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Cursive Geithner To Hell
- AIG
- American International Group
- Asset-Backed Securities
- Bank of New York
- Barclays
- Davis Polk
- Department of Justice
- Department of the Treasury
- Federal Reserve
- Federal Reserve Bank
- Federal Reserve Bank of New York
- Ford
- Freddie Mac
- Goldman Sachs
- goldman sachs
- Lehman
- LIBOR
- Lloyds
- NBC
- New York Fed
- None
- PIMCO
- Securities Industry and Financial Markets Association
- SIFMA
- TALF
- TARP
- Tim Geithner
- Treasury Department
- White House
The latest AIG fiasco may well be the straw that breaks Geithner's "public service" back. The question of Tim's involvement in the purposeful cover up has now attained epic proportions as even the White House claims the Treasury Secretary and former NY Fed governor had recused himself and was not involved in the discussions of the biggest bailout in US history. By doing so, the White House has transferred an ever greater amount of political risk to itself by continuing to back Geithner at increasing costs to its popularity. Whether or not Geithner was intimately involved procedurally seems irrelevant: he certainly was aware of the broad strokes and was thus complicit by implication. Nonetheless, one of the allegations that is circulating the blogosphere is that the handwriting on the "smoking gun" cover up memo belongs to Timmy. While we do not have a certified graphologist in our ranks, this assumption appears to be patently false.
Below is a sample of the handwriting on the memorandum:
Yet a rare glimpse of Geithner, courtesy of Mark Wilson of Getty Images, caught in the act of writing, and for once not refurbishing the truth, indicates a distinctly different handwriting style: one entirely devoid of cursive.
It is obvious that Tim Geithner did not write the memo. But, once again, whether or not he did is irrelevant: it was Tim Geithner's direct or indirect instructions (and we challenge the Treasury Secretary to claim otherwise under oath, with any potential perjury proof subsequently ending not just his career with a criminal bang, but bringing an accelerated end to all the White House apparatchiks who have stood behind the then-NY Fed president) that determined the sequence of events.
Furthermore, we are confident that Geithner, AIG, the NY Fed and the administration will take a book straight out of the Bank Of America-SEC defense, and will in turn blame it all on the lawyers, who in this case are quite a few partners from Davis Polk & Wardwell. DPW is by far the premier US bailout law firm specialist, and is itself very proud of disclosing this, by listing the following assignments in which it acted as legal counsel:
- Lead counsel to the Federal Reserve Bank of New York and the U.S. Department of the Treasury on a series of unprecedented financing and capital management transactions for AIG
- Lead counsel to Citi on all of its major financial crisis-related matters
- Lead counsel to the Federal Reserve Bank of New York on the U.S. Treasury’s $250 billion bank capital purchase program and the Creation of the Term Asset-Backed Securities Loan Facility
(TALF), through which the New York Fed will extend up to $1 trillion in
non-recourse loans to certain holders of newly issued AAA-rated
asset-backed securities collateralized by mortgage-backed securities,
student loans, consumer loans and small-business loans, among others - Lead counsel to Ford on its restructuring plans
- Lead counsel to the Federal Home Loan Mortgage Corporation (Freddie
Mac) on the U.S. government’s conservatorship and financial assistance
package, as well as its subsequent Department of Justice and SEC
investigations. - Counsel to Her Majesty’s Government (HMG) on U.S. bank regulatory and other issues relating to HMG’s plan to provide financial support to the U.K. banking system.
- Lead counsel to Citi as the organizer of a multi-bank
financing on a potential pre-bankruptcy acquisition of Lehman by
Barclays. The firm is also advising several major financial
institutions on credit exposure issues relating to Lehman - Lead counsel to Lloyds TSB on U.S. bank regulatory matters on its acquisition of HBOS. We are also lead U.S. counsel to Lloyds on the investment by HMG.
- Counsel to PIMCO, a leading global investment management firm, in connection with assignments under TARP (Troubled Assets Relief Program).
- Lead counsel to Banco Santander on its $1.9 billion acquisition of Sovereign Bancorp.
- Providing legal and technical support to the Securities Industry and Financial Markets Association (SIFMA),
the leading U.S. financial industry association, on financial
regulatory issues, including the $700 billion TARP and other U.S.
government rescue programs and financial regulatory restructuring,
including the creation of a systemic risk regulator.
DPW is in fact so proud of its involvment in the AIG situation it has the following tombstone dedicated to the taxpayer funded bailout:
Davis Polk & Wardwell is advising the Federal Reserve Bank of New York and the U.S. Treasury Department in connection with the restructuring of the government's assistance to American International Group, Inc. (AIG). As part of this restructuring, the U.S. Treasury will exchange its existing $40 billion cumulative perpetual preferred shares for new preferred shares with revised terms that more closely resemble common equity and the Treasury Department will create a new equity capital facility, allowing AIG to draw down up to $30 billion as needed over time in exchange for non-cumulative preferred stock issued to the U.S. Treasury. The actions being taken by the Federal Reserve Bank of New York as part of the restructuring relate to the existing $60 billion revolving credit facility for AIG and include reducing the outstanding balance in exchange for preferred interests in two special-purpose vehicles created to hold all of the outstanding common stock of American Life Insurance Company (ALICO) and American International Assurance Company Ltd. (AIA), two life insurance holding company subsidiaries of AIG, and securitization notes of up to $8.5 billion representing embedded value of certain of AIG's U.S. life insurance businesses. After these actions, the total amount available under the revolving credit facility will be reduced from $60 billion to no less than $25 billion. In addition, the interest rate on the revolving credit facility will be modified by removing the existing floor on the LIBOR rate. As required by the revolving credit facility, AIG has agreed to issue on March 4, 2009, shares of convertible preferred stock representing an approximately 77.9% equity interest in AIG to an independent trust for the sole benefit of the U.S. Treasury.
