Federal Reserve Trying to Preserve its Bailout Secrets
On two separate fronts, the U.S. government is trying to ensure that what happens at the Fed, stays at the Fed. On the first front, the Federal Reserve is in the midst of a court battle to avoid disclosing the details of the $2 trillion U.S. loan program that kept banks afloat after Lehman Brothers Holdings collapsed in September 2008. The news company Bloomberg sued the Fed under the Freedom of Information Act, seeking the names of those institutions that were given loans under the program and details about how much they received. On Aug. 24, 2009, U.S. District Judge Loretta Preska ordered the release of the information, but postponed implementation of her ruling pending an appeal; the U.S. Court of Appeals in Manhattan will hear the case today. Meanwhile, on the second front, the Federal Reserve and Treasury Secretary Timothy Geithner find themselves defending the Fed's decision to keep secret the details of which companies got the $62 billion in AIG bailout money. Continue reading Federal Reserve Trying to Preserve its Bailout Secrets Federal Reserve Trying to Preserve its Bailout Secrets originally appeared on DailyFinance on Mon, 11 Jan 2010 10:53:00. Filed Under: Company News , Investing , JP Morgan Chase , American International Group , INC. , Bank of America , Citigroup , Wells Fargo & Co. Permalink | Tweet this! | Comments
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