Federal Reserve Has Until September 30 To Appeal Judge Preska's Decision
Judge Loretta Preska, who earlier this week ruled against the Fed in its long running FOIA lawsuit with Bloomberg, and demanded it disclose firms benefiting from and loan amounts handed out under various emergency order, has filed a stay on the original order and has awarded the Fed with a September 30 deadline to appeal the order. Mark Pittman at Bloomberg notes:
Fed lawyer Kit Wheatley told Preska in a conference call yesterday that it could take 30 days for the Fed to get permission for an appeal from Solicitor General Elena Kagan, the administration’s top courtroom lawyer.
Preska told the Fed they must file for an emergency appeal within three days of receiving permission with an ultimate deadline of Sept 30. The judge left it up to the Court of Appeals to decide whether to continue staying her order to disclose once the appeal is under way.
The Bloomberg lawsuit said the collateral lists “are central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression.”
And as the general public discovered by the Chrysler fiasco, the strict adherence to an impartial judicial system is not the Court of Appeals' strongest suit. In fact, all judges therein are likely currently having their phone numbers programmed into the speed dials of both the New York Fed and the various other independent administrations in D.C. for future usage.
One can only hope that at least Barnie Frank's strong endorsement (which we thank him for and which we will keep reminding him and his voters of consistently, in fact by shortly sending a letter to his office and CC:'ing all relevant parties, to inform them of Barnie's support) of HR 1207, and his promise that it will be passed by October, may be a slight consolation to all those who rightfully perceive even the judicial system is one penetrated by various crony interests, all of which are predisposed to maintaining the Fed's status quo, and whose opacity will be defended by all lawmakers, from the Court of Appeals all the way to the Supreme Court, to the benefit of Wall Street's oligarchy and to the facilitation of the extinction of America's middle class.