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Tuesday, August 25, 2009

Federal Reserve loses lawsuit


The Federal Reserve now must make known the details of the loans, and who got what from the taxpayer, despite the Federal Reserve's insistence that this information.

From ZH:

The Board's Motion for Summary Judgment is DENIED, and Bloomberg's Motion for Summary Judgment is GRANTED. Specifically:


1. The Board shall produce forwith the Remaining Term Reports within five business days of the date hereof;


2. The Board shall search forthwith records at the FRBNY that constitute "Records of the Board" within the meaning of 12 C.F.R. # 231.2(i)(1); and


3. The parties shall confer following their review of the results of the search and inform the Court by letter no later than September 14, 2009 how they propose to proceed.

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