The Fed has been adamant in telling congress that it won’t reveal the name of those banks borrowing at the discount window and in other programs. Now, the Fed has been served with a court order requiring them to reveal the names. The Fed says it will appeal the order. Look for this matter to go right through the Federal judiciary as their are lots of juicy constitutional questions involved.
This seems to have spooked the market as all manner of names that have not been target as “weak banks” are likely on that list and may become targets if their participation is revealed. EUR/USD trades at 1.4628.
Stocks are accelerating their slide as well. The Fed new won”t help financial stocks…The S&P is down 8 points.
