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 Departm
ent 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?
Read more about it here.
- Sal
Filed under: Economy | Tagged: bailout, mellon bank, New York, NY, oversight, scandal, transparency
Well, New York Mellon Bank is one of the two banks that act as clearing agents for the Federal Reserve and Treasury (the other one is JP Morgan). The Treasury needs a financial agent to do the transactions. I am in no way in support of government withholding information but it is not abnormal for the Treasury to choose Mellon as its financial agent.
Well, New York Mellon is one of the two clearing agents for the Federal Reserve of the Treasury. Since the Treasury needs financial agent to actually conduct the transactions, it is not abnormal to choose New York Mellon Bank.
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