Still No PPIP Transparency from Treasury
Last month, The Treasury Department named nine managers for the PPIP, which is designed to help banks escape the toxic messes of their own making. It also said "over 100 unique applications... were received." It almost sounded like PPIP was so popular that Treasury had to beat off hopeful participants with a stick. To know for sure, though, we though it would be helpful to have a list of the rejected applicants. After all, what if my grandmother was one of them? I love her (and she is "unique"), but she's not quite as qualified for PPIP as, say, The Carlyle Group would be. Unfortunately, a Treasury Department spokesman declined to provide the list when I originally asked, so Thomson Reuters filed a Freedom of Information Act (FOIA) request on July 10. We asked only for the names of the applicants, not for any associated financials. We have since received a reply dated July 28 from Stephen A. Moffett, administrative officer for the Office of Financial Stability. It reads, in part:
