As the public’s independent eyes and ears on the government, news organizations, can do no less than everything in their power to put a spotlight on these public expenditures. The power to tax and spend is probably government’s most basic one. Watching those, to me, is a news organization’s first order of business. It is Job One.
Freedom of Information Act requests are a commonplace newsgathering tool, and so, for that matter, are lawsuits to force disclosure when the law is violated. The Bloomberg suit is a reasonable, appropriate and measured tactic by a mainstream news organization. And the suit is manifestly in the public interest.
News organizations compete, but from time to time they cooperate on matters of press freedom and transparency. This is one of those times.
The suit is Bloomberg LP v. Board of Governors of the Federal Reserve System, 08-CV-9595, U.S. District Court, Southern District of New York (Manhattan).
im very happy about the lawsuit and very unhappy about the fed and barney frank and every other congressman, who has folded there cards
Posted by ian on Wed 12 Nov 2008 at 10:08 AM
Thank you for bringing the recipients identity issue to the forefront. I had been unsuccessfully searching for those answers since the "bailout" was announced. If Bloomberg is successful in it's effort to uncover those secrets, our taxpayers would be more comfortable since many were vehement regarding this method to save these businesses. Although I respect Barney Frank, these identity outings will help and not harm the taxpayers.
Posted by Patty748 on Wed 12 Nov 2008 at 11:01 AM
The Fox Business Network has also joined in this fight as well, just fyi. We've filed a FOIA request with the Federal Reserve. Here's the web link to our announcement:
http://www.foxbusiness.com/story/markets/asman-foxbusiness-demands-answers-bailouts/
Posted by Ken on Wed 12 Nov 2008 at 06:09 PM
There is still hope for this democratic Republic as long as we have institutions such as Bloomberg and Fox are doing their job of keeping us informed. Thank you.
Posted by Rita Jordan Mousavi on Sat 15 Nov 2008 at 05:30 PM
Ken, the link above does not present the actual case number. Also, there is no link to view the suit, page by page, or as a pdf file.
Fox and Bloomberg are not the only corporations who have filed Freedom of Information Act lawsuits against the 5 board members of Federal reserve agency. [The list below does not include suits against the Federal reserve banks, individually, in which the Board is not named, but the banks themselves are being sued for different injustice as presented in those cases; (IE: Not Freedom of Information Act suits.)]:
Board of Governors v. Bloomberg, L.P., No. 08-CV-9595 and No. 09-4083 (2d Circuit, filed September 30, 2009). Appeal of judgment for Bloomberg, L.P., in a Freedom of Information Act case.
Fox News Network v. Board of Governors, No. 09-3795 (2d Circuit, filed September 9, 2009). Appeal of judgment for the Board in a Freedom of Information Act case.
McKinley v. Board of Governors, No. 09-CV-01263 (D.D.C., filed July 8, 2009). Freedom of Information Act case.
Citizens for Responsibility and Ethics in Washington v. Board of Governors, No. 09-CV-00633 (D.D.C., filed April 6, 2009). Freedom of Information Act case.
New York Times Company v. Board of Governors, No. 09-CIV-2645 (S.D.N.Y., filed March 23, 2009). Freedom of Information Act case.
Freedom Watch, Inc. v. Board of Governors, No. 09-CV-00331 (D.D.C., filed February 19, 2009). Freedom of Information Act case.
Murray v. Board of Governors, No. 08-CV-15147 (E.D. Mich., filed December 15, 2008). Challenge to the constitutionality of federal expenditures relating to American International Group (AIG)
End note: If you find these cases have more than one case number, please post an update.
.
Posted by Chris on Mon 23 Nov 2009 at 04:04 PM
Here is a link to the actual Court Order, written by the Hon. Justice Loretta Preska compelling the Fed to Disclose Emergency Bank Loans and related information, relative to the Freedom of Information Act request by Bloomberg.
(47 page ruling, pdf file, on or near August 24, 2009 )
http://media.bloomberg.com/bb/avfile/rVrG4U7pQhoY
Related update:
Court Orders Fed to Disclose Emergency Bank Loans
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7CC61ZsieV4
Posted by Chris on Mon 23 Nov 2009 at 04:30 PM