Thursday, October 28, 2010

WSJ: Bloomberg's FOIA Problem

In today's Wall Street Journal, Bloomberg's Matthew Winkler complains that FOIA isn't helping Bloomberg find out what the US Treasury did with taxpayer money in the 2008 bank bailout--and that government secrecy is bad for business, bad for the economy, and bad for America...
Americans remain bitter about federal bailouts, even after every penny of the $309 billion rescue of banks and insurers was returned at a profit. Why? Because our government refuses to disclose all of the facts and, until it does, every poll will continue to show a lack of confidence in the government and in the companies that finance America.

More than a dozen books have been written about the collapse of the world's biggest credit market and the government's unprecedented steps to protect hundreds of banks from certain ruin. Yet we still don't know: Who made the decisions?