Federal Reserve Loses Bloomberg FOIA Lawsuit, Sensitive Disclosures Forthcoming
• News LinkThe Federal Reserve must make public reports about recipients of emergency loans from U.S. taxpayers under programs created to address the financial crisis, a federal judge ruled.
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, specifically in cases involving trillions of taxpayer dollars bailing out huge, systematically and politically embedded financial organizations.
The conclusion from the order just issued by District Judge Loretta Preska is as follows:
The Board's Motion for Summary Judgment is DENIED, and Bloomberg's Motion for Sum