AIG, a world leader in insurance and financial services, is a leading international insurance organization, with operations in more than 130 countries and jurisdictions.
The Davis Polk team includes partners Ethan T. James, Robert L. Heckart, Bjorn Bjerke, John M. Brandow, Kathleen L. Ferrell, John K. Knight, John D. Amorosi, Marshall S. Huebner, Jeffrey N. Schwartz and Beverly Fanger Chase, counsel John T. Wright and associates Diego A. Rotsztain, Michel Beshara, Peter T. Bazos, Rafal A. Nowak, Paul Anderson, Aly El Hamamsy and Eli James Vonnegut. All members of the Davis Polk team are based in the New York office.
Zero Hedge is willing to wager that the handwriting on the memorandum will belong to one of the key named partners: Messrs James or Heckart. In fact, we would recommend to the very much suddenly concerned Congressmen Towns and Frank to invite not just Secretary Geithner in related hearings, but to open up the invitation to the two main partners from Davis Polk. We have already seen Mr. Geithner's regard for the unadulterated truth. Perhaps the game of prisoner's dilemma should be made a little more explicit if nationally televised in Congress. With enough actors invited to the same venue, the likelihood that someone will spill the beans increases exponentially. While we are on the topic of DPW, it would be truly swell to see the conflict of interest checklist that allowed the firm to blatantly disregard the public interest when over $100 billion of taxpayer capital was at stake. Just how did DPW's internal compliance frame this issue and permit the firm to make such broad sweeping decisions on behalf of its client: The Federal Reserve, and thus, America's taxpayers?
And, while we are discussing conflicts of interest, it appears that everyone has forgotten that Chairman of the NY Fed at that time, as well as long thereafter, and a person who certainly did not recuse himself from any AIG-related deliberations was none other than Goldman Sachs board member Stephen Friedman, and who resigned in disgrace after it became apparent that in December 2008 he had acquired $3 million in Goldman stock... Days before the abovementioned "smoking gun" was sufficiently redacted. Perhaps Friedman knew nothing about this development too? Can we get the White House's take on this as well Mr. Gibbs.
We kindly enourage our reputable Congressmen to send an invitation to the Goldman boardmember. At worst, ad rates for a 30 second spot will be high to quite high for non-prime time TV, and NBC, Fox, ABC and C-SPAN will certainly provide some monetary kickbacks to the Congressmen who arrange for this Goldman-related spectacle. And after all, that is what Reps. Frank, Towns et al live for more than anything.
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Your stirrin a hornet's nest Tyler, keep up the GOOD work.
Those aren't Geithner's hands, I don't see any $hit under his finger nails...
...on the other hand, I don't see any callouses from all the hard work.
Timaaayyy says: "Don't ask me about my business..."
Assuming he has to answer to the 'Commander and Thief' he would say:
"Ai, ai, don't be ax'in me 'bout my biness yo...".
Thank you, thank you I'll be in town all week. Don't forget to stop by the buffet and try the prime rib. All you can eat for $8.99.
Leonard Skinner says: "Don't ask me no questions, and I'll tell you no lies." Or was that Timaayyy?
The Godfathers put it well, too:
'Someone earns a dollar out of every lie' (I'm Lost and Then I'm Found, More Songs About Love And Hate, 1989)
I think I drew your attention to this discourse than.. Greetigns by chat
bang. great work, TD. thank you for it.
wonder how many DP associates' crackberries were just pinged.
What you are suggesting reaks of transparency and open government. I strongly doubt that this administration wants any part of that.
Our great President is a walking talking contradiction.
The fact that he would turn out to be the exact OPPOSITE of the man he campaigned as is troubling beyond words.
We expected him to FIRE the Wall Street criminals that brought this financial terrorism upon this country, NOT HIRE THEM!!
Biggest bait and switch of all time--and that is coming from a staunch Democrat.
189251...well said.
i voted Obama and I got hooked on the bait and switch.
his base (i'm not in that group by any means) is pissed and I think fair to say, many are actually heartbroken.
A young man who is a friend of my son is a real up and comer in the dem party, threw everything into the obama deal. checked in with him over xmas holiday and he almost had tears in his eyes...he is very disappointed but in his case hasn't turned to anger yet.
all your base are belong to us
What the hell is the matter with your discernment, deadhead? Obama voted for TARP. What part of Obi's support for Wall St. banksters didn't you understand in Nomember 2008?
