A Column on TARP Argues that it is well, less than transparent

I read with interest the Jan. 6 article, “Iowa banks apply for ‘troubled asset’ funds,” by Bob Zientara, referring to the government bailout, “Troubled Assets Relief Program,” or TARP, which I have labeled “The Traitorous American Robbery Program.”

You may agree with that bold statement once you fathom the fine print about TARP and the $700 billion bailout plan, sold to the public as necessary to save the U.S. economy and with it, homes and jobs.

This is a story largely overlooked by the national media, which I monitor not only as director of the Greenlee School of Journalism and Communication at Iowa State University, but also as an editor for the journalism social network, NewsTrust.net.

That latter activity has provided me with a new outlook on the state of journalism and the economy because I read dozens of newspapers in the course of a week, getting a global perspective on how news events affect us locally.

In a Dec. 22 report titled “Where’d the Bailout Money Go? Shhhh, It’s a Secret,” Matt Apuzzo of The Associated Press investigated 21 banks receiving $1 billion or more each of taxpayer funds, disclosing that bank officers refused to supply any answers.

Banks operating in Iowa also have applied for TARP funds. But as Tribune reporter Zientara learned, even Tom Gronstal, superintendent of the Iowa Division of Banking, would not disclose the identities of those 26 Iowa chartered banks, citing confidentiality rules.

More here.