Ritholtz is pissed:
In a post
that outlines the SEC facilitating the hiding of AIG's pass-through bailouts (i.e. payment at par to counterparties like Goldman Sachs), he wrotes: (emp add)
The SEC, working hand in glove with AIG, agreed to keep bailout terms sealed, including information on the pass thru to counter parties such as Goldman Sachs at 100 cents on the dollar. This SEC granted “confidential treatment” was agreed to last May, and a “secrecy order” (WTF is that?) will stay in place until November 2018.
Quite bluntly, it is astonishing that the SEC agreed to this.
... this was a case of an insolvent insurer receiving 100s of billions of dollars in taxpayer monies, who then used the government’s regulatory agency to hide where the proceeds of the public went — from the same public who wrote the checks. This is the latest outrage in a series of outrages.
I’m no expert in constitutional law, but I would imagine that a President — especially one that campaigned on transparency in government – could override this shameful exercise in douchebaggery.
I continue to wonder if anyone in DC has the slightest clue WTF the they are doing. I was sick to death of the sheer willful anti-science, anti-logic ignorance of the Bush administration. I hoped that the new guys will be less overt hostile to the public, less secretive, more respectful that this is — or at least used to be — a Democracy. The stupiditiy of the Bush administration has been replaced by a new flavor of ignorance — the cluelessness of the Obama team. We might as well have given W a 3rd term, given the outrageous and embarrassing decision making we have witnessed so far.