Transparency Schmancparency: Bailout Payment Details Blacked Out
from the this-will-end-badly dept
Of course not.
The folks over at Planet Money note that the first contract awarded under the bailout, with Bank of New York Mellon Corp. just so happens to have the compensation details to Bank of New York Mellon redacted. If anyone is going to trust the government in handling the $700 billion, how much it spends and how it compensates the various banks that take part in the process clearly need to be open. Otherwise this is a huge opportunity for cronyism and corruption. To start out by blacking out the compensation details is quite troubling, and it doesn't exactly bode well for how transparent the rest of this process is going to be.