Network takes on Treasury Dept.
Fox Business Network has filed suit in Gotham against the Treasury Dept., claiming the agency ignored two Freedom of Information Act (FOIA) requests regarding the recent Wall Street bailout.On Nov. 25, the News Corp.-owned cable newser asked Treasury for data on the funds to be distributed to AIG and the Bank of New York Mellon. On Dec. 1 it issued a second FOIA request for info on the Citigroup bailout. Specifically, Fox Biz wants to know which assets the feds purchased, what collateral was extended, and what restrictions have been placed on the rescued banks going forward. Explaining the motivation behind the inquiries, FBN exec veep Kevin Magee said, “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.” The net’s legal counsel, Steven Mintz of Mintz & Gold, 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.”