Fed
Data
Dump on Eve of
Meeting on
Capital One -
ING,
Withholds 230
Pages
By
Matthew
R. Lee
SOUTH
BRONX,
February 7 --
Amid more and
more criticism
the Federal
Reserve's
transparency,
it has sent
Inner City
Press
thousands of
pages in a
data dump,
while
withholding
230 pages,
tonight on the
eve
of its
February 8
meeting to
consider
allowing
Capital One to
buy ING
Direct and
become the
fifth largest
bank in the
US.
Click
here to
view the Fed's
February 7
FOIA Denial,saying
there are 230
more pages
withheld in
full, and
click
here to view
the redacted
documents that
the Fed
provided
to Inner City
Press.
Inner
City Press
immediately
appealed under
the Freedom of
Information
Act:
The
Federal
Reserve should
re-open its
comment
period, inter
alia
following its
now appealed
under the
Freedom of
Information
Act
denial of
February 7,
2011 --
emailed to ICP
after 5 pm
today -- of
ICP's FOIA
request of
October 29,
2011. This
data dump is
beneath
the Federal
Reserve.
The
Fed
took MORE THAN
THREE MONTHS
to provide
even the
redacted
documents it
now has, less
than 24 hours
before the
Board intends
to
meet on, and
presumably
rubber stamp,
Capital One's
ING DIRECT
application.
From the
record belated
provided, much
has been
redacted --
ICP is
immediately
appealing, and
demanding to
be given
all responsive
records
requested more
than three
months ago,
during
the comment
period, in
order to
comment on
them.
As
simply
one example,
the Fed held
ex parte
communications
with Capital
One on
November 21,
writing a memo
ostensibly as
a tip of the
hat to
the rules
against ex
parte
communications.
Then the Fed
withhold the
summary under
Exemption 4.
The
Fed
has even made
withholdings
from its own
August 29,
2011 questions
to Capital
One. This is
an outrage and
is hereby
being appealed
from.
This
last
minute data
dump is
beneath the
Federal
Reserve - if
that's even
possible. The
Fed is
increasingly
abusing and
evading FOIA
and
this must be
not only
reversed, but
explained and
accountability
imposed in
response to
this appeal.
This
information
must be
reviewed, and
released and
comment
allowed
thereon, by
ICP, NCRC and
others, before
the Fed
considers
approving the
Capital One -
ING
proposals.
As
argued in
Inner City
Press' FOIA
appeals,
rather than
going forward
and rubber
stamping
Capital One's
applications,
the Fed should
re-open its
comment period
For
the
reasons of
record, and as
argued by
NCRC, the
Federal
Reserve
should re-open
the comment
period to
fully consider
Capital One's
related
proposal to
buy the
ex-Household
predatory
lending
platform
from HSBC, and
the related
stealth ING
proposals.
This is a
pattern.
Click
here to
view the Fed's
February 3
FOIA Denial,
from which
Inner City
Press has
already
appealed, and
click
here to view
the heavily
redacted 34
page document
that the Fed
provided
to Inner City
Press (and
Capital One to
NCRC and the
other
protesters
from which it
had withheld
this
information).
There is more.
Fed governors,
nominated
hedge funder
not yet shown
Now,
even the
Office of the
Comptroller of
the Currency
which is
considering
Capital One's
HSBC
application
has taken to
withholding in
full
information
concerned
Capital One,
then making it
difficult to
appeal. But
that's another
story - watch
this site.
Footnote:
When
JPMorgan Chase
executive
William Daley
left
as President
Obama's chief
of staff, to
be replaced by
Citigroup
Jacob Lew,
some wondered
if JPM Chase
might be
losing access
with
Obama.
But
now nominated
to
the board of
the Federal
Deposit
Insurance
Corporation is
the
head of JPMC's
investment
bank,
Jeremiah
Norton.
That is, an
executive of
one of the
largest
recipients
of federal
bailout funds
is being
placed to
guard the
FDIC, which
insures
deposits.
The
move
is similar
tothenomination
in December of
a hedge fund
executive from
the Carlyle
Group, Jay
Powell, for an
open seat on
the Federal
Reserve Board.
Beyond
the obvious
overtones
of putting
foxes to guard
the chicken
house, what in
fact was
learned
from the
global
financial
meltdown?
What conflict
of interest
safeguards
would be in
place? What
for example
will
Occupy Wall
Street do? Who
can still say
that the
Emperor has no
clothes? Watch
this site.
, 
