Treasury must comply with FOI request on AIG…U.S District Court rules for Bloomberg & FOX Business

Finally some REAL transparency….this will put Geithner back on the hotseat as Treasury has to answer questions, recall Geithner as head of NY Fed was behind the AIG and CITI bailouts…..

From FOXBusiness:

Judge Richard J. Holwell of the U.S. District Court for the Southern District of New York said in a decision Friday that the government is directed to comply with FOX Business’s request under the FOIA “within 30 days and to produce a Vaughn index with 45 days.”

That means Treasury must comply with FOX Business’s request by Monday, March 23, and must produce a Vaughn index by Monday, April 6.

A Vaughn index details which documents have been withheld and why.

FOX Business sued Treasury on Dec. 18 over failure to provide information on the bailout funds or respond to FBN’s expedited requests filed under the FOIA.

The initial request, filed on Nov. 25, sought actual data on the use of the bailout funds for American International Group …and the Bank of New York Mellon… and an additional request, filed on Dec. 1, sought similar data on the bailout funds for Citigroup…

FBN asked the Treasury Department to identify, among other issues, the troubled assets purchased, any collateral extended, and any restrictions placed on these financial institutions for their participation in this program.

February 21, 2009. Tags: AIG, Bank bailouts, Economic Stimulus, Economy, FEDERAL RESERVE, Finance, Hank Paulson, Obama Administration, Politics, recession, TARP, TIMOTHY GEITHNER, Wall St. CITI, citigroup, Economy, FDIC, Finance, Obama Administration, Politics, TARP, Uncategorized, Wall St.