Home

Blog

Recently Visited

  • Getting bills...

News, Commentary, and What to Watch on WashingtonWatch.com Blog Feed

Bailout Scandal: Undisclosed Sums Paid to NY Mellon Bank

Just two weeks after the passage of the bailout bill, and one day after a Treasury Department official declared, “we are committed to transparency and oversight in all aspects of the program,” the Treasury Department began covering up the amount it would pay to New York Mellon Bank to act as a financial agent in the bailout.

The amount to be paid the bank in the contract posted to the Web is blacked out.

That’s transparency? That lets us do oversight?

BailoutSleuth also points to a contract with a law firm in which the hourly rates of attorneys and staff are blacked out.

Let’s get something clear here:

Private contracts can be kept private. Public contracts are the public’s business.

When the government goes to spend $700,000,000,000.00 of taxpayer money, the public must be able to review every particular of that spending.

We are under no obligation to “trust” that this will be handled well. We should be able to see that it is being handled well.

The firms that contract with the government to provide services have no claim to privacy or confidentiality if they want to do government business.

Treasury should immediately publish complete versions of these documents.

Visitor Comments for Bailout Scandal: Undisclosed Sums Paid to NY Mellon Bank RSS 2.0

Two--Four

[...] for Financial Stability (are they f**king serious?) Kneel Cashcarry — or something like that. He lies. Oct 23, 08 | 1:22 pm AxeBitesVarious guitars I see floating by, mostly Gibson and mostly eBay. [...]

DS

Mellon works closely with BNB(MBNA)on the IRS refund anticipation loan program for tax collection and cross collects on the IRS tax return. BNB is out of Delaware, like Biden, and they have worked closely together on the RAL program, like Mellon; loans to minorities and checking proprietary loan programs against minorities. The mortgages loan programs were checked and I would wonder if Obama sued on this basis for federal housing/CHA. The loans they sued for were opened up to the public.

Mellon and BNB have already acted as Treasury agents in the collection of taxes and loans based on those IRS tax returns and cross collected from the IRS return for private banks like Mellon and BNB loans. Will the Delaware banks be cross collecting for US Treasury from other banks and businesses loans and tax returns? Delaware banking laws allow for banks to do more and that is why it’s Biden’s Delaware banks and Obama’s suits over proprietary loan programs and collecting from treasury those loans.

Mortgage terms and law suits. RALs and law suites. Cross collecting private loans based on taxes and Treasury. Joe and Barrack are pals on this?

The Agitator » Blog Archive » Bailout Blackout

[...] billion in taxpayer-funded bailouts, and they’re not even going to tell us how they’re spending [...]

The Bailout: Secret Payments? | Think Tank West

[...] the WashingtonWatch.com blog: Just two weeks after the passage of the bailout bill, and one day after a Treasury Department [...]

WashingtonWatch.com: Bailout Scandal « Our Politics

[...] Read more about it here. [...]

Bailout package blacked out provisions « Divining the News (DTN)

[...] billion in taxpayer-funded bailouts, and they’re not even going to tell us how they’re spending [...]

The Bailout Secrecy Game - The WashingtonWatch.com Blog

[...] 2008National Debt Clock: Up and Running AgainMore Assessments of the Candidates’ Legislative SkillzBailout Scandal: Undisclosed Sums Paid to NY Mellon BankThe Obama [...]

gary

FOIA, provides 9 broad exceptions to disclosure of documents.

The relevant exception in this instant case is that Government may not disclose matters of commercial or financial information that could be considered privileged or confidential. Such is the redaction.

Had the Congress sought 100% transparency, it would have taken but one sentence to add something like “…all contracts and financial information documenting financial transactions with all parties shall be publicly disclosed and shall not be subject to exceptions with FOIA”.

Congress didn’t add such sentence. Further, for bona fide reasons not relevant here, they should not have added such sentence, IMHO.

The Treasury, redacted as required by FOIA Law passed years ago by the Legislative Branch, and therefore should you or anyone wish to cast blame on an improper redaction, blame appears to reside 100% with Congress, no?