Indeed, both McCain and Obama were 100% on board with the whole bailout fiasco. Either one was the wrong choice to make. Better to vote Libertarian, or write in Ron Paul, or even Constitutionalist.
Come on, TD... a sample size of ONE? If you compared my all-caps (talking points) with normal writing (annotations on an e-mail) there would be very few points of correspondence (har har).
TG is in this up to his scrotum, and you do nobody any favours by ad hoc exculpation based on one apparent all-caps list.
OMFG... don't tell me that theygot to YOU too!!! When did you join the Sith? (fnar fnar)
Cheerio
GT
GT's Market Rant
Whoa whoa whoa, hang on a sec.
(a) How do we know that those are even his hands holding that paper in the Getty photo?
(b) If they are, how do we know that what's written on the paper is his handwriting?
Is there something more conclusive that the handwriting is indeed Timbo's?
Can't the Treasury Secretary simply be asked if that is his handwriting on the memo?
Sure -- he wouldn't lie....it's not like he is a tax cheat or anything.....
Maybe he can't write...I mean he couldn't do his taxes so what do we expect?
It does NOT matter who wrote the text.
It matters who made the decision.
c'mon folks....
Exactly. The really explosive potential of a Towns and Frank Congressional Investigation goes way beyond Geithner to any and all those Fed Reserve people who made the cover-up decisions and executed the cover-up. As Tyler Durden points out, an 800 pound-person-of-interest in the investigation should be Goldman Sachs Board member Stephen Friedman who was Chairman of the Federal Reserve Bank of New York at the same time.
"When N.Y. Fed Chairman Stephen Friedman bought stock in the company that he once headed, and where he still serves as a director, he was already in violation of Federal Reserve policy and was hoping for a waiver to permit him to hold his existing multi-million-dollar stock stash and to remain on the Goldman board. The waiver was requested last October by Timothy Geithner, then the president of the N.Y. Fed and now Treasury secretary. Yet, without having received that waiver, Friedman went ahead in December and purchased 37,300 additional shares. With shares he added in January, after the waiver was granted, he ended up with 98,600 shares in Goldman Sachs, worth a total of $13,330,720 at the close of trading on Monday. Friedman was in violation of the Fed's policy because, thanks in part to the urging of Geithner and the N.Y. Fed, Goldman Sachs was allowed to become a bank holding company, making it eligible for government bailout funds (an option that Geithner had denied to Goldman rival Lehman Brothers)."
http://www.huffingtonpost.com/robert-scheer/cashing-in-on-government_b_1...
Another 800 pound-person-of-interest in the investigation of AIG cover-up should be William Dudley, NY Fed President, and Geithner accomplice at NY Fed. Geithner argued that Friedman needed to remain chairman of the N.Y. Fed board to find a suitable replacement for Geithner as he moved on to be secretary of the Treasury. Geithner and Friedman insured that William Dudley, former Goldman Sachs executive, got Geithner's job of NY Fed President. Stephen "no conflict of interest" Friedman was chairman of the search committee, and Geithner lobbied the NY Fed to appoint Dudley-do-right-by-Goldman-Sachs as NY Fed President. Friedman chose a fellow former Goldman Sachs exec for the job.
So, the Towns and Frank Congressional Investigation into AIG cover-up has the potential to blow the lid off the wide ranging criminal activity at the NY Fed. The object here is not just to bring Geithner to justice, the object is to follow the money and crimes and bring the entire criminal enterprise of Wall Street and the Fed to justice. Here is a golden opportunity to expose the heart of the NY Fed-GoldmanSachs-Wall Street beast.
We need Racketeer Influenced and Corrupt Organizations Act (RICO) prosecutions and Shock-and Awe mass trials in style of the Maxiprocesso (Maxi Trial) of the Mafia in Sicily during the mid-1980s that resulted in hundreds of defendants convicted. We need RICO confiscations of the hundreds of billions in illegal "profits" from the criminal enterprises.
Mr G has got to come clean - but to what?
Either he admits that rampant intellectual dishonesty and wishful thinking crashed the system - or he explains the whole thing as some kind of crime syndicate.
Either way, the system is destroyed and the compounding pyramids collapse in real terms.
Perfect "In a Nutshell" summary. Either they are incompetent, or crooks.
Or both.
"Perfect"
"In a Nutshell" summary. "Either they are incompetent, or crooks.
Or both".
Incompetent crooks sounds about right.
Mr G has got to come clean - but to what?
Either he admits that rampant intellectual dishonesty and wishful thinking crashed the system - or he explains the whole thing as some kind of crime syndicate.
Either way, the system is destroyed and the compounding pyramids collapse in real terms.
Your picture does not show Geitner in the act of writing as you claim. If memory serves, Geitner is left handed. He writes with his left hand. The writing in the above email is obviously written by someone who is left handed.
The handwritting on the AIG document is indeed slanted to the left, but so is my handwritting, although I'm right-handed. I know my handwritting is a bit odd, but hey, as a scientist I have an excuse.
