NY Fed Now in Charge of Bank Disclosures

Today’s WTF headline:

• BusinessWeek: Banks Should Make Swap Prices Transparent, NY Fed Says

Which follows yesterday’s WTF headline:

• Bloomberg: Geithner’s N.Y. Fed Told AIG to Limit Swaps Disclosure

What the NY Fed is actually saying that banks and investment firms should make regular disclosures under ordinary circumstances.

Under extraordinary circumstances — like when we are bailing out Bear Stearn’s bond holders, or rescuing Citi/Bank of America/AIG/Goldman — you best keep your thoughts and legally required disclosures to yourselves.

We at the NY Fed will tell you when its okay to disclose negative news to investors and the taxpaying public . . .

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