The Financial Crisis: Why the Secrecy?

Monitoring. Oversight. Does Paulson really believe that we don't care who he hands money to? We do care. We want to know why some companies are being bailed out while others are not. What's the skinny? And what are the terms and conditions? If we don't have monitoring and openness about all that money -- why not just go into our bank accounts and take the money? Just vacuum it up.

Here's a letter in today's San Francisco Chronicle:

Editor - Is the existing administration attempting to bankrupt the U.S. government before the new administration can begin?

Buried in the Nov. 11 Chronicle are two articles "Treasury lets banks have big tax breaks" and more startling, "Fed won't disclose recipients of loans (Daily Digest)." The latter disclosed that, "the Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loads."

What is going on here?

What are The Chronicle and the rest of the press doing to publicize what appears to be a raid on the national treasury? Why the secrecy? Are they lining the pockets of their cronies?

I encourage The Chronicle to perform the duty that freedom of the press allows you. Investigate this and let us know that you care and what we can do, if anything.

-- John Boerger
San Francisco

Thank you, John Boerger for writing such a great letter! What we can do: write letter to the editor of The Chronicle and other papers quoting John Boerger and pushing for these papers to do their investigative reporting. Let's have at it!

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