Tuesday, February 16, 2010
Transparency or Financial Stability? The Arguments in Bloomberg v. Fed
The New York Times brings this fascinating account of the legal wranglings of Bloomberg News against the Fed for information pertaining to the Bailout. Described as a "principled grudge match," the feud over the financial news giant's FOIA requests has the Fed arguing that the information sought could cause stigmatization of certain banks, potentially bank runs, and could jeopardize the government's efforts to stabilize the economy, while Bloomberg argues it is seeking transparency in order to fulfill its watchdog role.