The Fed trys to stop the Bloomberg FOI case
http://www.reuters.com/article/marketsNews/idINN2732083820090827?rpc=44
NEW YORK, Aug 27 (Reuters) – The U.S. Federal Reserve asked a federal judge not to enforce her order that it reveal the names of the banks that have participated in its emergency lending programs and the sums they received, saying such disclosure would threaten the companies and the economy.
The central bank filed its request on Wednesday, two days after Chief Judge Loretta Preska of the U.S. District Court in Manhattan ruled in favor of Bloomberg News, which had sought information under the federal Freedom of Information Act.
Preska said the Fed failed to show that revealing the names would stigmatize the banks and result in “imminent competitive harm.” The Fed asked the judge not to require disclosure while it readies an appeal.
“Immediate release of these documents will cause irreparable harm to these institutions and to the board’s ability to effectively manage the current, and any future, financial crisis,” the central bank argued.
It added that the public interest favors a delay, citing a potential for “significant harms that could befall not only private companies, but the economy as a whole” if the information were disclosed.
Underlying this case and a similar one involving News Corp’s (NWSA.O) Fox News Network LLC is a question of how much the public has a right to know about how the government is bailing out a financial system in a crisis.
The Clearing House Association LLC, which represents banks, in a separate filing supported the Fed’s call for a delay. It said speculation that banks’ liquidity is drying up could cause runs on deposits, and trading partners to demand collateral.
“Survival can depend on the ephemeral nature of public confidence,” Clearing House general counsel Norman Nelson wrote. “Experience in the banking industry has shown that when customers and market participants hear negative rumors about a bank, negative consequences inevitably flow.”
The Clearing House said its members include ABN Amro Holding NV, Bank of America Corp (BAC.N), Bank of New York Mellon Corp (BK.N), Citigroup Inc (C.N), Deutsche Bank AG (DBKGn.DE), HSBC Holdings Plc (HSBA.L), JPMorgan Chase & Co (JPM.N), UBS AG (UBSN.VX), U.S. Bancorp (USB.N) and Wells Fargo & Co (WFC.N).
The case arose when two Bloomberg reporters submitted FOIA requests about actions the Fed took to shore up the financial system in 2007 and early 2008, including an expansion of lending programs and the sale of Bear Stearns Cos to JPMorgan.
The case is: Bloomberg LP v. Board of Governors of the Federal Reserve System, U.S. District Court, Southern District of New York (Manhattan), No. 08-9595.
———-
i covered this story earlier in the week when bloomberg put its case forward..looks like the fed is using the old chestnut..”we dont want to cause a panic”..lol..yeah, death by a thousand cuts is better 
fight hard bloomberg
401
Bloomberg is beginning to sound like the “birthers”. Wonder why the right wants the U.S. economy to fail?
not sure what their game us at this stage..pretending to do the right thing?
there’s a new divisional political line emerging I think. I was away for some time at a place that had a TV. There’s this “newer” MSNBC show on ca. 9pm eastern time. The host is all about how there is corruption on Wall Street and this country doesn’t have capitalism anymore and hasn’t for decades. The Fed. is corrupt. and Goldman Sachs is the king(?) Wall Street chess player that has taken over the government and is behind the stealing, with others, billions of dollars from the American public. He says there is no justice and this country is being raped. Literally his whole show is based on this and covers various unConstitutional things the government and the Wall Street fascists are partaking. He does regular coverage of how there is no capitalism and has various guests on explaining this and explaining therefore what capitalism is.
On the other side on CNBC, the stock market channel, their shows have been saying stuff like “Have you heard about all this Goldman Sachs stuff being circulated?” And then they did a special on how Goldman Sachs is so great and they are being blamed by emotional people for wrongs they don’t commit. They went through the history of G.S. and how they are an amazing American honest story, etc, etc… Various CNBC shows are now representing the other side of this injustice debate. Now MSNBC is heavily democratic leaning. CNBC is obviously more Republican cause it’s all about the supposed free market and they do stories about the economy all day and night. It’s an applicable dividing line. The republicans can appear to be protecting Wall Street and corrupt Goldman Sachs and the democrat party can seen as trying to uncover the corruption of capitalism.
But it’s not capitalism and thus – that’s the big lie. It’s not a free market and that’s the truth.
trying to cash in on the “conspiracy” crowd..the crowd who more and more is being viewed as not crazy but actually tuned in to whats going down..anyone pushing the line GS is cool ..you have to wonder what their motive is?
So what if Bloomberg loses the case…What are the ‘Sheep”, I mean what are “we” going to do next? Let the FEDS win? When is this central banking B.S. going to stop? Does anyone have a clue what happened after aug. 31 decision to delay the loan disclosures? For how long? I don’t hate the player nor the Game.. but after this B.S. how do they still expect me to pay taxes…
at this stage i would say it is impossible to defeat the fed unless they get taken down by an asian powerhouse..and how they would do that is anyones guess..no other way is possible..they are ingrained and immovable and totally connected where you have to be..more people need to know the make up of real ownership of the fed.. its not just an american issue..its a world wide issue..i do hate the game because its coming to a conclusion that wont see me on the winning end, or anyone i know..thanks for your post