26 votes

Fed Release Over 2008 Meltdown Absurdly Redacted: 513 Pages Blacked Out


Fed Release Is Absurdly Redacted
Published: Monday, 16 Apr 2012 | 6:09 PM ET Text Size
By: John Carney
Senior CNBC News

The Federal Reserve released 513 pages of previously unseen transcripts of policy meetings that took place between 2007 and 2010—and most of them are so heavily redacted that they elicit laughter.

Take the entry from March 10, 2008. It begins with these words.

CHAIRMAN BERNANKE: Good evening, everybody. I am sorry, once again, to have to call you together on short notice. We live in a very special time.

That sounds like the start to a very interesting meeting. Unfortunately, the remainder of that page is redacted. In fact, the next 31 pages are redacted. We’re left guessing what it was that led Bernanke to talk about living in a “very special time.”

In this case, it’s easy to guess: very likely, the impending collapse of Bear Stearns and central bank preparations for a global liquidity crunch. The following day, the Fed announced the creation of the Term Securities Lending Facility (TSLF), one of the first of many bailout facilities the Fed would launch to prop up the financial system. It also increased its swap lines with the ECB and the Swiss National Bank.

Let’s fast-forward to the meeting of Sept. 16, 2008, when Lehman Brothers was collapsing. Surely this would make for interesting reading—if it weren’t redacted to the point of being almost a blank slate.

It starts off:

CHAIRMAN BERNANKE. Good morning, everybody. Sorry for the late beginning.

What follows is 15 pages of redacted material.

Finally, when we are allowed to peek back into the meeting, Bernanke says: “Anything else? All right. Do you want to call the roll on this one?”

The Federal Reserve has been releasing its transcripts on a five-year delay. It released these early, following a Freedom of Information Act request from MSNBC’s Dylan Ratigan show. And, apparently, decided to redact them very heavily.

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
michcrow's picture

Dylan Ratigan just did a show

Dylan Ratigan just did a show recently going covering that release. I noticed some frustration as he discussed it.

Here's the link.


Two shorten the road.

This is an outrage

I can't believe is happening. These discussions and decisions directly affect more Americans and citizens around the world than any other in existence.

It's even worse than the article reveals. If you read the cover letter of the document from the Fed, they mention that they've sent approx. 500 of the possible 7 THOUSAND pages.

There should be no reason whatsoever why everyone in the world should not be privileged to see everything these criminals are saying.

I've only been privy to the Fed for the past couple of years, I honestly can't believe this has gone on for 100 years without more outrage. This has to stop.

Wow. Was this plagiarized

Wow. Was this plagiarized from "the onion"?

So long as my congressman knows

Afterall it's not like he will use the information for insider trading

This is Big

This needs to stay at the forefront!

Dr Paul Needs To Hit This One Hard And Fast

This needs a Vocal response from Dr. Paul. So much for Bernake's "transparency."

We need a STRONG (a little

We need a STRONG (a little anger) speech from Dr. Paul on Rights Violations/Federal Reserve.

Living Not Surviving