NY Times Sues U.S. for Financial Information

     MANHATTAN (CN) – The Federal Reserve and the U.S. Treasury Department stalled and failed repeatedly to produce requested information regarding the nation’s financial crisis, The New York Times claims in Federal Court.




     The paper’s Sunday business section editor Timothy O’Brien and investigative reporter Jo Becker claim in their federal complaint that the paper sent a Freedom of Information Act request to the Federal Reserve in November 2008 seeking copies of phone logs, memos, audits and conversations between the Federal Reserve and various firms about their funding under the Emergency Economic Stabilization Act of 2008.
     The paper says the Federal Reserve acknowledged receipt of the request, but no materials were ever produced.
     In January 2009, The Times says it produced another FOIA request from the Federal Reserve, this time seeking copies of appointment books, schedules and phone logs belonging to Board of Governors Chairman Ben Bernanke regarding discussions centering on emergency federal funding. The paper claims the Federal Reserve again acknowledge receipt of the request but again failed to produce any documents.
     The Times says it then sent a third FOIA request to the Federal Reserve seeking information pertaining to the “management of the Bailout” and other federal programs “formed in response to the subprime mortgage crisis.” Again, the paper claims, the Federal Reserve responded that it received the request but failed to turn over documents.
     The paper says it also sent a FOIA request to the U.S. Treasury seeking appointment books, calendars and phone logs of Treasury Secretary Henry Paulson relating to emergency funding, but again claims no documents were produced.
     The paper claims it executed another FOIA request for copies of “any communication or record of communication between Timothy Geithner, Hank Paulson, Neel Kashakarik Dan Jester, Steve Shafran or Edward Forst regarding the Troubled Asset Relief Program. The paper claims no documents were produced.
     On Feb. 3, 2009, the paper sent another FOIA request to the Treasury department for documents pertaining to the management of the bailout. Once again, the paper claims, no documents were ever produced.
     The paper wants access to the requested documents. It is represented by David McCraw.

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