Judge Orders Fed To Disclose Who Received Bailout Trillions

A New York District Judge has ordered the Federal Reserve to disclose the destination of around $2 trillion dollars in bailout funds after the Fed failed to convince the Judge that the records should be exempt from the Freedom of Information Act.

“Manhattan Chief U.S. District Judge Loretta Preska rejected the central bank’s argument that the records aren’t covered by the law because their disclosure would harm borrowers’ competitive positions. The collateral lists “are central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression,” according to the lawsuit that led to yesterday’s ruling,” reports Bloomberg, the news outlet that originally filed the lawsuit.