With the Washington Post and other mainstream media outlets publishing endless defenses of “Federal Reserve independence” and proclaiming the Fed as savior of our financial system, it is all to easy to dismiss much of the media as simply defenders of the status quo. There were many, however, willing to challenge this orthodoxy. Standing out among them was Mark Pittman, reporter for Bloomberg. It was Mr. Pittman who sued the Federal Reserve, winning a victory on August 24, as the Manhattan Federal Court allowed the suit to proceed. Sadly, Mark Pittman passed away on November 25th.
Mark Pittman and his employer, Bloomberg News, sought details on the Federal Reserve’s numerous special lending facilities. Which firms were getting loans, and for how much and at what terms? These were all details the American public were entitled to, yet were denied by the Federal Reserve. We all remember the Fed’s warnings that if AIG counter-parties were named, there would be market disruptions. Yet, after much public and Congressional pressure, those firms were named, with no adverse market consequences.
While Mark Pittman’s efforts will be greatly missed, his suit continues, as does the efforts by Rep. Ron Paul and others in Congress, to bring transparency to the activities of the Federal Reserve.