Categories: OLD Media Moves

Supreme Court rejects appeal in case involving business media

The Federal Reserve must disclose details of emergency loans it made to banks in 2008 as the U.S. Supreme Court rejected an appeal Monday by the banking industry to keep the records private after a Bloomberg News reporter requested them using the Freedom of Information Act.

Greg Stohr and Bob Ivry of Bloomberg write, “Under the trial judge’s order, the Fed must reveal 231 pages of documents related to borrowers in April and May 2008, along with loan amounts. News Corp’s Fox News is pressing a bid for 6,186 pages of similar information on loans made from August 2007 to November 2008.

“The records were originally requested under FOIA, which allows citizens access to government papers, by the late Bloomberg News reporter Mark Pittman.

“As a financial crisis developed in 2007, ‘The Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny,” said Matthew Winkler, editor in chief of Bloomberg News. ‘The Fed must be accountable to Congress, especially in disclosing what it does with the people’s money.’

“The Clearing House Association contended that Bloomberg was seeking an unprecedented disclosure that might dissuade banks from accepting emergency loans in the future.”

Read more here.

View Comments

  • Just spoke with Ray Hennessey, director of business news at FBN, about this this morning, and how people were saying it was a fake story at first and "that it was just Fox being Fox again." Says this is a big win for them and he's proud to be part of fighting for more disclosure with FOIA requests.

Recent Posts

Is this the end of CoinDesk as we know it?

Former CoinDesk editorial staffer Michael McSweeney writes about the recent happenings at the cryptocurrency news site, where…

14 hours ago

LinkedIn finance editor Singh departs

Manas Pratap Singh, finance editor for LinkedIn News Europe, has left for a new opportunity…

2 days ago

Washington Post announces start of third newsroom

Washington Post executive editor Matt Murray sent out the following on Friday: Dear All, Over the last…

3 days ago

FT hires Moens to cover competition and tech in Brussels

The Financial Times has hired Barbara Moens to cover competition and tech in Brussels. She will start…

3 days ago

Deputy tech editor Haselton departs CNBC for The Verge

CNBC.com deputy technology editor Todd Haselton is leaving the news organization for a job at The Verge.…

3 days ago

“Power Lunch” co-anchor Tyler Mathisen is leaving CNBC

Note from CNBC Business News senior vice president Dan Colarusso: After more than 27 years…

3 days ago