Judicial Watch Files Lawsuit against Federal Reserve to Obtain AIG and Lehman Brothers Bailout DocumentsSubmitted by northstar on Fri, 05/21/2010 - 14:04
Lawsuit Filed on Behalf of Former Federal Reserve Employee Seeks Information Regarding Government's Legal Basis for Financial Bailouts
Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced today that it filed a Freedom of Information Act (FOIA) lawsuit on May 11 against the Board of Governors of the Federal Reserve System for documents related to the bailout of American International Group (AIG) and the bankruptcy of Lehman Brothers. The lawsuit was filed on behalf of former Federal Reserve employee Vern McKinley. The lawsuit is part of Judicial Watch’s comprehensive investigation to determine under what legal authorities and lawful rationales the federal government initiated the Wall Street bailouts.
With his March 21, 2010, FOIA request targeting information related to the AIG bailout, McKinley requested: “…any and all communications and records concerning or relating to the Board [of Governors’] decision that detail that ‘the disorderly failure of AIG was likely to have a systemic effect on financial markets that were already experiencing a significant level of fragility,’ as described in the [Board] meeting minutes.”