Despite a win for Bloomberg in the lower courts, the Fed has still not provided the records. The Fed argues that if such records were public, it would cause greater harm to the banks, could lead to bank panic, and could weaken the banking system further by making banks hesitant to seek future aid from the lender of last resort.
For Bloomberg, the lawsuit represents a principled stand for transparency and a tribute to its late reporter, Mark Pittman, who spearheaded efforts to obtain the information under FOIA before his sudden death in November 2009.
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