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Ethics
: Dispatches from the Culture WarsCourt Orders Fed Transparency
By Ed Brayton
In a major victory for transparency, a federal court has ruled that the Federal Reserve Bank must turn over documents that show which companies received emergency loans from the Fed in response to a FOIA request by Bloomberg news.
The Fed has made literally trillions of dollars in emergency loans with taxpayer money to banks and corporations over the last year or so but has refused to identify which corporations got those loans and what was put up for collateral. They argue that revealing who received those loans could make people wonder about the soundness of those companies:
Read the rest of this post... | Read the comments on this post...Full post as published by Dispatches from the Culture Wars on August 28, 2009 (boomark / email).
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