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Politics

: PR Watch

Could Bloomberg Lawsuit Mean Death to Zombie Banks?

By Mary Bottari

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zombie My recollection is a bit hazy. How does one kill a zombie exactly? Do you stake it? Cut off its head? Nationalize it? Perhaps it?s time to ask the experts at Bloomberg News.

Lost in the haze of the hoopla surrounding the insurance reform bill was some big news on the financial reform front. On March 19, Bloomberg won its lawsuit against the Federal Reserve for information that could expose which ?too big to fail? banks in the United States are walking zombies and which banks were merely rotting.

Bloomberg, which has done some of the best reporting on the financial crisis, is also leading the charge on the fight for transparency at the Federal Reserve and in the financial sector. While many policymakers and reporters were focusing their attention on the $700 billion Troubled Asset Relief Program (TARP) bailout bill passed by Congress, Bloomberg was one of the first to notice that the TARP program was small change compared to the estimated $2-3 trillion flowing out the back door of the Federal Reserve to prop up the financial system in the early months of the crisis.

Full post as published by PR Watch on March 28, 2010 (boomark / email).