The NYT misled readers about the reason that a deal for Fannie Mae to sell tax breaks to Goldman Sachs was nixed. The NYT said that the deal: "was blocked by the Treasury because it couldn’t be seen to be helping Wall Street benefit once again from the crisis."
Wall Street would have benefited from a tax giveaway. Goldman would have paid Fannie less than 100 cents on the dollar for its tax credits. This means that the taxpayers would have effectively been handing Goldman money (the difference between what it paid Fannie and the actual tax savings) for nothing. Perhaps the Treasury would do this in normal types, but that would be a statement about the corruption of the Treasury Department, not how Wall Street's bad image is hurting profits.
There's too much at stake this November for us to quit. As we navigate another presidential election year, thoughtful independent journalism is more important than ever. We're committed to bringing you the latest news on what's really happening across the country this election season, shining a light on the stories corporate media overlooks and keeping the public informed about how power really works in America.
Quality reporting doesn't come for free, and we don't have corporate backers to rely on to fund our work. Everything we do is thanks to our incredible community of readers, who chip in a few dollars at a time to make what we do possible. This month, we're trying to raise $50,000 to help fuel our election coverage, and we've fallen behind on reaching our goal. Any amount you give today will bring us closer to making our reporting possible—and a generous donor has agreed to match all online donations, so your impact will be doubled.
