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New Orleans, Louisiana, United States
Admire John McPhee, Bill Bryson, David Remnick, Thomas Merton, Richard Rohr and James Martin (and most open and curious minds)

2.1.12

The Bloomberg $7.17 million

"Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress" by By Bob Ivry, Bradley Keoun and Phil Kuntz
Just when you thought Ron Suskind's Confidence Men or Andrew Ross Sorkin's Too Big to Fail gave you everything you needed to know about the federal government's bailout of U.S. banks, a 4,000-word report comes along in late November and changes everything. And we mean everything. Take the Troubled Asset Relief Fund's previously-reported cost: $700 billion. It may very well have gone in the history books as the bold price tag of saving the economy. Thanks to Bloomberg Markets, we now know it was actually $7.77 trillion or "more than half the value of everything produced in the U.S. that year." What's more, Congress was left in the dark about the extent of the bailout even while it set about passing legislation to prevent future bailouts. “We’re absolutely, totally, 100 percent not prepared for another financial crisis,” former Senator Ted Kaufman tells the magazine. The scoop didn't come easy. A group of the biggest U.S. banks, the Clearing House Association, tried to block the reporters' Freedom of Information Act request in a legal battle that rose to the Supreme Court. Eventually, Bloomberg Marketswon out, letting everyone gripe about the Federal Reserve's "secret bailout." It didn't come packaged with sexiest headline (you can thank "The Bloomberg Way" for that) but sometimes jaw-dropping, throughly-depressing journalism can speak for itself. 

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