No Such Things as Secrets...

At least not if you are in the financial industry. The new financial reform bill that passed includes a new research office that is part of the Treasury. It is authorized to compel financial companies of all sorts to turn over data so it can look for "systemic risks." Data that was previously confidential such as counter-parties to credit default swaps and information on individual loans - such as interest rates. This is information that these companies place a high value on keeping confidential - in fact in come cases the value of a credit default swap may only exist if the purchaser is kept confidential.

The research office is required to keep confidential information protected, but it is also required to make it's data available for public use and is subject to the "Freedom of Information Act." One of the major bedrock principles of our economy is the ability of companies or individuals to create knowledge and information that gives them a competitive advantage and the ability to protect that information. This is an assault on the very basics of a knowledge based economic system.