Bloomberg vs Fed: Fed must Comply with FOIA Inquiry


Lawmakers, investor and we, the taxpayers, will get to know the term of our loans to banks. Zero Hedge summarizes the news:

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).

via Federal Reserve Loses Bloomberg FOIA Lawsuit, Sensitive Disclosures Forthcoming | zero hedge.

FOIA is such a valueable tool for citizens.