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.
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.
The fight for WaMu documents
The Dow Jones Industrial Average plummetted more than 1,000 points as news of a spreading coronavirus outbreak suggests wider coming damage to the global economy.
Italy today confirmed over 150 cases of the disease.
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