The Fed is arguing the chicken little "the sky will fall in on all of us" if the public finds out what we did with their money:
Banks and the Fed warn that bailed-out lenders may be hurt if the documents are made public, causing a run or a sell-off by investors. Disclosure may hamstring the Fed’s ability to deal with another crisis, they also argued.(Bloomberg). As pointed out in previous articles, so far the federal courts have not bought into the chicken little thingy, so they have ordered The Fed to disclose what it did.
The next post in this seris is here.