Tuesday, March 22, 2011

Bloomberg News yankin' the ski mask off of TARP recipients

It looks like the American Taxpayer will finally get to see which banks got the bailout.  The Supreme Court refused to hear an appeal by the Banking Industry to keep secret the details of who got what from the TARP.  Thanks to Bloomberg News filing a FOIA (Freedom of Information Act) request, the Federal Reserve will have to disclose the "names and details of the banks that borrowed money from the “discount window,” where U.S. banks have turned for emergency funds — confidentially — for nearly a century.

This is just another example of the hubris and the disconnect that corporations (specifically the Banking Industry) have from Main Street and reality.  When you take taxpayer (public) money to bailout a private enterprise, the taxpayers get to see who you are and what you spent it on.  Once you've paid us back, then we'll get out of your business.  Simple as that. 

Bloomberg News, you have the thanks of a greatful taxpayer.

1 comment:

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