An article from Bloomberg
The Federal Reserve will disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view.
By Greg Stohr and Bob Ivry – Mar 21, 2011 12:22 PM ET
Play VideoMarch 21 (Bloomberg) — Matthew Winkler, editor-in-chief of Bloomberg News, talks about today’s U.S. Supreme Court ruling that upholds a lower court order requiring the Federal Reserve to disclose details of emergency loans it made to banks in 2008. The central bank has five days to release the records, sought by Bloomberg News’s parent company, Bloomberg LP. Winkler speaks with Mark Crumpton on Bloomberg Television’s “Bottom Line.” (Source: Bloomberg)
Play VideoMarch 21 (Bloomberg) — The Federal Reserve must disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view. The justices today left intact a court order that gives the Fed five days to release the records, sought by Bloomberg News’ parent company, Bloomberg LP. Margaret Brennan and Michael McKee report on Bloomberg Television’s “InBusiness.” (Source: Bloomberg)
The Federal Reserve will disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view.
The justices today left intact a court order that gives the Fed five days to release the records, sought by Bloomberg News’s parent company, Bloomberg LP. The Clearing House Association LLC, a group of the nation’s largest commercial banks, had asked the Supreme Court to intervene.
“The board will fully comply with the court’s decision and is preparing to make the information available,” said David Skidmore, a spokesman for the Fed.
The order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed’s unprecedented $3.5 trillion effort to stem the 2008 financial panic.
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