The NYT contrasted a "populist" demand for transparency on bank finances and what they do with government money with regulators' concerns as a "clash of values." It describes the regulators as being "primarily concerned with preserving the overall stability and liquidity of the financial system."
While regulators are no doubt concerned about the stability of the banking system, it is also possible that they are concerned about protecting the interests of bank shareholders and top executives. There are solutions that would protect the stability and the liquidity of the banking system that would displace most of the top management of insolvent banks. The regulators insistence on secrecy obstruct this path.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
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