NAB and Westpac’s Secret Bailout Revealed

And Westpac Banking Corp [ASX: WBC] needed USD$1.09 billion in January of 2008 and 2009.

What’s that, you don’t know anything about it?

And you don’t remember reading about it?

There’s a simple reason for that. It’s been top secret information until yesterday morning.

That’s right, if it wasn’t for the passing of controversial legislation in the United States you’d never have found out about NAB and Westpac’s Federal Reserve bail outs.

And based on the lack of interest from the mainstream press – including Australia’s so-called premium business newspaper, if it wasn’t for Money Morning you’d still be none the wiser.

The one and only article we’ve found that mentions it is this one from The Age, headlined “NAB, Westpac tapped Fed”.

It appears to be an adaptation of a New York Times article based on the reference at the end, with localised bits added by Eric Johnston. But this one pathetic effort shows just how clueless the Australian mainstream press is.

Johnston makes this comment:

“The Westpac borrowings are unusual, as it barely has a North American presence, operating only a US representative office.”

Seriously, do I really need to explain it to a veteran journalist?

Talk about not being able to see the wood for the trees. Talk about not getting it.