The Federal Reserve will release information on several emergency loans it made to prominent banks when the financial crisis struck in 2008, CNNMoney reports. Bloomberg News initially filed a lawsuit against the Fed in an attempt to gain details on the loans; the Fed declined the request due to "trade secrets" that might be revealed in the fine print. While the banks and Fed won the initial lawsuit, an appellate court ruled that the media should get the information.
Banks then appealed to the Supreme Court, but the nation's high court today declined without comment to intervene—a tacit sign of agreement with the plaintiffs. "The Board will fully comply with the courts' decisions and is preparing to make the information available," a Fed spokesman says. The Fed made $9 trillion in overnight loans to banks during the initial months of the financial crisis. (Read more Federal Reserve stories.)