Lacking clear criteria, the process lacks crucial transparency, said Ross Levine, a professor of economics at Brown University. "It seems an essential part of the U.S. approach to government that we don't trust the angelic behavior of anybody." Full Story »
Posted by Kaizar Campwala
This article raises the issue of oversight and transparency as the United States Treasury Department embarks on the largest financial giveaway in American (World?)history. Since failed regulation--of subprime mortgage lending, of the securities rating industry, of the derivatives market--got us into this mess, how can we countenance behind-closed-doors deals that will lead to the unregulated distribution of public funds? Just the beginning of what needs to become a very public discussion.
