Bloomberg: Release Fed Borrowers’ Names

I expect the Fed to lose their Appeal:

“The Federal Reserve should be forced to identify companies that received loans from the central bank because it can’t demonstrate that borrowers would be harmed by the disclosure, according to lawyers who won a Freedom of Information Act lawsuit.

Total lending by the Fed, which last year began extending credit directly to companies that aren’t banks for the first time since it was created in 1913, was $2.12 trillion on Sept. 30.

Details about the borrowers and their collateral are “central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression,” attorneys for Bloomberg said in the suit.

The Freedom of Information Act obliges federal agencies to make government documents available to the press and public. The Bloomberg suit didn’t seek money damages.”

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Source:
Fed Should Release Borrowers’ Names, Bloomberg Says
Mark Pittman
Bloomberg, Oct. 5 2009
http://www.bloomberg.com/apps/news?pid=20601109&sid=aPXkf9Z0xZ4A

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