Agree. No idea if Geithner is left handed and I have no desire to defend him (he should be fired for lots more reasons than this), but Quantum Noise legit comment aside, this likely was written by a left handed person. The slant is pronounced
Lack of cursive means nothing. In commenting on a legal doc, I try to make my comments legible as possible (my handwriting is terrible), so printing when one usually writes cursive is logical (though not conclusive)
That's what I was wondering. The 'smoking gun' appears to have been written by a lefty.
Dunno if Geithner is or not, but the writing in the photo appears to be written by someone who's right-handed.
My mum used to be an amateur graphologist and had quite a few books on handwriting analysis around when I was a kid. One of the easiest things for an expert to tell is handedness.
According to a photo on here, he's using his right hand to chew on his pen...
http://2.bp.blogspot.com/_azimCSzqNnc/SfoBt-P-VpI/AAAAAAAABOE/ZgbIWZSz0C...
http://www.jrdeputyaccountant.com/2009_04_01_archive.html
...though he could be ambidextrous...
Very little cursive in the first sample. I had to zoom in to see the cursive "al" at the end of "additional"...
As fellow ZH space-monkeys who follow my posts know, my primary focus is looking for the not-so-obvious 'tells' that indicate support for QE X.0 may be weakening. Taken in context, the continuing revelations about fucking-tax-cheat-Timmy serve not so much as to inform about his future job prospects, but as an indicator of overall support for the administration's agenda.
My agenda, on the other hand, is get to the Federals out of America. No different really than similar movements in Ireland & India (English out ...). One was active, the other utilized passive resistance (Gandhi), but each succeeded, to a certain degree, in their own right.
The USA is currently burdened by an occupying force that serves not the Peoples' interests, but its own. The easiest way to drive this pervasive & corrupting influence out of our lives forever is to kill its source of financing. Debt, not taxes, is the key to restricting Leviathan's cash flow. When interest on debt has to be paid at market levels, say good-bye to the federal government. The federals could never withstand the resulting 25% contraction in GDP driven by the deflationary tsunami.
So the key to this entire game is the Fed as exemplified by QE X.0. Kill the ability to monetize the debt and you get a three-fer: you kill the central bank and its enablers, the banks and the federals.
Great! And how do we achieve "killing the ability to monetize the debt"?
And how do we spread the word?
How do you convince the people who still have accounts in the six largest banks to switch? I know that Arianna Huffington is spreading the word, but it ain't happening.
But credit is contracting - credit is debt.
Kill the ability to monetize the debt and you get a three-fer: you kill the central bank and its enablers, the banks and the federals.
Agree. The central bank is the handmaiden of tax-and-spend, empire, welfare/warfare big government; its ability to monetize is threatened by many factors right now, IMO to their surprise. We can add to this threat by withdrawing our support. Don't use credit / cards. Pull money out of nationals. Dump Treasury holdings. Convert fiat dollars to precious metals. Do as much work in the barter economy as possible. Leviathan exists as a means of control. The only way to kill Leviathan is to starve it.
Edit: One more thing we can do. We can force the national-level politicians to expose themselves as tools of Leviathan and not servants fo the people. Support your local tenth-amendment movement, gun rights movement, etc. These people are more aware than anyone you'll meet as to just how out of touch national level politicians are, and they are actually trying to do something about it. I know, I've met them.
The corrupt regime of the Shah of Iran was brought down as follows:
1. fatwa : do not remit taxes to illegitimate government, remit to local mosque
2. Friday Jumuah sermons at each local mosque followed up with specific instructions
3. Shah's government deprived of revenue, control of revenue passed to Shiite clerics and the Shah's regime quickly collapsed-a shock to CIA and all international intelligence.
Do not construe this note as an endorsement of Khomeini or present regime in Iran but rather as one object lesson in how to cut off the head of the snake.
There are many examples where the people refused to remit taxes to a corrupt regime which used national treasure to enrich a corrupt elite rather than for the benefit of the people.
Gandhi in India, Colonial Americans and the stamp tax, etc.
Americans have come to realize that their tax dollars are increasing diverted through a variety of ruses into the coffers of Big Pharma, Big Insurance, Big Military, TBTF Banks, etc. The elite have established a huge extra-constitutional paramilitary mercenary force to protect these privileges and enforce their illegitimate rule.
This is not Kansas, Dorothy.
I sympathize with all this talk of revolution, but talk of pitchforks, guns, and bank boycotts is bullshit. If you want to kill this federal beast, cut off its life support and scare the shit out of its enablers you use hardball politics. That is you make a selected minority really pissed-off. It could be a long fight and it won't be for fun or glory, but it will get the job done and give future generations a decent shot at whatever passes for freedom ten years from now.
1. Promote the idea to the 20-somethings that this "crushing" debt is not their responsibility. That they have been saddled with decades of unbearable taxes due to the selfish and wanton spending of profligate boomers. Convince them that they have been placed into a lifetime of economic servitude without their consent or knowledge. Promote generational warfare / schism by referencing the "Boomer Debt" / “Boomer taxes”. Call it “generational jingle mail” (Here’s the keys to your damned debt!)
