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By Frank Partnoy
Published: December 3 2010 00:38 | Last updated: December 3 2010 00:38
It took two years, a hard-fought lawsuit, and an act of Congress, but finally on Wednesday, the Federal Reserve disclosed the details of its financial crisis lending programmes. The initial reactions were shock at the breadth of lending, particularly to foreign firms. But the details paint a bleaker, earlier, and even more disturbing picture. They also highlight new tensions over high-tech transparency, echoing the controversy of the WikiLeaks cables, unveiled just days earlier.
The Fed uploaded to its website several giant spreadsheets giving details on about 21,000 of its recent transactions. This data dump wasn't willing: it was a response to litigation by Bloomberg, and a provision in the Dodd-Frank financial reform law requiring disclosure.
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