Capital Markets

Depends on Your Definition of Transparent

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Last week, I noted that despite assurances from Treasury officials that the bailout largess would be distributed in a transparent, accountable manner, one of the first big contracts awarded by the federal government, to the Bank of New York Mellon, had the actual amount of money to be paid to the bank redacted before the contract was made public.

The new website BailoutSleuth now reports that subsequent bailout contracts to PriceWaterhouseCoopers, Ernst & Young, and the law firm Simpson, Thatcher & Bartlett were also posted with significant information redacted.

No matter what happens to the economy, it looks like business and finance journalists will have plenty of job security over the next couple of years, if for no other reason than to track how the government spends all of this money.  I'd expect debacles at least on par with the awarding of contracts in Iraq and after Hurricane Katrina.