David Sirota has noted that the Treasury Department is redacting documents for public consumption related to the bailout. What’s being redacted? Those portions of contracts specifying how much private firms are going to be compensated by the Treasury for administering services related to the bailout. In particular, he posts portions of the contract with Bank of America to provide bookkeeping services for the government and with a law firm to provide legal services. The rates of compensation for both have been blacked out.
That’s certainly a reassuring start to the bailout and making sure that tax dollars won’t be used to enrich the Usual Suspects.
Good thing the Democratic Congress voted with the Bush Administration on this. Two peas in a pod.