Transparency

Everyone loves and needs transparency, right? So, with $2 trillion in taxpayers money being doled out for emergency aid to financial companies, there is almost no information about the assets being accepted as collateral for our money. This is so despite assurances to the contrary and invocations of the mantra "transparency," by Secretary Paulson and Chairman Bernanke.

Dan Fuss of Loomis Sayles, a very savvy and experienced fixed income investor who manages about $17 billion in bonds, points out that the lack of disclosure is particularly critical in a market that is "very nervous and very thin."

Congratulations to Bloomberg News for suing under the Freedom of Information Act for details on the Fed's lending. Let's see how this plays out.