Judge orders Treasury to release bailout records
Northwest Arkansas’ News Services
DEMOCRAT-GAZETTE PRESS SERVICES Saturday, February 21, 2009
nwanews.com
A federal judge has ordered the Treasury Department to give the Fox Business Network records about how the agency spent billions in bailout money.
The television network filed requests under the Freedom of Information Act for records related to the funds spent on American International Group, the Bank of New York Mellon and Citigroup. The network specifically asked the department to identify the troubled assets purchased, any collateral extended and any restrictions placed on the financial institutions for their participation in this program.
U.S. District Judge Richard Holwell ruled Friday that the Treasury Department must comply with the request by March 23.
Kevin Magee, Fox News executive vice president, responded in a statement that the network "believes it's important to hold the government accountable, especially for use of the bailout funds during this time of steep economic crisis."
Fox filed the requests more than three months ago, with a request for expedited processing. It filed suit on Dec. 18, saying that the department had not responded other than to confirm that it received the requests.
Holwell directed the government to comply with Fox's request within 30 days and to provide a so-called Vaughn index of documents that are exempt under the law within 45 days.
"We're thrilled that this information is finally, and rightfully, going to be made available to the American public," Magee said in the e-mailed statement.
Treasury spokesman Andrew Williams said the department has posted all financial stability contracts on the Internet so taxpayers can see how the money is being spent. He said the department has already given Fox more than 1,200 pages of requested documents and "will continue to do so on a rolling basis."
Bloomberg LP, the parent company of Bloomberg News, sued in the same court on Nov. 7, demanding that the Federal Reserve disclose securities the central bank is accepting on behalf of U.S. taxpayers as collateral for its loans.
The case is Fox News Network LLC v. U.S., 08cv11009, U.S. District Court, Southern District of New York (Manhattan).
Information for this article was contributed by Nedra Pickler of The Associated Press and Edvard Pettersson of Bloomberg News. |
