In which lambert apologizes, again, for being prematurely correct
As Josh mentioned earlier in the week, the Fed has brought in -- with next to no transparency -- four firms to dispose of the $500 billion of toxic mortgage-backed securities the Fed has purchased as part of one of its bailout programs (separate and apart from the Treasury Department's TARP program).
So how much are these guys making under their contracts with the Fed? We called around and all of them declined to say.
Paulson censors compensation numbers on Bank of New York bailout contract, despite promises of "Transparency"
Yes, they actually blacked out the numbers on the compensation contracts, as Bailout Sleuth showed.
TPM really has gone totally Village, hasn't it? Telltale sign: They worked the phones ("called around") instead of actually doing the research.
NOTE See here for lack of transparency in TARP.