Federal Reserve Loses Bloomberg FOIA Lawsuit, Sensitive Disclosures Forthcoming

August 26, 2009 by · 1 Comment
Filed under: Legal News 

This was sent in from one of our readers and we have been following this in the past when Bloomberg filed their Freedom of Information Act request last year.  This is big and sobering news, I think we will be very surprised when we finally know who and in what amounts, entities got the unprecedented $2 trillion dollars in emergency loans.  Here is a link to the actual opinion from the District Court Judge Loretta Presk.  I am glad that she saw it correctly that if they are using taxpayer money then is should be public knowledge who gets it and for what.  No longer can we allow these bad actors to chase out the good ones.  Sunshine must be let in.e

Quote From Site:

This is in relation to a lawsuit filed by Bloomberg LP against the Federal Reserve on November 7, 2008, in Southern District of New York (08-09595), in which Bloomberg sought material loan and collateral data in relation to emergency loans released by the Fed, and which were previously claimed to be non-FOIAble.

This is a large blow against the Fed and specifically against organizations using FOIA loopholes from providing critical information, particularly in cases involving trillions of taxpayer dollars bailing out huge, systematically and politically embedded financial organizations (which lately is pretty much all of them).

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One Response to “Federal Reserve Loses Bloomberg FOIA Lawsuit, Sensitive Disclosures Forthcoming”
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