Tim Ellis sez, "Completely inexcusable 'transparency' from the FDIC, releasing hundreds of totally blacked-out docs in response to a Freedom of Information Act request about the closure of Washington Mutual.
'An unprecedented level of openness in Government' indeed."
On the plus side, at least one agency in the Administrative branch knows how to redact a document.
Both agencies have declined repeated requests to answer questions about how they decided to close WaMu. WaMu is just one of 155 financial institutions closed since the housing crisis got under way in 2008, including six closed so far this month.
The fight for WaMu documents
Under FOIA, agencies are required by law to provide information within 20 days.
The FDIC has offered several explanations for the delay, most often citing its workload. A lot of banks have failed since the onset of the financial crisis, they said. "We're drowning in paperwork," one of the agency's FOIA officers said.
Wells Fargo made a habit of firing employees who didn’t make unrealistic sales targets, turning a blind eye to the fraud they had to commit in order to keep their jobs (and firing the whistleblowers who reported the fraud).
The winner-take-all economy has turned virtually every industry into a cartel (four record labels, two cable companies, two phone operating systems, etc) who operate without fear of competition regulation, allowing representatives of a few companies to gather in closed-door meetings to cook up operating agreements that end up having the force of law.
Wang Jianlin made billions speculating on Chinese real-estate; now that he’s diversified into buying Hollywood movie studios and chains of movie theaters, the richest man in China is prepared to say what many have known: the Chinese property market is a huge, deadly bubble that’s ripe to burst.
Amazon’s Audible is hands-down the most popular place to find audiobooks. With its library of over 180,000 books, Audible has the biggest audiobook selection in the world, and a membership gets you a free book each month. You can sync Audible across multiple devices, so you’ll never lose your spot whether you’re on your computer or your phone.This […]
#1. A-Audio Legacy Noise Cancelling Headphones with 3-Stage Technology The A-Audio Legacy Headphones are the Boing Boing Store’s best seller this month, and it’s easy to see why. With 40mm drivers, powerful circuitry, and memory foam padded circumaural ear cups, these are clearly super high-quality headphones. Plus, the patented 3-Stage Technology lets you toggle between passive […]
Vaping is getting more mainstream by the day, which means there’s been an influx of quality yet affordable vaporizers on the market. We’re particularly excited about the APX Wax Vaporizer Kit, which is an easy-to-use, high-quality vape that works with both dry herbs and waxy concentrates.If you’re a beginner trying to get into vaping, the APX […]