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The Supreme Court today (March 21) refused to intervene in a long-running Freedom of Information Act (FOIA) suit filed by Bloomberg News in 2008. Thus, the Federal Reserve will have to release information on emergency loans it made to Wall Street banks and others during the height of the financial crisis of 2008. Bloomberg's initial FOIA request was thumbed down by the Fed. Bloomberg sued. A New York federal appeals court ruled that the public, through the media, should have access to the Fed's loan data. A group of banks appealed to the Supreme Court, which today refused to intervene. The Fed said it would make the information available. According to CNN/Money, the Fed in December reported it had made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis.

Bloomberg correctly argues that the world's financial system almost fell apart because of deals that had been made in secret. Now Bloomberg hopes there will be transparency from the Fed, although I am afraid the central bank will look for every loophole it can find to keep its actions secret.

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Comments

SurfPuppy619 March 21, 2011 @ 4:50 p.m.

Ohh..I cannot wait to see this. An dwhy hide it??? Oh, because then the public could see the corruption of the federal government further proving us to be a banana republic.

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Don Bauder March 21, 2011 @ 9:26 p.m.

There was a lot of unconscionable activity among the Fed, Treasury, and banks during that period. I hope this information captures it. We need to shine light on this joint public/private sector corruption. Best, Don Bauder

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SurfPuppy619 March 21, 2011 @ 4:50 p.m.

Ohh..I cannot wait to see this. An dwhy hide it??? Oh, because then the public could see the corruption of the federal government further proving us to be a banana republic.

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Psycholizard March 23, 2011 @ 2:43 p.m.

I'm puzzled by SP's repeated use of the 'banana republic' metaphor. Firstly bananas are healthy and delicious. Secondly it implies a nation dominated by export. We wish this were so. Finally it implies that the big banks are new and not american, when in fact monetarism, the control of the economy by banks, has been official stated policy for most of the life of the Republic.

We called them banana republics because they became slaves of the banana buying corporations. We were slaves of the same type of corporations long before.

May I suggest 'Fruitcake Republic'? This rich confection of canned fruits and raw nuts from all over the world clogs our arteries, but truly is a dish {and nation} to die for.

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SurfPuppy619 March 23, 2011 @ 2:58 p.m.

May I suggest 'Fruitcake Republic'?

OK, I'm down with fruitcake republic!

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historymatters March 30, 2011 @ 3:02 p.m.

Wow....will this actually happen?

People still believe the lie that they paid us back. Thats what makes me crazy. here's what they did....The banks paid us back w/ these top secret loans from the Fed. Thats all that happened. So they paid us back w/ money they borrowed from us to pay us back. So really, nothing changed, except that now it looks like the banks are solvent. And then to add insult to injury they took all the bad mortgages and put them onto Fannie and Feddie aka US. o now fannie and freddie own 90% of the loans in this country. the whole thing was smoke and mirrors used to transfer their bad bets and debt obligations to us.

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historymatters March 30, 2011 @ 3:04 p.m.

I have been waiting for years for people to figure out that they are now on the hook for about 23 trillion dollars....lets see if it will finally happen....

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