Fox Business sues Fed for information on bailouts

WASHINGTON, Jan 12 (Reuters) - News channel Fox Business Network sued the U.S. Federal Reserve on Monday, saying that the government has failed to release details on financial companies receiving federal funds.

Now that is something you don't see everyday.

Fox said it made an initial request on Nov. 10 last year under the Freedom of Information Act. The network asked for the identification of the financial institutions receiving funds and details on the collateral provided by these firms between August 2007 and November 2008. The network made a second request on Nov. 18, asking for more information on financial firms that received lending from Fed programs. It also asked for the amount of collateral held by the Fed as of Nov. 14. A Fed spokeswoman did not have a comment on the lawsuit.

www.reuters.com...

The fed is getting sued by fox business...isn't that crazy. Is the media finally starting to change a bit? Only time will tell.

This information should have never been kept secret in the first place....

I wonder if anything will come out of this. I'm guessing no...but i guess we'll see...



[edit on 12-1-2009 by David9176]

reply to post by David9176


Thanks for the artical David! But Fox news.. I just don't trust them. I would say this is alot like sueing yourself.. For even more money. You see they control Fox news, and other media outlets. But they are in little compartments. So you could in essence have compartments sue other compartments, and the over all masterminds make off with the money they earn from the suits.
Its pretty much another form of fraud. Comming from Fox news, its more than likely some new fraud they had set up from the get go.

reply to post by zysin5


I agree what you are saying about the media..it's almost impossible to put any trust in them anymore...but i do have to say that this did surprise me. I don't get fox business in my area...but i do know that Neil Cavuto (I think he's chief executive or something at fox business) on his show "Your world with Neil Cavuto" has been against this bailouts and government spending..at least that's what i perceive when i watch his show...which is on Fox news...one of the few news shows that i watch anymore. He often has Ron Paul as a guest..and he doesn't belittle the man when he's on either....he often agrees with him....which i find refreshing.

I dunno...i don't think this will go anywhere....but i still like seeing it as a headline....even if nothing comes of it.

We will see, this is more of a publicity stunt.

I mean maybe even the fox execs realize that hey this is nonsense there is no excuse to allow this secrative dealings to happen, to the detriment of the country.

This is like a switch in roles. CNN, MSNBC, etc all were pummeling Bush and Fox was sticking up for him. Now that Obama is elected you'll see Fox pummeling Obama and CNN, MSNBC, etc sticking up for Obama.

As far as the lawsuit you have to remember something about human nature, when most people achieve a certain level of power they don't want to submit to a higher power.

I know this is a conspiracy site, so here is my contribution to that.

I kind of figured something like this would happen as we move to a Global Government they will start fighting amongst themselves on who is going to be the controlling group.

Remember these people are narcissist, they want it all. And in this the people running the show doesn't tell all the co-conspirators the same story they alter the story and plan according to who they are talking to so they can easily manipulate to get what they want.

So it is a possibility that the lawsuit is legit and Murdoch has figured out that he has served his purpose for 'them' and is no longer useful.

I don't know, but remember that people that go along with it can turn their backs and turn out to be a powerful ally. Still no reason to trust them, but everybody has their own agenda.

The thing about Fox though is that they do have people like Cuvato and now Glen Beck. They are pretty outspoken about these kind of things.

Who knows. Although if they get the info and put it into the light of the public it could achieve another objective.

I don't know.

Kudos to fox. Everybody wants to know the answers. At least Fox is stepping up to the plate to get those answers.

One question, by denying the Freedom of Info request will the Fed now have to admit they aren't federal?

Private companies aren't required to follow the Freedom Info Act request rules ... ...

Protest permits were denied for Federal Reserve locations recently on grounds that its site was private property, ( sorry, i wish i could remember source for that ).

Wonder how they are gonna get out of that question?

I don't know.

Heh...i don't either. I'm alittle puzzled by it to be honest. I'm not going to jump to conclusions yet though. I've been someone who has been quite strongly against all the bs going on in our media and political system. I just don't see much of a difference between democrats and republicans. They play for the same team...the government. The actual people have few if any representatives at all.

