The Fed said it wanted to be more transparent. Okaaaay, then what the heck is going on?

Go Bloomberg News!

ABC News: Bloomberg News today filed a lawsuit to force the U.S. government -- specifically the Federal Reserve -- to disclosure which securities it is accepting as collateral for $1.5 trillion of loans to banks such as Citigroup Inc. and Goldman Sachs Group Inc. (This doesn’t include the $700 billion bailout package).

The document Bloomberg LP vs. Board of Governors of the Federal Reserve System can be perused HERE.

On May 21, Bloomberg asked the Fed to disclose the collateral. As Bloomberg News reports, the Fed said "on June 19 that it needed until July 3 to search out the documents and determine whether it would make them public. Bloomberg never received a formal response that would enable it to file an appeal. On Oct. 25, Bloomberg filed another request and has yet to receive a reply.

"The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,'' said Matthew Winkler, the editor-in-chief of Bloomberg News.