Perdido 03

Perdido 03

Thursday, January 7, 2010

Treasury Timmeh Shills For Financial Firms

From Huffingtonpost:

An arm of the Federal Reserve, then led by now-Treasury Secretary Timothy Geithner, told bailed-out insurance giant AIG to withhold key details from the public about overpayments that put billions of extra tax dollars in the coffers of major Wall Street firms, most notably Goldman Sachs.

Read the rest of the piece. Treasury Timmeh Geithner made sure AIG's counterparties got 100 cents on the dollar even when they were willing to take a lot less, then wanted to make sure those sweetheart deals were kept secret.

It's clear Geithner must resign from Treasury and President Obama must explain what he knew about Geithner's dealings during the period between November 21, 2008 when Geithner was picked to succeed Hank Paulson at Treasury and Geithner's Senate confirmation on January 26, 2009.

Reports about the 100 cents on the dollar sweetheart deals engineered by Geithner for Goldman, Merrill, et al. weren't made public until March but may have been circulated behind the scenes before that.

At the very least, President Accountability should have asked his pick for the Treasury Department just how he handled the AIG bail-out and why.

So tell us, Mr. President: What did you ask Geithner about his doings in the bailout mess before you picked him to run Treasury, what did you learn about his doings during the AIG bailout and when did you learn that Geithner ensured Goldman, Merrill, et al. would get secret100 cents to the dollar sweetheart deals at taxpayer expense?

The answers better be good, Mr. President.

There are a lot of angry people out there watching you give away the store to Wall Street and the Too Big To Fail firms while you raise taxes on middle and working class Americans.

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