Latest Legal News: Why Is the Fed Siding With Banks Over Taxpayers?

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America's Press Sues the Fed

In perhaps the most epic lawsuit of the bailout era, the free press, led by Bloomberg L.P., sued the Federal Reserve over its commitment to keep the bank bailout details secret. Today's New York Timestells the story of the suit in great detail, but here's the key: If Bloomberg et al. win, we learn which banks the Fed loaned how much, when, and on what terms, including what collateral is backing those loans. In short, who got our tax money, and what, specifically, did we get for it? If the Fed and its bank allies win, all the bailout details will remain shrouded in secrecy.