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Re: TARP Secrecy - Obama Needs to Fulfill His Promise of Transparency
This is unacceptable. Obama needs to fulfill his promise of transparency. So far, too much is being done behind closed doors.
Update:This quotes are from testimony given during a Congressional hearing held today. Here is the link.Elizabeth Warren, in charge of oversight of the financial industry bailout, told a congressional panel Tuesday that the Treasury Department has not been cooperating with her efforts to oversee the project.
"We do not seem to be a priority for the Treasury Department," said Warren.
Warren argued that "continuous subsidization without vigorous oversight is exactly what got us into this." ... Warren said Congress may need to enact new legislation to give itself more access to the bailout program.
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Please give resource for this cite. Thanks.
March 31, 2009 3:16 PM | Reply | Permalink
Geithner's letter to the Congressional oversight board basically said (in far more words) that whatever was going to be made public was posted on http://financialstability.gov/ and that they could read it there.
Since Warren is heading a bi-partisan oversight board created by Congress, Geithner would be well advised to not share too much -- it is better to take flack for being uncooperative than to give the Republicans ammunition.
Note also that disclosing too much about the large US banks' financial condition, the composition of their assets, and their trading positions is dangerous to the United States' position in international finance. As the former head of the New York Federal Reserve Bank he would be keenly aware of the international competitive situation.
March 31, 2009 10:40 PM | Reply | Permalink