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."
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.
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.