Bloomberg News is suing the Federal Reserve, under the Freedom of Information Act to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers, and the assets the central bank is accepting as collateral.  The Fed responded to Bloomberg, saying "it's allowed to withhold internal memos as well as information about trade secrets and commercial information."  In good English, the taxpayers are being screwed, again:

"If they told us what they held, we would know the potential losses that the government may take and that's what they don't want us to know," said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC, which oversees $22 billion in assets. 

Lending skyrockets:

Total Fed lending exceeded $2 trillion for the first time Nov. 6. It rose by 138 percent, or $1.23 trillion, in the 12 weeks since Sept. 14, when central bank governors relaxed collateral standards to accept securities that weren't rated AAA.

 Congressional Democrats speak up:

 Congress is demanding more transparency from the Fed and Treasury on bailout, most recently during Dec. 10 hearings by the House Financial Services committee when Representative David Scott, a Georgia Democrat, said Americans had "been bamboozled."

Why this is so concerning:

"There has to be something they can tell the public because we have a right to know what they are doing," said Lucy Dalglish, executive director of the Arlington, Virginia-based Reporters Committee for Freedom of the Press.

"It would really be a shame if we have to find this out 10 years from now after some really nasty class-action suit and our financial system has completely collapsed," she said.

The Fed's lack of transparency is a continuation of how we got here in the first place.  
What's amazing to me is how vocal the Republicans were in killing the $25 billion bridge loan to the auto industry, but $2 trillion to the banks with no accountability; no problem!

Guess Republicans have no problem getting an auto loan like the rest of us.  You know, the bank president is a Republican.

Fed Refuses to Disclose Recipients of $2 Trillion