a. Documents concerning the U.S. Government's intervention (bailout,
capital injection, conservatory formation, etc.) for Freddie Mac
(records include but are not limited to legal framework,
consideration and documentation of foreign investors' concerns,
correspondence, etc.).
b. Documents concerning the U.S. Government's intervention (bailout,
capital injection, conservatory formation, etc.) for Fannie Mae
(records include but are not limited to legal framework,
consideration and documentation of foreign investors' concerns,
correspondence, etc.).
The bailouts of Fannie and Freddie have already cost taxpayers $86 billion
-- and are expected to cost up to $200 billion by the end of next year.
Judicial Watch filed its initial FOIA request on February 5, 2009, as part
of a large-scale investigation into the government's response to the
financial crisis. By law, Treasury had until March 6, 2009, to respond.
Treasury Department officials requested a 10-day extension to conduct a
document review. However, since that time, Treasury has provided no
documents and no indication when documents will be forthcoming.
On his first day in office, President Obama promised that "transparency and
the rule of law will be the touchstones of this presidency." The president
further declared that "the Freedom of Information Act is perhaps the most
powerful instrument we have for making our government honest and
transparent, and of holding it accountable."
Earlier this year, Judicial Watch had to sue the Obama Treasury Department
in order to obtain documents regarding an historic meeting held by former
Treasury Secretary Henry "Hank" Paulson with top bank executives. The
documents show that Paulson and other officials, including then-NY Fed
Reserve head and current Treasury Secretary Timothy Geithner forced the
executives to take the government's $250 billion "investment" (and
resulting control).
"Judicial Watch should not have to fight tooth and nail to obtain important
information from the Obama administration related to the federal
government's response to the economic crisis. The public has every right
to know the details regarding the federal government's $200 billion bailout
of Fannie Mae and Freddie Mac," stated Judicial Watch President Tom Fitton.
"When is the Obama administration going to start keeping its promises of
transparency?"
Visit www.JudicialWatch.org to view Judicial Watch's lawsuit against the
Treasury Department.
Contact Information: Contact: Jill Farrell 202-646-5188