2. Promote the benefits of a sovereign US default as the only way to be "fair" to future generations and solve this crisis. Why should they be saddled with the debt of past generations?
3. Promote any congressmen who will whore themselves to this platform.
You should be able to generate a fair amount of buzz with this approach. If you’re lucky, it may evolve into an underground / internet political movement. (see Ron Paul). If you are unlucky, it will be picked up by some firebrand politician who goes red-line (see Berlin, 1933). Either way there is a fair possibility that such a message will get legs. It has all the necessary ingredients for a sustained and powerful protest movement: It is “unfair” to a minority segment of the population (innocent youth) and it was caused by those in authority (evil boomers).
The fact that it is being seriously discussed by even fringe groups may give bond buyers (China, Japan) pause and cause funding to dry up. If nothing else, it will raise awareness in the next generation of sheep. Maybe the next generation of Tyler Durdens will rise up and finish this job.
(Full disclosure – I’m a boomer)
Testing.
There is a fundamental flaw in modern America, namely, that the government is controlled by the manipulators of money and credit. It is finance, not baby boomers, that has destroyed the great American Dream. Old baby boomers and young up starts are sacrificed daily to finance. It is Mr. Bernanke, not baby boomers, who has destroyed America’s property rights; it is the Fed that transfers the property from the savers and the prudent and the responsible and gives it to the irresponsible risk takers and the money issuers and manipulators for private gain and acquisition of power.
I do agree, yes, that boomers--and their parents--failed in their watch of eternal vigilance over America's liberty. And the nation is paying dearly, perhaps with its life. That said, the majority of baby boomers have tasted many bitter fruits of hardship and disillusionment much of their lives. And, now, to rub salt in their financial wounds, Big Bro is attempting to renege on his Social Security and Medicare obligations. At the same time, the Fed banking cartel is transferring the value of boomers' pensions, 401(k)s and insurance into their own deep pockets, by devaluing the dollar's purchasing power.
Most baby boomers, those born between 1946 and 1964, have had to live “within their means” on the paychecks of two wage earners. Only a tiny percentage send their elderly parents to nursing homes, parents who increasingly are being forced into reverse mortgages as their savings deteriorate from interest rates below inflation. Thus, the boomers’ even are losing their “inheritance.”
Yuppies in 1985 were defined as 25- to 39-year-old baby boomers who lived in metropolitan areas, worked professional or managerial occupations, and earned at least $30,000 if living alone and $40,000 if married or living with someone else. Using that definition, there were only four million yuppies in 1985—constituting just 5 percent of all baby boomers.
Yuffies were defined as baby boomers making less than $10,000 a year…a full 40 percent of the baby boom generation. In 1985, according to Probe, yuffies were roughly eight times as numerous as yuppies.
By 1983…a 30-year-old baby boomer needed to commit 44 percent of his income to meet the carrying charges on a median-priced house. That same year, 65 percent of all first-time baby boomer homebuyers needed two paychecks to meet their monthly payments…
By the end of the 1970s, Fortune magazine estimated that baby boomers had effectively lost ten years’ income when compared with the earnings of the generation just preceding them… Changes in the corporate world throughout the 1980s exacerbated the problem. “Downsizing,” “streamlining,” “merging,” "offshoring” and "globalization" by major corporations eliminated whole levels of middle and upper management. In the 1990s, salaries barely kept up with the cost of living and taxes.
And, now, the “boomers” are getting old, and the most healthcare that they'll rate as they head into the sunset of their lives—as depicted on the graph of Obama health-advisor Dr. Ezekiel Emanuel’s Reaper Curve--is “minimum.” They aren’t productive any longer, you see.
http://online.wsj.com/article/SB10001424052970203706604574374463280098676.html
"So the key to this entire game is the Fed as exemplified by QE X.0. Kill the ability to monetize the debt and you get a three-fer: you kill the central bank and its enablers, the banks and the federals."
Unfortunately, your view is far too limited. Lift up your eyes. This problems that WE, the peoples of the world are facing is not just in America, it is global.
What is coming is going to affect everyone around the world. Faith in Fiat Currency is going to fail, globally, and what is going to take it place?
We can only hope that ALL fiat currency Central Bankers around the world are completely discredited.
But you know, if right now we could line up against the wall ALL Central Bankers, Banksters, Insurance Company Executives, Corrupted Politicians, etc. and in 1 action be rid of them ALL, (as satisfying as that would be) it would NOT provide a solution to the financial problems we are facing.
I do not think Gold is the answer either, because there is not enough of it to fund All the countries in the world.
So, what is the solution? I would love to be able to say I knew. But I don't. More distressing and depressing, I haven't yet heard anyone who has a credible solution.
The solution WILL have to be global and not specific to any one country. In fact I would say it is pretty much a given that NO country will be 100% recovered until this Global currency problem is solved.
Okay, look at it this way, if the head of the NY Fed was NOT involved with the decision to give Goldman Sachs et al a huge unprecedented back door bailout via AIG, then who the heck was? Certainly as the head of the NY Fed he must have given that person the authority to do so. The White House argument is inane. The buck stops with Timmy. If he wasn't involved directly, then that's an even bigger testimony to his horrible management skills.
