August 06, 2009
The US media’s attempts to use the Freedom of Information Act to find out
which banks received financial bailouts were blocked, said legal analyst
Nicole Kardell, and the Federal Reserve doesn’t know the answer itself.
At a time of financial crisis in the United States – after a nearly $800
billion stimulus package was passed this year and after nearly $700 billion
in bailout money was passed in 2008 by the Bush administration – Americans
are wondering where all the money has gone.
Lawmakers are trying to pass a bill which would ask for an audit of
Federal Reserve. But there are some media outlets that are taking a
different route. They are filing lawsuits under the Freedom of Information
Act through which they try to find out which banks received bailouts and how
much money they got. Just recently one such lawsuit was rejected.
problem might be that the Federal Reserve itself doesn’t know where half a
trillion dollars went, says Kardell.