Fed Won’t Join Appeal to Keep Its Loans Secret

[cory777]

Source: Bloomberg

The Federal Reserve will not join a group of leading commercial banks in asking the Supreme Court to allow the government to withhold details of emergency loans made to financial companies in 2008.

Because of this decision, the court is less likely to hear the case, said Thomas C. Goldstein, a Washington lawyer who has argued 22 cases before the Supreme Court since 1999 and whose Scotusblog Web site tracks the court.

The Clearing House Association, a group of the biggest commercial banks, filed the appeal on Tuesday. Under federal rules for appeals, a lower court’s order requiring disclosure remains postponed until the Supreme Court acts.

The association is appealing a federal judge’s ruling that requires the Fed to disclose records of its emergency lending. Until Tuesday, the Fed had been part of the appeal process. Bloomberg L.P., the parent company of Bloomberg News, sued for the release of the documents under the Freedom of Information Act.

Read more: http://www.nytimes.com/2010/10/27/business/27fed.html

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[earcandle]

1. Curious.

[MannyGoldstein]

2. That's great news!

Hopefully this is the beginning of the transparency that candidate Obama promised.

[Demeter]

3. We must be one revelation from complete collapse, then

One thing a court hearing does is dig out a lot of hidden stuff.