If Geithner wasn't the guy who made that decision, then the all powerful person shady person under Geithner who was should be Treasury Secretary. At least that guy has balls.
My handwriting on cocktail napkins at the bar is way different than my handwriting when I blackline legal docs at my desk.
~TG
The Dukes of Moral Hazard. Just the good ol' boys, never mean any harm...
http://www.madeinchimerica.com/products/dukes_of_moral_hazard
love the prisoner's dilemma bit...that is where they belong..
This is interesting and all, but what I really want to know is, what does "DONK MY IRAN" mean.
i think it is "donkey iran" perhaps short for "donkey-punch iran"
I think it is quick scribble for "Do my ironing".
Next line is "Pizza". Can't make out 3rd line. 4th line is "Rob proles"
This isn't a new story. The pass through from the fed to the banks via AIG was known long ago. Is that the story? Yes? No? Why should I be outraged here?
Fire the fucker. Then indict him.
I propose that we go straight to the punishment phase. Someone get a rope.
I am Chumbawamba.
If one really, really, wanted to damage the beast one must strike where it is weak.
Treasuries. Taxes. Full faith and credit.
Those are the chinks, as these three legs of the system are supported by third parties to the public sector. (citizens, foreign governments, corporations)
Violence would change nothing in the long term and could lead to true anarchy and tyranny, rather than as a means to affect the re capture of our government. An exodus from the banks, by moving deposits and services, still feeds the larger entities behind TBTF by hook or by crook, and again solves nothing long term. A mass peaceful movement does not seem to have traction at this point, and by the time it would be useful it might be impossible to affect in the onset of anarchy or martial law.
So.... If it is real change we seek, and a showing of who holds the reigns, then...
I think Treasuries are out. The Fed has control of them to some extent, and the shell game could go on for quite some time. Almost the same problem as a mass peaceful movement. Sovereigns can't ever go truly bankrupt, you know.
Taxes, could be done. Vocally and publically amassing a movement to collectively place tax dollars in a trust until certain criteria are met could do it, with enough buzz. However this places one directly in the sights of a drowning and desperate government. Waving a red cape at the creature might not be the best idea.
Full faith and credit. This is where we have them.
An agreed upon phrase. Government + Fed = Ponzi, or $ = 0, or whatever. Once a phrase that properly affects the zeitgeist is agreed upon we spread the gospel each according to their means. Billboards paid in cash anonymously, posted on internet forums, websites, youtube videos , bumperstickers on someone else's car, spray painted on street intersections and TBTF branches, put it everywhere, put it anywhere. Scream it, write it, and tell others to do it as well.
Full faith and credit is the ONLY shot we have of attacking the beast where it hurts. Anonymous and powerful.
Or you could just try to use gold and silver to make all your material exchanges...would be way easier.
Oh yes, paying all my monthly bills, and day to day transactions, in silver and gold will be very easy compared to spray painting easy targets with a common slogan that undermines full faith and credit by communicating the obvious to many people. Think Paine's Common Sense on a guerilla level.
Starving the beast is a seige, and seige warfare is a resource attrition endeavor. Starving an entity with essentially unlimited resources is a recipe for failure. The only way to truly 'starve' the beast is to tax revolt en masse, not trading one banking institution for another, and that may very well carry a high price for you and yours if the en masse part fails to develop.
Sovereigns can't ever go truly bankrupt, you know.
WE the PEOPLE are the Sovereign. The government is just a punk-ass bitch pretender.
Billboards paid in cash anonymously...
That cash would still go to a big corporation that doesn't deserve it. Just hijack the best billboards for spreading the message.
And don't buy Treasuries. And don't pay taxes. Simple.
P.S. What Burnbright said.
I agree with all the comment that the government is out of control or more accurately has been hijacked by the group on the edge of the shadow.
While I also agree that the starve the beast approach is useful and could lead somewhere, TPTB still control the media propaganda machinery and the ability to create fear like they did about 9 years ago. So to tactically starve the beast will work until the wounded beast lashes out with something else that further enslaves us. Then what. They control most of the courts, police(XE), TV, Radio, the legislators including the fuckers in city hall, the unions plus enough dupes who will never disobey or think for themselves plus will rat you out.
What enemy will the propagandists create. They are still pulling off phony terror incidents on airplanes. There are so many people to whom "doing their job" means disagreeing in principal with everyone on ZH. Look at Ca. They need to fire everyone and start again but is that going to happen, hardly.
Will it mean summary executions or will your life be broken in the american gulag. I'd be worried about when all the boys come home from the foreign entanglements. They have been trained, they have been programed, and their own survival will be linked to the survival of the beast. Fear and ignorance will motivate them.
Do not forget to educate the kids. They already learned about sex so this isn't going to hurt them.
I disagree, the problem with power and wealth when it centralizes the way it is now is that the system used to do so benefits fewer and fewer people. The fewer people who benefit from the way things are the more difficult it will become for the US to do what it does.
And starving the beast is honestly the best way to move forward as it is non-violent and beneficial to the individuals who chose to no longer take part in the fiat system.
