Newscoma

Want to read about what’s really going on with the bailout?

Here’s a snippet:

The Treasury Department posted a solicitation yesterday for companies who will help manage hundreds of billions of dollars worth of stock, warrants and debt it will receive from banks and other participants in its financial industry rescue program.

The 16-page solicitation is a good illustration of the level of detail that the government requires from the contractors but does not pass along to the taxpayers who are funding the $700 billion program.

For example, companies bidding on the job must describe the composition and expertise of the employee team that will be overseeing the work, and must provide biographies of the senior members on the project.

None of the contracts the Treasury Department has issued to date for work under the Troubled Asset Relief Plan has included details on the managers or other key personnel. In one case, involving an accounting-services contract, the agency blacked out the names of the individuals assigned to the project when it posted the agreement on its web site.

You should see some of the documents that have been blacked out for public consumption.

Amazing.

BailoutSleuth is here.