Fox News sues federal government

[Micah 16]

I didn't believe at first until I actually saw it being discussed on Fox News. Well, Fox Business Network wanted information about who's getting the money from the bailout which is perfectly legal. Well, the Treasury didn't want to do that.

More on bailout blackout: FOX News sues Treasury to get details of federal bailout

Following up on last week’s report on the efforts by numerous citizens and news organization demanding more details from the federal government about the Wall Street bailout, we’ve heard that a division of FOX News has now filed a lawsuit against the Treasury Department seeking details regarding the bailout of three major companies.

The Huffington Post is reporting today that FOX has filed a complaint in Federal Court in New York asking the court to make the Treasury provide the information the news organization sought in two separate requests made under the federal Freedom of Information Act. The FOIA complaint was filed by FOX News Network, LLC, as owner of FBN.

Last week, 78 organizations, including the National Taxpayers Union and Openthegovernment.org, sent a letter to Congress demanding that it force the Treasury Department, Federal Reserve and other agencies to reveal to the public exactly where the federal money is being spent.

On Nov. 24, the Fox Business Network used the federal FOIA to seek details about the bailout funds for AIG and Bank of New York Mellon. On Dec. 1, the organization filed another FOIA request seeking information about the Citigroup bailout, according to Huffington.

Among other information, the network is seeking details about the troubled assets purchased, any collateral extended, and any restrictions placed on the companies for accepting the federal money.

“The Treasury has repeatedly ignored our requests for information on how the government is allocating money to these troubled institutions. In a critical time like this amidst mounting corruptions and an economic crisis, we as a news organization feel it’s more important than ever to hold the government accountable,” Kevin Magee, the media giant’s executive vice president, said in a press release.

The network’s lawyer, Steven Mintz, added, “Despite the several requests for expedited information filed by FBN, it has become apparent that the Treasury will not cooperate without mounting legal pressure.”

We applaud this effort and hope the Federal Court sees fit to side with the citizens on this fight. You’re paying for this bailout with your tax dollars. You have a right to know exactly how it’s being spent.

We also encourage our congresswoman, Rep. Kirsten Gillibrand, R-Greenport, to pressure the federal agencies to release the information.
quote>

Source

[_Atticus 10]

I don't know the legal nature of the case, but I'm with the government on this one. The reason why the Treasury is withholding the information is so to protect the banks. Banks which were not eligible to receive funds from TARP, can keep this fact a secret so as to not have further declines in stock price, deposit base, etc. If people found out which banks were ineligible to receive funds, those banks would quickly disappear, and that's the last thing this country needs right now.

-Pingangster

[Easy Bakes 253]

Amazing a news network actualy trying to do some reporting.

[LarksTonguesInAspic 28]

It just confirms my belief that the bailout was a scam from the start. Don't forget how many Golden Sacks men were involved, and how Paulson's personal assistant is overseeing the administration of the bailout loot. Fox is just doing their job.

[Easy Bakes 253]

Originally posted by: pingangster I don't know the legal nature of the case, but I'm with the government on this one. The reason why the Treasury is withholding the information is so to protect the banks. Banks which were not eligible to receive funds from TARP, can keep this fact a secret so as to not have further declines in stock price, deposit base, etc. If people found out which banks were ineligible to receive funds, those banks would quickly disappear, and that's the last thing this country needs right now.

-Pingangsterquote>

 

I dont think the average person realy cares which banks get the money.To them a bank is a bank, there will always be banks to put thier money in and draw credit cards and checks from.

what they most want to know The name's of the people who will be in control of this money and weather their personal fortunes will be were a lot of it goes.

 

[Ntq€310 1]

Say what you want about Fox news but there doing what is needed. Many, in the news, organizations, or normal people just want to know where the massive 700 billion has gone.

All paulson and congress talked about before hand was " If you dont pass it where all going to hell " and now the economy is no better, though the banks are sitll standing which is good i guess. but still.

[hym 358]

Originally posted by: Ntq$310 Say what you want about Fox news but there doing what is needed. Many, in the news, organizations, or normal people just want to know where the massive 700 billion has gone.

All paulson and congress talked about before hand was " If you dont pass it where all going to hell " and now the economy is no better, though the banks are sitll standing which is good i guess. but still.quote>

The economy won't get better for a while, regardless of what is done.  During the time that they were attempting to pass the legislation, economists were predicting that it would take roughly a year before things showed signs of turning around.  We've only been in this for a few months now and still have several more to go yet.

[_Atticus 10]

Originally posted by: Easy Bakes

To them a bank is a bank, there will always be banks to put thier money in and draw credit cards and checks from.quote>

I'm sorry if I have a pessimistic view, but if the names of the banks that failed to qualify for TARP money surfaced, they would probably go down, as people would lose all trust in them and would take out deposits and sell stock. The failure of such a great number of banks would in turn devastate the already weak economy, especially the financial sector (just look at what happened when Lehman Brothers went belly up). Many banks that are relatively sound today would be severely hurt, rendering the TARP useless. So no, there wouldn't always be banks where people can put their money and draw credit cards from.

