The Bloomberg News has filed suit in federal court to require the Federal Reserve to disclose the securities received in what I call it’s sh^%pile for cash program.

The Fed is claiming that it’s, “confidential commercial information,” which is (my guess) lawyer speak for worthless garbage.

The Bloomberg followup story notes that, “The Fed made the loans under terms of 11 programs, eight of them created in the past 15 months, in the midst of the biggest financial crisis since the Great Depression,” which is a pretty damn good reason for some openness here.

You have to remember that these programs have created new and not fully understood markets, and that the programs in question are directing money toward entities whose business model is to use information asymmetries to generate profits.

A lack of transferency is not the fox running the hen house, it’s Colonel Sanders running the hen house.