Bloomberg LP v. Board of Governors of the Federal Reserve System [View All]

[slipslidingaway]

9 pages

http://www.cjr.org/docs/Complaint_-_Fed_FOIA.PDF


Let’s Go to Court!

A call to news organizations: Join Bloomberg’s suit vs. Fed

http://www.cjr.org/the_audit/lets_go_to_court.php

"There will time later to assess who’s ahead and who’s behind in the coverage of the financial crisis and the unprecedented scandal it represents, but for now it is important for all news organizations to put aside their rivalries and do one thing: Join the Bloomberg lawsuit.

On Friday, Bloomberg LP, in the finest traditions of American investigative reporting, sued the Federal Reserve Board’s governors for public records that would answer two simple questions: Who is receiving $2 trillion in Fed loans and what kind of collateral are taxpayers getting to support them?

No, that’s not a typo. That’s trillion, with a “t.”

And, yes, as hard as it is to believe, taxpayers don’t know the identity of the borrowers to whom they are lending. They also don’t know what kind of junk—stocks? CDOs? Three milk cows and a ’69 Camaro?—they’re getting to support the federal loans..."