I'd rather have no knowledge of where the money goes than have the whole financial go down.

-Pingangster

[Duke87 1,070]

Originally posted by: pingangster I don't know the legal nature of the case, but I'm with the government on this one. The reason why the Treasury is withholding the information is so to protect the banks. Banks which were not eligible to receive funds from TARP, can keep this fact a secret so as to not have further declines in stock price, deposit base, etc. If people found out which banks were ineligible to receive funds, those banks would quickly disappear, and that's the last thing this country needs right now.

-Pingangsterquote>

The government withholding information from the public is never a good thing. That's why we have the Freedom Of Information Act.

If they refuse to reveal the details, the question is immediately begged: what are they trying to hide? You can never trust someone who's keeping secrets from you like that. Especially if that "someone" is the government.

Information is a powerful thing. If the government has too much control over it, it has way too much power and that can only lead to oppression. Just look at North Korea. Ronery boy has quite a tight fist on information there. All the people in that country only know what his government tells them. They think they are the most prosperous country in the world. Obviously, that couldn't be farther fro the truth. If they knew how bad they have it, he'd get overthrown in an instant.

We, as the public, have the right to know just how our tax dollars are being spent. Public scrutiny is one of the most important checks and balances we have in our system. Without it, the government can pretty much do whatever the hell it pleases with us being none the wiser. Keeping secrets here threatens the very fabric of our democracy.

Besides, it's not like this is a secret you can keep forever. Eventually the money will all be handed out and then which banks do or don't receive any and how much will be known regardless.

Now, I would argue that the government bailout by its very existence is a threat to the values our society is supposed to be founded upon, but it already passed, so we've already lost that battle.

Let's not lose another one.

I'm sorry if I have a pessimistic view, but if the names of the banks that failed to qualify for TARP money surfaced, they would probably go down, as people would lose all trust in them and would take out deposits and sell stock. The failure of such a great number of banks would in turn devastate the already weak economy, especially the financial sector (just look at what happened when Lehman Brothers went belly up). Many banks that are relatively sound today would be severely hurt, rendering the TARP useless. So no, there wouldn't always be banks where people can put their money and draw credit cards from.quote>

I'm not so sure that that would actually happen, but if it does, good.

The economy be damned. I hope we end up in a second great depression. Because if this all just blows over relatively quickly, it won't leave a lasting impression and nobody will learn not to repeat the asinine and hubristic actions that got us into this mess in the first place.

[_Atticus 10]

Should I make a new "Do You Agree With the Bailout Thread"?

[N106 10]

C'mon folks, this is FOX news. I honestly think that they will criticize the bailout in an attempt to stop it. While corporate welfare such as bank bailouts is annoying, imagine how many jobs would be lost if the banks failed. Image how the economy would fare. I'm with the government on this one.

[Ntq€310 1]

Look Dont just hate it because it's FBN that's doing it. The Banks wont fail now anyway, obama, congress wouldn't allow it, and besides that they have already been bailed out by the money that congress has secured. We also have a right as the people to know where what the governet is doing with 700 Billion dollers. It is one of the basic cheaks and balances of the system.

Really you act like Fox news is going to use the situation to stop the Bailout, even though it couldn't be stop anyway. This isnt about saving the banks, it's about knowing where the money is going, and what there doing with it.

[bakercity 270]

If I remember right, the Federal Government passed a bill called Freedom of Information Act some time ago. If Fox News and FBN asks the Fed. Gov. for info on the bailout, the Fed. Gov. (the Treasdury) has to obey the request. If the Government refuses, it is in violation of Federal Law and the requester has the right to sue the governemnt. As a tax payer, I demand and would like to know where my tax money is going. JKB

[_Atticus 10]

I totally agree that Fox News has the right to do so, but in my honest opinion, in a dire situation like the one were are in right now, it should not`exercise that right. Though I understand we are all entitled to know the truth, actually finding out will not affect you in any way. It will affect the economy though. In a bad way. So what's more important, your own personal knowledge, or the economy?

-Pingangster

[Callbat 8]

I totally agree that Fox News has the right to do so, but in my honest opinion, in a dire situation like the one were are in right now, it should not`exercise that right. Though I understand we are all entitled to know the truth, actually finding out will not affect you in any way. It will affect the economy though. In a bad way. So what's more important, your own personal knowledge, or the economy?

