{"id":4996,"date":"2011-08-22T14:21:23","date_gmt":"2011-08-22T14:21:23","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-uncovers-the-feds-secret-liquidity-lifelines\/"},"modified":"2011-08-22T14:21:23","modified_gmt":"2011-08-22T14:21:23","slug":"bloomberg-uncovers-the-feds-secret-liquidity-lifelines","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-uncovers-the-feds-secret-liquidity-lifelines\/","title":{"rendered":"Bloomberg Uncovers the Fed’s Secret Liquidity Lifelines"},"content":{"rendered":"
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Three years and 29,000 pages of Fed documents later, Bloomberg uncovered<\/a> the who, what, when and a lot more in its investigation of the 21,000 loans to banks totaling as much as $1.2 trillion in public money.<\/span><\/p>\n

I’ll start by saying that Bloomberg<\/a> was built on the core principle of transparency – fast access to information that could increase capital flow and economic growth. We also believe that the public has a right to know. (For a timeline of Bloomberg’s lawsuit against the Fed, see below.)<\/span><\/p>\n

You can check out our news stories, starting with how Morgan Stanley led banks tapping into fed money, on our Fed Loan Disclosure<\/a> topic page. (They’ll be more to come over the next couple of days.) And, of course, in the spirit of transparency, we’ve built an interactive data visualization<\/a> that allows you to view all the numbers so you can answer questions like: What was the largest amount of money any one institution borrowed? Who took advantage of the programs for the longest<\/a> amount of time? Which foreign institutions received funds?<\/span><\/p>\n

 <\/span>The visualization also lets you dive deep into each institution’s history with the lending programs, or compare<\/a> the borrowing habits of multiple institutions with each other. The data can be displayed and sorted based on a number of variables such as peak amount borrowed<\/a>, average balances<\/a>, location<\/a>, or industry<\/a>. One of the most noteworthy features is being able to look at what company executives were saying when the value of the loans were astronomical. Hypo Real Estate<\/a> Holding AG, a German commercial property lender, is a good example. Look at what they said when they were borrowing about $21 million per employee<\/span>.<\/p>\n

 <\/p>\n

\"\"<\/a><\/p>\n

 <\/span>Timeline of Bloomberg’s lawsuit against the Fed<\/span><\/p>\n

 <\/span><\/p>\n

– May 21, 2008:  Bloomberg files a Freedom of Information Act request. The Fed denies this request<\/span><\/p>\n

–  Nov. 7, 2008:  Bloomberg files suit to require disclosure [Bloomberg LP v. Federal Reserve, U.S. District Court, Southern District of New York (Manhattan)].<\/span><\/p>\n

–  Aug. 24, 2009:  Judge Loretta Preska rules that the Fed must disclose this information<\/span><\/p>\n

–  Sept. 30, 2009: Fed appeals decision<\/span><\/p>\n

–  Jan. 12, 2010: U.S. Court of Appeals hears oral arguments<\/span><\/p>\n

–  March 19, 2010: Appeals court upholds Preska decision<\/span><\/p>\n

 <\/span>–  May 4, 2010: Fed and Clearing House ask full U.S. Court of Appeals to overturn Preska ruling<\/span><\/p>\n

–  Aug. 23, 2010: Full appeals panel refuses to overturn Preska ruling<\/span><\/p>\n

–  Aug. 27, 2010: Court of Appeals gives Federal Reserve 60 days to decide on taking the case to the Supreme Court<\/span><\/p>\n

–  Oct. 26, 2010: Federal Reserve decides not to join the Clearing House Association in asking the Supreme Court to consider an appeal.<\/span><\/p>\n

–  Feb. 19, 2011: U.S. Solicitor General recommends the Supreme Court reject the Clearing House’s appeal.<\/span><\/p>\n

–  March 21, 2011: Supreme Court rejects appeal and orders release of bank loan data<\/span><\/p>\n

 <\/span><\/p>\n

 <\/p>\n

Meghan Womack, communications for Bloomberg News<\/span><\/em><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

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