Transparency and the Office of Financial Stability - Update 1

So, compatriots, in the interest of ongoing transparency vis-a-vis the economic mess, we're tracking the contracts as they're let by the Office of Financial Stability. You can track them too by signing up for alerts here. Using OrgScope, we're adding each new award and hire to the map. Click this link, wait a few seconds for the dynamic map to load, then click on down through the Office of Domestic Finance (it's over to the right) and then to the Office of Financial Stability and then you'll see the contract awards in purple boxes under the sub-departments awarding them. Roll over the purple box and you can see its value; double click and link right to the actual contract. The map below shows what I'm talking about.

Here are the first three contracts as listed on Treasury's site.

According to the Treasury Department's October 13 press release, it hired EnnisKnupp as the first investment adviser. Contract total, which you can find here is for $2.495 million.

On Oct 14, Treasury announced its award to Bank of New York Mellon for a contract  "to serve as its custodian for the implementation of the Troubled Asset Relief Program authorized under the Emergency Economic Stabilization Act...to help the Department with custodial, accounting, auction management and other infrastructure services needed to administer the complex portfolio of troubled assets the Department will purchase." This is a three-year contract and the section containing compensation information is blacked out.

On Oct 16, Treasury announced its legal adviser, Simpson, Thacher and Bartlett, its contract here. Total contract award for six months beginning Oct 10, 2008 = $300,000.

Comments

[Steve Teicher]

Impressive use of org scope and links to sites that are very helpful. I think this is also a great article for faculty to show students on how to begin documenting an issue of great complexity.

I hope that a lot of schools want to use Org Scope.

[jessica lipnack]

Great idea, Steve, about schools using OrgScope to help students understand this truly perplexing situation. Thanks.

[Lisa]

With reference to "transparency," why is the compensation portion of the contract with Bank of New York Mellon blacked out? This is not my idea of transparency.

[jessica lipnack]

Lisa, I agree. The fact that this document has all the compensation blacked out is troubling. Why don't we get to know what Bank of New York Mellon is being paid? I just sent an email to OFS via the Treasury site asking the question. Might I suggest that you (and others reading here) do the same and we can see what happens? Thanks.