Fox Business News appears to get the bailout transparency picture. The News Corp. business news cable network, home of beautiful people with flowing hair, says it’s filed a Freedom of Information Act request asking which banks are benefiting from more the $2 trillion in Federal Reserve loans and what collateral they’re giving in return:
So Fox Business has begun actions to force the U.S. government and the Federal Reserve to share information about all these bailouts with you. If in 20 days the Treasury Department has not responded to our Freedom of Information requests, we are going to sue the Treasury for that information. The government and the Fed have no right to keep this information from you, the very people who are being forced to pay for these bailouts.
It’s a FOIA-loiya’ bailout!
Seriously, though, if you’re a news organization, and you’re ever going to file a FOIA, now would be the time.
FoxBiz, of course, follows Bloomberg LP, which on Friday sued in federal court, Manhattan, after the Fed effectively denied (it wouldn’t respond) to Bloomberg News requests last spring.
Who’s next? Me, I’m hoping this has already been done by another News Corp. unit.
Dean Starkman Dean Starkman runs The Audit, CJR's business section, and is the author of The Watchdog That Didn't Bark: The Financial Crisis and the Disappearance of Investigative Journalism (Columbia University Press, January 2014). Follow Dean on Twitter: @deanstarkman.