Transparency? What transparency?
Bloomberg is now working on a FOIA (Freedom of Information Act) just to find out who are the recipients of $2 trillion in taxypayer money.
The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.
Bloomberg has also started a lawsuit in federal court simply to find out who is getting U.S. taxpayer money.
Good for Bloomberg. $2 trillion. That's a lot of cash.