The gray zone between what people say they’re doing and what they’re really doing is where true journalists make their value known.

No better examples exist than Bloomberg’s Mark Pittman (deceased) and Bob Ivry who are suing the Federal Reserve to quantify the true cost of the Wall Street Bailout.

We were led to believe that TARP, all 700 Billion Dollars of it, was all that was needed. Turns out, TARP’s $700 Billion was just the tip of the iceberg.

The unofficial, under the table, estimates provided by Bloomberg News suggest the true cost of the Wall Street Bailout is more like 12.8 Trillion Dollars, or just 5.5% of the original TARP bailout plan. Moreover, the Federal Reserve is doing everything in it’s in legal power to avoid disclosing: where the money went, what the money is being used for, and when (if) it’s going to be paid back. Bloomberg has won their case, but the Fed has drug their feet by unsuccessfully appealing the courts decision multiple times. The Fed’s last recourse is to appeal the case to the Supreme Court.

(I’m thinking the campaign poster of Obama’s hopeful image with the slogan “Change We Can Believe In” is no longer applicable.)

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Sadly, but not surprisingly, main stream media hasn’t picked up this story and pushed the conversation in Main Street conversation. Then again, journalists suing one of the most powerful arms of the Federal Government and a consortium of the largest investment banks in the world to disclose financial secrets they don’t want to disclose — and winning their case multiple times – isn’t exactly the kind of “Let’s Audit the U.S. Government” idea they want gaining popular consensus on the 6 o’clock news.