they shoot the messenger.

      • Fury says:

        i think it is people trying to make a buck from our fraudclosure misery.

        we have seen paid trolls come on our board as well as those seeking to make money from this disaster.

    • lvent says:

      Who is the 888 number?

      • lvent says:

        It’s probably BOFA…trying to renegotiate the fraudulent inducement and cover up for all of their fraud…! They are spawns of Satan…who say they are going God’s work…they are liars!!

  3. lvent says:


  4. lvent says:

    Clinton should have to answer for all of it, he is a traitor.

  5. talktotennessee says:

    I know some feel that getting rid of foreclosures will stabilize housing but I was extremely disappointed with former President Clinton’s statement on TV’s The View this morning saying the key to getting the economy on track is to “flush the foreclosures” is so off track. Just if one could wave a magic wand and the underlying cause could be resolved, perhaps that would be correct. However, this is not the case here. There is no recovery for housing in the current economic climate and “flushing” foreclosures onto a dead or flat housing market will further plunge non-default homeowners below the waterline. It is a poorly thought out correction.

    • talktotennessee says:

      Clinton also dissed those who would challenge government. Was that a hit at OCCUPY?

      • lvent says:

        Sure Clinton is going to cover his ass..he repealed Glass-Steagall..His administration pushed the entire agenda of mortgage fraud.

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