-Pingangsterquote>

I for one, would rather NOT include myself amongst the easily fooled, ignorant, chauvinistic sheeple. I want answers from government and I can tell you that I greatly value my own personal knowledge and safety from the cesspit of ignorance over the country's economy. It is important for the (more or less efficient) functioning of all societies, that the government have fear of the people rather than the other way around and that the people know more about the deep secrets and inner workings of the government than the government knowing the deep secrets and information of the people (in other words, governments that rely on secrecy and surveillance, such as our current administration, are not good, and always fail) and that is why it is always essential to ASK QUESTIONS and DEMAND ANSWERS.

"Anyone who is willing to sacrfice a little liberty to gain a little security will deserve neither, and lose both"

    -Benjamin Franklin

Oh I would also like to say hello to everyone, as this is my first post on Simtropolis in quite a while

[Ntq€310 1]

May i ask how exactly knowing where the money has gone is bad for the economy?

[Patricius Maximus 236]

It would be bad for the banks, not the economy. If FBN finds out where the Treasury has donated that money, there would be a public uproar about how and where they spent it.

I may not agree with most of the views of the Fox news anchors, but there is one thing they are -- capitalists.

Economic regulation and intervention is good when it benefits the people and all involved. When it helps the corporations, it is bad, and the government should stay out of it.

I'm going to create a bailout thread. So, any discussion about the bailouts should go there.

[Bluebeard 0]

I wish Fox news the best of luck seeing how our elected officials feel they don't need explain themselves to the American people unless they are up for re-election.

      This so called bailout was poorly written and now the government hasn't a damn clue as to where the money went thus the reason for not giving out the info.Once again our government screwed up and left us tax payers with the bill.

[Barbarossa 51]

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  Edited September 7, 2012 by Barbarossa  

[saltandsauce 0]

fox news has the same dilema as robert peston, robert peston made the northern rock problem public and so, caused it to collapse, the FOX network has the power of self-fulfilling prophecy, if they report it (in the usual world-coming-to-an-end fashion) then they will aggravate the problem like picking at spots

[Duke of York 23]

Congrats to Fox News.....I hope they keep up the good work! 

[Jillybean86 38]

I think it's funny that they're worried about wasting taxpayer money, so they sue the government...which wastes taxpayer money...

[LarksTonguesInAspic 28]

How is it wasting  money to demand proper (and legally obligated) accounting for such an enormous amount of money? It should be a red flag that the gov't wants to keep it a secret.

What did Barney Frank and Chris Dodd know, and when did they know it? And how much money did they make on it?

[Duke87 1,070]

The most amusing part is how Obama says in no uncertain terms how CEOs getting bonuses after getting bailed out is horrible, while at the same time, Geihtner goes and tells Dodd to put the allowance for it back in the bill, supposedly over concern that banning the bonuses would lead to too many lawsuits.

There are two possibilities here: either the administration is saying one thing and doing another, or Obama means what he said but can't keep the dogs in his cabinet properly leashed. I don't know which is worse.

[Barbarossa 51]

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  Edited September 8, 2012 by Barbarossa  

[Meg 368]

Originally posted by: bakercity

If I remember right, the Federal Government passed a bill called Freedom of Information Act some time ago. If Fox News and FBN asks the Fed. Gov. for info on the bailout, the Fed. Gov. (the Treasdury) has to obey the request.quote>

It's not that simple.  There are exceptions to the Freedom of Information Act (FOIA).  There are also exceptions to the Privacy Act.  The two Acts must be considered together, along with both lists of exceptions, before it can be determined if the information can be released.   I actually took a class in this years ago.   It is far from straight-forward, even if it seems to be on the surface.

The "real" source for the FOIA exceptions would be the US Code but it is in lawyer-ese.   More more English version of it can be found here.

 

[Jezus53 18]

Correct me if I'm wrong with this, but if they declare bankruptcy like every other company would, wouldn't that nullify the contracts with the CEOs? Then we wouldn't have to worry about the bonuses. I heard someone talking about this and it made sense to me, but I have no idea how bankruptcy works.

[Jillybean86 38]

Duke, I'm pretty sure it's the second option you gave, and to me it is worse.

The CEO bonus fiasco comes straight out of Catch-22. One of the issues that book takes aim at is bureaucracy and its paperwork. When the paperwork says something, it must be followed, even if it is highly HIGHLY illogical. One example in the book is the doctor, Doc Daneeka, is supposed to be on a plane that crashes. Everyone saw the plane crash, and the flight records showed the doc was supposed to be on it. Even though he was standing next to them on the ground watching it crash, according to the paperwork he was dead. They notified his wife and started the KIA paperwork, even though he was standing in the room telling them he was alive, and clearly was.

As absurd as it is, the CEOs are fighting to be paid their bonuses they are "entitled" to despite having run their business into the ground. The movie Training Day gave us the gem "It's not what you know, it's what you can prove", and in this case, the contracts are the proof, and they say they must be paid.

[zane900 1]

too bad faux "news" didn't bother to investigate the billions that simply went missing in Iraq.... whole pallet loads of $100 bills just gone.