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Tuesday, August 25, 2009

FOIA: Court Orders Fed to Disclose Loan Program Details

by Calculated Risk on 8/25/2009 08:33:00 AM

From Bloomberg: Court Orders Federal Reserve to Disclose Emergency Loan Details

The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of Information Act lawsuit.
The Fed has refused to name the financial firms it lent to or disclose the amounts or the assets put up as collateral under 11 programs, most put in place during the deepest financial crisis since the Great Depression, saying that doing so might set off a run by depositors and unsettle shareholders.
The judge said the central bank “improperly withheld agency records” ... She gave the Fed five days to turn over documents it told the reporters it located ...

The case 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).
There is going to be some interesting information available soon.