Bailout Contracts Blacked Out
If I remember correctly, Treasury Secretary Hank Paulson sat in a committee hearing and pledged transparency in the operation of the ongoing bailout of the nation’s financial sector. After initially proposing a plan that would have had no oversight or transparency, Paulson reversed course under committee grilling and promised transparency. That promised transparency must be so good because I sure can’t see it.
Bailout watchers report that bailout contracts written by Treasury are redacted, including how many bailout bucks banks are set to receive. Other contracts for accountants are also riddled with redactions. The Treasury Department needs to fulfill its promise of transparency by not redacting its contracts and loans during this incredibly expensive time for taxpayers.
If you want to follow more about this story, ProPublica and Mark Cuban’s Bailout Sleuth are the best resources for tracking bailout transparency right now.