How Dare You, Barney Frank

After the United States government voted to authorize a more than $700 billion bailout of the nation's financial institutions, we get this, on a slightly different front:

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Drudge splashed this story across his header - for good reason this time, I must say.  And Congressman Barney Frank thinks everything is just peachy:

In an interview Nov. 6, House Financial Services Committee Chairman Barney Frank said the Fed's disclosure is sufficient and that the risk the central bank is taking on is appropriate in the current economic climate. Frank said he has discussed the program with Timothy F. Geithner, president and chief executive officer of the Federal Reserve Bank of New York and a possible candidate to succeed Paulson as Treasury secretary.

This situation calls for complete and utter disclosure of which banks are being assisted by taxpayer dollars.  Absolute transparency is in order.  This is inexcusable:

The nation's biggest banks, Citigroup, Bank of America Corp., JPMorgan Chase, Wells Fargo & Co., Goldman Sachs Group Inc. and Morgan Stanley, declined to comment on whether they have borrowed money from the Fed. They received $120 billion in capital from the TARP, which was signed into law Oct. 3.

The counter-argument to the shenanigans is that public confidence in the markets would be undermined if investors realized how weak various institutions are based on all the support they have received. I refuse to accept that argument. The market cannot truly recover until we clean out obfuscation - we shouldn't be injecting additional murkiness. I have less confidence in the market when the FED and banks refuse to give me a true picture of the financial situation.