The Federal Reserve knows when to release bad news. The financial institution released more information about the names of Fortune 100 firms that borrowed money at the height of the 2008-2009 panic. In addition, at the same time, a number of foreign banks were essentially subsidized by the Fed. The story is breathtaking and scary.Yet, who is paying attention? The WikiLeaks brouhaha has stolen all the headlines. What's striking about the WikiLeaks tale is that there isn't anything particularly stunning in the revelations. The talkers who provided the raw information that shaped the cables are naturally a bit uptight. But, honestly, is anyone surprised by the news that Vladimir Putin is a prick?
The Fed story is far more disturbing than just about anything in the WikiLeaks revelations. And that's why the Fed slyly put out the information today. Maybe Ben Bernanke isn't so dumb after all.
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