Fed won't name recipients of $2 trillion in loans

The Federal Reserve Bank is refusing a Bloomberg News request for names of recipients of more than $2 trillion in taxpayer-funded emergency loans.

In a May 21 request, Bloomberg asked the Fed for information on the terms of the loans issued to shore up the strains in the financial markets. In a letter dated Dec. 9, the Fed responded and denied access to most of the requested documents, citing trade secrets and internal memo exemptions. It released a two-page document that was so heavily redacted, it provided little information.

Bloomberg filed a Freedom of Information Act lawsuit Nov. 7 to learn more about the Fed’s lending programs and the current financial crisis.