A.I.G. Deal = (NY Fed + S.E.C) - Transparency

(Via CJR and Barry)

The AP is reporting that while filing the paperwork for the A.I.G. bailout, the NY Fed asked the S.E.C. to keep the documents secret.

The S.E.C., in its role as defender of the people's market, tried to accomodate the request - and buried the AIG paperwork.

Then journalists started filing Freedom of Information Act requests. Here's CJR's Ryan Chittum:

...the Geithner New York Fed reacted to a FOIA not by releasing the information, but by making more information secret—in order to prevent other meddlesome reporters (or lawyers) from filing FOIAs!

Nice. Yet another reason to believe that the Fed should be entrusted with regulatory powers to protect consumers.