Jim Harper

Thanks for the thoughtful comment, Gary. However, I believe that the exception you’re talking about is for trade secrets and confidential financial information, like an individual’s finances or a private company’s profit and loss statements. Though I’m not a FOIA expert, I don’t think it’s intended for amounts being paid to a firm in a public contract. Such information is routinely published, and should be especially in a case of such great interest and expense. Thanks again.

gary

Here’s the exception. It’s pretty clear:

Certain confidential information, including trade secrets, commercial or financial information obtained from a person and that is privileged or confidential;

Jim Harper

It’s not at all clear. The modifier “and that is privileged or confidential” would not generally describe amounts earned in a public contract.

There is an entire Web site at USASpending.gov devoted to publicizing amounts spent in public contracts. It’s an unusual exception to that general rule to treat the amount earned by a service provider as confidential.

If you’re against transparency for some substantive reason, say why.

Roman’s Website » Blog Archive » The Secret Salaries of the Bailout

[...] “Just two weeks after the passage of the bailout bill, and one day after a Treasury Department official declared, ‘we are committed to transparency and oversight in all aspects of the program,’ the Treasury Department began covering up the amount it would pay to New York Mellon Bank to act as a financial agent in the bailout.” (Read more from washingtonwatch.com) [...]

PrincetonU.

After the $850 BILLION BAILOUT Fleecing by Congress and Executive branch of government, it’s business as usual for governments and banks to take everything possible form the people.

From the bank crisis of 1907 to the banking debt disasters today, the people will always be picked clean to the bone for whatever money the government can take.

The Federal Reserve, which btw, is the secretative ILLEGAL organization with very little transparency, continues it’s wasteful gifts to JP Morgan, Goldman Sachs, BofA and the rest.

When are the people going to wakeup and call and end to this conspiring government and bank deals?

All backroom deals!

droel

The mortgages will be ‘bought’ by the states and granted to the homeowners after ‘foreclosure.’ The federal funds pay the state to buy. Obama’s new Chicago friend.

The Bailout: Secret Payments? ( Finance, Banking & Monetary Policy ) | TheScholarsForum

[...] the WashingtonWatch.com blog: Just two weeks after the passage of the bailout bill, and one day after a Treasury Department [...]

The $17.4 Billion Auto Bailout Plan - The WashingtonWatch.com Blog

[...] They could have asked me . . . . [...]

2008 Year-End Statistics - The WashingtonWatch.com Blog

[...] about 64,000 pageviews of the 247 posts on the blog in 2008, the most popular post being “Bailout Scandal: Undisclosed Sums Paid to NY Mellon Bank.” (OK, public: more scandal in 2009. These are the incentives the mainstream press lives with [...]

2008 Year-End Statistics | Blogging Hope

[...] about 64,000 pageviews of the 247 posts on the blog in 2008, the most popular post being “Bailout Scandal: Undisclosed Sums Paid to NY Mellon Bank.” (OK, public: more scandal in 2009. These are the incentives the mainstream press lives with [...]

Lynn

Bank of New York Mellon, is foreclosing on me and they don’t care. No wonder they won in court. They should be very proud of taking a home of a Disabled Veteran, who is going to become homeless. I tired working with BOA, who had my loan from Countrywide, yes it is a predatory loan, sub-prime. I tired to talk to Mellon’s lawyer Kerry Duffy, she didn’t care, she blamed us.
They get a bailout and we lose our home, my partner is a Veteran.
What is wrong with this country? How can you do this, you got the money for our loan, plus, when you used it for investments, they go wrong, so we have to pay for what you did.
Where is our bailout? That attorney we hired was useless.
Who is going to help us? I can’t get help anywhere, we don’t have deep pockets like Mellon.
Anyone have any ideas on helping?
We didn’t take out this loan to try and walk away, we tired to work with the system and it failed us who served our country.
Who is going to step up for us?
Here they are suing us for our home and they have billions in bailout and the top guy is flying around in a jet. Thanks government you are helping to make us homeless. We don’t have any power, how can I get a hold of someone who cares and will help us. We are people, who did nothing wrong. Mellon didn’t check out to see if we could pay it, not until the lawsuit did I know they lied about my income, loan broker. Miss one paycheck and we are trouble, it happened. These loans were done to fail. Shame on Mellon, you have no heart. Can we come and live in big mansion Mr. Mellon? e-mail me your address.

Add Comment


Comments are limited to 1,000 characters. Please do other visitors the courtesy of expressing yourself concisely. WashingtonWatch.com bears no responsibility for comments nor any obligation to publish them. Comments that are impolite, off-topic, violations of others' rights, or advertisements are likely to be removed.