If the government does try to use force to either keep people from owning PMs or using them to exchange then they will have shown their hand and violence will be the only recourse. But the thing is you have to try or if you do nothing to change things then don't expect them to be changed in your favor.
Burn,
I agree with you that we must try and I have already positioned myself out of the system. No debt outstanding unless work picks up and I need my CC. I am shopping for 50 or 100 lb bags of organic lentils, peas and beans. I can also reccomend honey and bee pollen. Both keep well and are loaded with the right kind of nutrition.
That said I don't think Sauron will sit still while we starve it. I tried to suggest that we may not see the next move thats coming. It is a rather complicated chess board.
a little bit of surgical violence, would help, wouldn't it?
I sympathize with all this talk of revolution, but talk of pitchforks, guns, and bank boycotts is bulls**t. If you want to kill this federal beast, cut off its life support and scare the crap out of its enablers you use hardball politics. That is you make a selected minority really pissed-off.
1. Tell 20-somethings that this "crushing" debt is not their responsibility. That they have been saddled with decades of unbearable taxes due to the selfish and wanton spending of profligate boomers. Convince them that they have been placed into a lifetime of economic servitude without their consent or knowledge. Promote generational warfare by referencing the "Boomer Debt" / “Boomer taxes”. Call for “generational jingle mail” (Here’s the keys to your damned debt!)
2. Promote a sovereign US default as the only way to be "fair" to future generations and solve this crisis. Why should they be saddled with the debt of past generations?
3. Promote any congressmen who will whore themselves to this platform.
You should be able to generate a fair amount of buzz with this approach. If you’re lucky, it may evolve into an underground / internet political movement. (see Ron Paul). If you are unlucky, it will be picked up by some firebrand politician who goes red-line (see Berlin, 1933). Either way there is a fair possibility that such a message will get legs. It has all the necessary ingredients for a sustained and powerful protest movement: It is “unfair” to a minority segment of the population (innocent youth) and it was caused by those in authority (evil boomers).
The fact that it is being seriously discussed by even fringe groups may give bond buyers (China, Japan) pause and cause funding to dry up. If nothing else, it will raise awareness in the next generation of sheep. Maybe the next Tyler Durden will rise up and finish this job.
If you think my above post is off topic, well, I'll let you judge by the quality and and brand of justice that comes calling for Mr. Geithner.
Why bash on mr Geithner? He promised us a stronger dollar and we got one ;-)
Timothy Geithner, "I've never been a regulator"
George Costanza, "it's not a lie if you believe it"
After the inevitable events we will end up with a Committee of Public Safety and Robespierre.
The increasingly corrupt elite have had it their way too long and they will not yield.
The increasingly corrupt elite have had it all their way for too long. Although some sense the end is near and are purchasing homes in Switzerland, etc., their soldiers will not surrender and we will end up with the Committee of Public Safety and Robespierre.
Very often the handwritten changes that are retained are consolidated from many sources and the changes indicated are from just one person, especially if the source is not indicated.
believing the system will self-correct seem to me to be a waste of energy. let us all hope the social friction needed for this does not reach an epic scale. no one can be certain when this ponzi will end,but we know that all ponzis must end.he who times this the best will profit no matter the ultimate outcome.i made a decision in july,06 to redeploy my assets to what i believe is a more viable future; renewable power built with my own hands,resilient communities,permaculture etc...i could still put a new benz in the driveway and a trophy wife in the bedroom, but under the current circumstances, that would be extremely stupid as well as selfish
check out his signature at wikki, looks like slanted left cursive to me,
http://commons.wikimedia.org/wiki/Category:Timothy_F._Geithner
Oh. Yeah. You can totally see a slant there in that illegible scribble labeled as a signature.
I am Chumbawamba.
Another important question for Towns/Frank: why did the Treasury agree to have their debt moved from the assets at the AIG subsidiary level to the most junior position behind AIG holdco when the
agreed to a $30B injection into AIG March 2009?
Why did the Treasury Allow the NY Fed to Keep the preferred debtor position behind the assets in the AIG subs?
What this means is that the money raised from the sale of any AIG asset will pay off the NY Fed debt absolutely, while The Treasury (Uncle Stupid) only gets paid after all of the subsidiary debt is paid off--which mean that the likelihood of the NY Fed (the big banks) recouping 100 cents on the dollar is high--while the Treasury and the taxpayer will most likely get zero. Who made this decision?
Where are the docs?
This is the way it works; for 100 years. The Fed Reserve Bank's no. 1 concern is the banks. That's a givin. Non-negotiable. Whatever the fed does to promote the viabiliity of the banks at the expense of everyone/everything else should not be a surprise.
Somebody will find the evidence in a box in Michelle Obama's closet and then someone else will take a drive to a nice park outside DC and shoot themself....
expect the unexpected...
maybe a huge "terrorist attack" from our "allies"-9-11 men were from Saudi Arabia and Egypt.
or declaration of war on Iran or whatever Muslim country is most convenient (this is what Murdoch is promoting on FoxTVNews and FoxPrintNews-formerly known as WSJ)
This will be way more interesting than the '60's and the wave of "assassinations" because the threat to establishment is grave.
