Appeals Court: Fed must disclose bank bailout records

Next step: the Supreme Court.

The U.S. Court of Appeals in Manhattan ruled today that the Fed must release records of the unprecedented $2 trillion U.S. loan program launched primarily after the 2008 collapse of Lehman Brothers Holdings Inc. The ruling upholds a decision of a lower-court judge, who in August ordered that the information be released.
The Fed had argued that it could withhold the information under an exemption that allows federal agencies to refuse disclosure of “trade secrets and commercial or financial information obtained from a person and privileged or confidential.”
The U.S. Freedom of Information Act, or FOIA, “sets forth no basis for the exemption the Board asks us to read into it,” U.S. Circuit Chief Judge Dennis Jacobs wrote in the opinion. “If the Board believes such an exemption would better serve the national interest, it should ask Congress to amend the statute.”

Maybe, possibly, in another year, we might finally get the whole story behind the largest bailout in world history.

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PDF icon BloombergFOIAappeal decision.pdf74.33 KB

But even if we did find out

what are we going to do about it. We are living in the Era of No Accountability. - Financial Information for the Rest of Us.

Who wants to place bets in a 5-4 the Fed wins?

Knowing the recent Supreme court rulings who wants to bet the Federal reserve doesn't have to disclose who got $2 trillion in loans?

I'll bet the ruling is 6-3 in favor of the Fed.

Still good for the court of Appeals!

actual U.S. court of appeals decision attached

I attached the actual court decision document to this post.

Someone emailed me the actual decision and for those of you praying the Supreme court decides in Bloomberg's favor, this might give some insight as one must analyze decisions from the law and precedent (unless of course the Supremes feel like just making up a new one (sic)).