Mark Cuban has a new pet project: BailoutSleuth.com seeks to keep readers updated on how their money is being spent as part of the $700 billion bailout of financial institutions.
So far the early returns aren't looking good. Yesterday the site's editor, Chris Carey, wrote that the "Treasury Department put out an announcement about a major bailout-related contract with Bank of New York Mellon Corp. that fell short in the transparency department."
The problem? Nearly all the information on compensation was redacted, leading to less than illuminating lines like this: "The Financial Agent shall receive a monthly fee ---------------------------------------."
It's hard to know what purpose is served by keeping taxpayers in the dark about how much Bank of New York Mellon (NYSE: BK) is being paid for its services. This reeks of the same contempt for taxpayers that characterized the passage of the bailout in the first place.
Concerned citizens should consider bookmarking BailoutSleuth to follow this travesty in real time.
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Reader Comments (Page 1 of 1)
10-18-2008 @ 12:09PM
rkangell said...
Transparency is the most important issue going forward. Until investors know what they are buying, they won't make an offer - except at the point of a bazooka.
Transparency WILL be accomplished. But if bankruptcy is the only tool we have to truly, actually determine what the assets and liabilities are, the process will be very, very, .....very, messy. Financial progress will increase in proportion to transparency. The more clearly one can see ahead, the faster one can proceed forward. Right now, transparency is the issue, and will remain so until that transparency is accomplished. That will happen either quickly, by mandate (immediate concentrated anguish , or slowly by the market (years of widespread anguish).
Let us simply ask that any bank that gets government money – our money, open its books. That’s all. No socialism or forced takeovers, just honesty. Because it appears that is the real problem. Everybody says this is a crisis of confidence. However, honesty is the basis of confidence. Without honesty, how can there be confidence?
10-18-2008 @ 12:21PM
Frank B said...
Give the $700 billion to the taxpayers instead of the bums that created the mess. Taxpayers will get the economy moving again by paying off bills, buying cars, paying for health insurance, taking vacations and etc. Our leaders and greedy CEO's will only get us further in debth. Someone should tell them it is our money, not theirs.
10-30-2008 @ 10:32AM
JoAnne Hitch said...
Finally someone is ready to make the govenment look the way they have looked all along. Greedy and frivlous. It is our money and they should work for us not us work for them. I am all for accountability. I agree with Mark, I don't trust our government because everything they touch they screw up. Thanks Mark, I plan to check this site often.