Is This What They Call Transparency?
As the markets listened in on Treasury Secretary Geithner's plan to restore financial stability, one thing became increasingly clear. This time around, the Treasury was committed to "increase transparency and accountability to protect taxpayers."
Part of this new "transparency" pledge would come via the new FinancialStability.gov.
The site's goal would be to detail where federal funds are going and whether these funds were succeeding in stabilizing the system and reviving the flow of credit.
With the scope of the financial mess, one would figure that getting the website into an impressive and "transparent" state to coincide with the announcement would be a slam dunk compared to the full-court shot of a goal that the rest of the plan is aiming for.
Here's a screenshot of the new site immediately after Geithner unveiled it to the public.
"Coming Soon" was so 1997. I was fully expecting to see the little under construction guy animated image along with it.
Excuse me if I'm a little more skeptical about the rest of the plan at this point and its potential success. The market seems to agree with me as well. As Geithner laid out his plan, the Dow fell nearly 300 points.
Transparency isn't off to a very good start.
While Bank of America and Citigroup are down the most on a percentage basis, weighing the most on the Dow (a price weighted index) are IBM , Boeing , 3M , United Technologies and McDonalds .
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