bloomberg

Bloomberg "Sue the Fed" FOIA Reporter has died

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Looks like we have lost one of our financial truth seekers. Mark Pittman, only 52, died yesterday. He had a history of heart problems.

Mark Pittman, the award-winning investigative reporter whose fight to open the Federal Reserve to more scrutiny led Bloomberg News to sue the central bank and win,

This is a true bummer for it appears Pittman was the cause of Bloomberg getting a spine by suing the Federal Reserve to find out what happened to $2 trillion dollars.

A former police-beat reporter who joined Bloomberg News in 1997, Pittman wrote stories in 2007 predicting the collapse of the banking system. That year, he won the Gerald Loeb Award from the UCLA Anderson School of Management, the highest accolade in financial journalism, for “Wall Street’s Faustian Bargain,” a series of articles on the breakdown of the U.S. mortgage industry.

Columbia Journalism Review Assesses Failure of Business Press to Warn of Crises

Cross-posted from epluribusmedia.net.

Hat tip to lambert on correntewire for providing the link to the latest cover story in the Columbia Journalism Review, Power Problem: The business press did everything but take on the institutions that brought down the financial system, by Dean Starkman.

Bloomberg Blasts Paulson on Bail Out Terms for Taxpayers

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Way to go Bloomberg! In the article Paulson Bailout Didn’t Give Taxpayers What Goldman Gave Buffett , Bloomberg just really spells it out on how Paulson has sold U.S. taxpayers down the river on the bail out terms.

The Treasury secretary has made 174 purchases of banks’ preferred shares that include certificates to buy stock at a later date. He invested $10 billion in Goldman Sachs in October, twice as much as Buffett did the month before, yet gained warrants worth one-fourth as much as the billionaire, according to data compiled by Bloomberg. The Goldman Sachs terms were repeated in most of the other bank bailouts.