I will take a wait and see approach on this one...but as i stated earlier...nothing will probably come of it.

It would be great though...to see where all the money went. And you can be damn certain that those people who have the money don't want anyone to know they received it.

Oh man....i'd love to see some names!!!!

Actually, FOX News was against the Bailout from the beginning. Neil Cavuto, as someone mentioned does have Ron Paul on frequently, and Neil calls Ron Paul one of the few geniuses that are in Congress. Prior to the nomination of McCain, Cavuto did not like Paul, but as things progressed, he saw how what Ron Paul said about the coming crisis, turned out to be true, and he admitted on the air that he wished he, and others had listened to Ron Paul. I get Cavuto credit for admitting he was wrong, and turning around and supporting him.

reply to post by David9176


You got that right I would love to see those names too.

Funny thing is that the guy Paulson hired to manage the funds told congress that he gave he money to the banks that were stable and not to the banks that were going under.

Will congress release the rest of the tarp funds your derned right they will, but it will be another dog and pony show.

Or, another angle is that somebody high up in the food chain at fox got screwed somehow and now has a vendetta.

For the most part though I'm with you I'm not jumping to conclusions.

reply to post by ProfEmeritus

he saw how what Ron Paul said about the coming crisis, turned out to be true, and he admitted on the air that he wished he, and others had listened to Ron Paul. I get Cavuto credit for admitting he was wrong, and turning around and supporting him.

I watched it when it originally aired. It was the first time i had ever seen RP on television. And as i watched it...i wondered why i had never heard of him. If he knew this was coming...why didn't i know about it? Why wasn't this on every local and major news channel in the country? There had to be a reason for it.

I didn't pay much attention to the news before this really..he was already out of the running when i first heard of him.

And so it began...for me...and know sometimes i wish i was oblivious to the whole thing because for the most part i get nothing but angry when i think about it.

reply to post by Anonymous ATS

One question, by denying the Freedom of Info request will the Fed now have to admit they aren't federal? Private companies aren't required to follow the Freedom Info Act request rules ... ... Protest permits were denied for Federal Reserve locations recently on grounds that its site was private property, ( sorry, i wish i could remember source for that ). Wonder how they are gonna get out of that question?

You bring up an excellent point and one that i didn't realize initially. Most people think that they are a federal agency...hell i thought they were till a few months ago.

I wonder if this could explode into something bigger? It would only happen if the media pushed it...and that is stretch for them.

reply to post by Hastobemoretolife

Funny thing is that the guy Paulson hired to manage the funds told congress that he gave he money to the banks that were stable and not to the banks that were going under.

I don't have a single kind word to say for that man...most words i would describe for him are against the T and C....so i can't do that.

That guy is worth over 700 million. I've always wondered...why does anyone need that much money. How much crap does a person really need? He could give 600 people a million dollars...drastically improve their lives....and he would still be sitting pretty. Meh...the world is so screwed up.

This very interesting indeed, see the bail out and what the money was used for is Big, big news because the media knows that it was corruption from the beginning in how the money was used.

Even if the news are biased if the real purpose of what some of the bail out money was used comes out, this is going to make big news, we all know that a large part of that money went into the pockets of more than just financial institutions.

If the American people knows in reality presented by the main stream how we have been duped and taken for a ride things in America will turn a lot worst than already are with an angry mob rioting in the streets.

reply to post by David9176

I watched it when it originally aired. It was the first time i had ever seen RP on television. And as i watched it...i wondered why i had never heard of him. If he knew this was coming...why didn't i know about it? Why wasn't this on every local and major news channel in the country? There had to be a reason for it

Don't feel bad. Most people hadn't heard of him. I asked my married children and their spouses, and NONE of them knew about Ron Paul. To be honest, I only knew about him from the threads and info. that I read on ATS. Otherwise, I wouldn't have known about him either. The MSM did their job in keeping Ron Paul away from tghe American public, by refusing to cover him. I think they knew that if America had a chance to hear him out, they would go overwhelmingly for him. Ron Paul was a huge threat to the establishment, and had to be minimalized or ignored.

reply to post by marg6043

If the American people knows in reality presented by the main stream how we have been duped and taken for a ride things in America will turn a lot worst than already are with an angry mob rioting in the streets.

