HOW MANY FED PINHEADS...

BANZAI7 NEWS--Weeks after giving up attempts to force American International Group Inc.'s (AIG) counterparties to accept less than 100 cents on the dollar on soured credit agreements, Federal Reserve Bank of New York officials expressed surprise that details of the arrangements could become public, according to new documents viewed by Dow Jones.

"But can they make these docs public without our consent? Aren't we parties to this and shouldn't we have a say?" a New York Fed employee wrote on the evening of November 24, 2008. That night, another employee responds that "making the documents public was not contemplated," a feeling seconded the next morning by a third employee at the regional Fed bank who said: "Can we censor this on the internet?"

It is amazing how little these people understand how things work. They are a bunch of pinheads dancing on the head of a pin...