Once again the Fed is trying to cover up its role in bailing out the financial bigwigs.

I think that they know that they will lose if it goes before the Supreme Court, so they are delaying in the hope of getting a “Get out of jail free” card from Congress in the financial regulation bill.

Their latest delaying tactic is that, after having lost at the Federal district and appeals courts, they are asking for an en banc (Full Appeals Court) review:

The Federal Reserve Board asked an appeals court to reconsider a ruling requiring the agency to disclose documents identifying financial firms that might have collapsed without the largest U.S. government bailout ever.

Attorneys for the Fed yesterday asked the full U.S. Court of Appeals in New York to reconsider a unanimous ruling by a three-judge panel. If the court refuses, the Fed can appeal to the U.S. Supreme Court.

“The decision is of exceptional importance,” the Fed’s lawyers wrote in a legal brief. “The real-world consequence of the panel’s decision will be serious, perhaps irreparable harm to the institutional borrowers whose information will be revealed.”

Nope. Everyone knows this information by now.

What they don’t know is just how much the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve, are in the pockets of the financial industry, and how far they went to protect their buddies in Wall Street.

It’s time for the Fed to man up and fess up.