I'm waiting for the the public to figure out that we are really 53 trillion in debt. 160,000 per person. If that doesn't light a fire under some asses nothing will. That's 4 to 5 years of pure work for most people. I posted that number in 2 other threads already tonight...its just such an unbelievable number.

reply to post by David9176


Is interesting how CNBC keeps screaming to the audience about what the bail out pay for, the even get into arguments about who has been bail out at the expenses of the tax payer, but still most Americans can not stay away from the "reality shows" and "soap operas" let no forget "Jerry springer type of shows" so unless somebody slap them in the face they will never wake up.

Sad really.

Now Bush wants the rest of the bail out money from the original tarp because Citibank investors are losing money!!!!!!!!!!!!! 6 dollar their share right now, I bet they are to used some of that money to bail them out too, they already got a cash infusion in December of 2007 and who knows how many more during 2008 before the "bail out came to be".

Stars for both Marg and David. Yes, it is criminal what is going on. Most of us tried to tell our Congressional reps how flawed the Bailout bill was, but no one listened. I read through the entire 400+ pages, as did others here on ATS, we posted the flaws in the bill, the lack of accountability, the fact that it gave Paulson full power to approve whatever use of the funds he felt was appropriate, and that there really were NO executive salary caps, and that the MSM was lying and reporting that there were.

Why We Face $53 Trillion in Unfunded Liabilities According to the Treasury Department’s 2007 Financial Report, we currently face $7 trillion in unfunded liabilities for Social Security, $34 trillion in unfunded liabilities for Medicare and $12 trillion in unfunded liabilities for public debt and civilian and military benefits. That’s $53 trillion… or $455,000 per U.S. household. If serious steps aren’t taken (and soon), this crisis could make the subprime one look like just a rainy day. Some argue that we can grow our way out of this problem. That is not realistic. To do so, our economy would have to grow by double digits in real terms for decades. That’s never happened before. (Even during the long stretch of prosperity in the 90s, the economy grew at an average rate of only 3.2% per year.)

seekingalpha.com...

That’s $53 trillion… or $455,000 per U.S. household.

Heh...i hope all of us become rich soon...because there is no way in hell i can pay that money...without being a complete slave...or perhaps the miracle of me being able to suddenly crap money.

Just short of half a million for the average family.

It's outrageous!!!

Originally posted by ProfEmeritus
Stars for both Marg and David. Yes, it is criminal what is going on. Most of us tried to tell our Congressional reps how flawed the Bailout bill was, but no one listened. I read through the entire 400+ pages, as did others here on ATS, we posted the flaws in the bill, the lack of accountability, the fact that it gave Paulson full power to approve whatever use of the funds he felt was appropriate, and that there really were NO executive salary caps, and that the MSM was lying and reporting that there were.

Well, some listened. I and a few others on ATS wrote our representatives in the house and received canned letters back. The difference on mine was that my representative (Kenny Marchant) voted "NO" on both bailout packages, so I when he showed up on the ballot on November I was more than happy to put a check by his name for re-election.

What's also funny is that people forget that Fox Network leans more conservative and for that reason they are called "not a real news agency", simply because they don't stick their noses up the butts of the people that the other mainstream networks do, like CNN, MSNBC, etc. I don't see it as a publicity stunt because you have to remember that the Republicans (conservatives) were the majority voting against the bailout and now that we've read la couple of weeks ago that the recipients of the bailout "aren't able to track and don't care to discuss" where all that money has gone, taxpayers have one great excuse to be mad as hell. Kudos to Fox for pioneering the way, I say!