Most likely outcome is declaration of martial law and, in effect, a military dictatorship...the alternative is a descent to chaos...
Expect the seizure of pension and 401-K assets...that's baked in the cake.
the real problem is that the US is insolvent, with treasury debt, GSE debt, unfunded liabilities combined with assumption of/contingent liability for public assumption of the private debt of the fraudster elite totalling more than 200% of GDP, far over the insolvency threshhold.
all this is way better than any Michael Moore or Oliver Stone movie.
"all this is way better than any Michael Moore or Oliver Stone movie."
Really?
And you live where? Mars?
Tyler,
Can we get a list of congressmen who receive contributions from banksters and who vote for for the continuing padding of bankers and for the concealment of information (audit the fed, etc).
Mr. Geithner do you print with your left or your right?
In this YouTube video his using his right hand - http://www.youtube.com/watch?v=faerjvrtFJI - right at the beginning.
Hey gang, doesn't the immunity clause that Paulson put into the original TARP bill also apply to Tax Cheat Timmy and any Sec Treasury? I'm sure TCT knows how to play the CYA game very well.
He might have a Clear and Present Danger moment.
Ritter: Wrong again. I have an *autographed get-out-of-jail-free card*! "The President of the United States authorizes Deputy Director of the CIA Robert Ritter to conduct 'Operation Reciprocity' including all necessary funding and support. This action is deemed important to the national security of the United States etcetera, etcetera, etcetera." You don't have one of these, do you Jack?
There is no way Timmy's handwriting is on that memo. Presidents don't markup agreements, lawyers do (on instruction from presidents). It doesn't mean he didn't give the directive, but I'm sure he is smart enough not to do that in an email. That's what phones and meetings are for.
"We aren't effing disclosing anything period. What part of that don't you understand."
That would be Timmy's involvement.
Principals usually certainly do NOT deal with the details on 200+ page contract documents. Many do not read them at all. The details are usually left to the lawyers.
from March 2009
http://horiwood.com/2009/03/24/tim-geithners-short-handwriting-comes-und...
some tiny snippets of Timmay's hand writing from his amended taxes e.g. dates and signature (it is pretty clear that he wasn't the one doing the redacting)
(page 10)
http://finance.senate.gov/press/Bpress/2009press/prb011309d.pdf
Most of all this is extraneous. There's one simple point: Geithner was in charge. If the Democrats want to pretend they're different from the Republicans ("Good job, Brownie! Good job, Rummy! Good job, Paulie! Good job, Greenie! Good job, Coxie! Good job, Bushie! Mission accomplished, guys! Yea for us!") they need to pretend there's a price for negligent, mendacious, incompetence. They need to pretend someone's making sure the taxpayers are getting their moneys' worth for these bureaucrats salaries.
But there may be too much credibility lost for government in general at this point, with the evidence that Paulson in his powerful public capacity and Bernanke in is powerful, shadowy-quasi-public capacity forced Lewis, a private citizen with moral and well-defined legal responsibilities to other private citizens, to conspire with them to violate those responsibilities in order to steal from them, that episode followed by this evidence that the New York Fed conspires to defraud the public in violation of Rule 10b-5. All to hide incompetence and keep the bonus and tax wheels spinning money.
It doesn't matter.
The NY FED Chairman not having anything to do with the biggest unwinding disaster in history is absurd. There's no way he would have recused himself-this is THEIR job.
Geithner is puling an Iran-Contra defense. And, thanks to Reagan and the Bushes, perpetuating the lie over and over again creates the new truth. The media sheds the story off and it's business as usual
There has been discussion on this website this weekend targeting Geithner as the power behind the NY Fed and the cover-up. Yes, he is poison, but only a poison carrier.
Since 1933 when financier Eugene Meyer resigned as chairman of the Federal Reserve Board of Governors, no member of the international banking families has personally served on the Board of Governors. They have chosen, instead, to work from behind the scenes through carefully selected presidents of the Federal Reserve Bank of New York and other employees. We can assume the same for the treasury.
Geithner, the same as Bernanke, is a trained and paid hireling by the Government’s government—the Federal Reserve System. We can be assured that Geithner’s actions generally follow the instructions from his owners. He has no power! The power that controls America rests with the international financiers who own the Fed; it reaches into every home and store and factory and bank and railroad and mine and school; it touches armies in Iraq and Afghanistan and Bosnia and Iran; it controls the IMF and World Bank and governments. It makes and unmakes men.
In 21st Century America, the President and the U.S. Congress now exist solely to protect the power of these international financiers.
All of this is about the events of September -October 2008 and the thicket of lies, propaganda and disinformation spread to conceal the treachery of Paulson, Geithner, Bernanke, Blankfein, et al, in engineering the fall of Lehman, bailing out the AIG counterparties, and throwing trillions to the plutocrats. A monumental sequence of criminal activities to be sure, all draped in Old Glory and smelling to high heaven, and Geithner absolutely had a hand in it all (but in my mind, not as mastermind, but rather as enabler - he is a tool, not the carpenter).
But Timmah will not fall for this. He will not be tossed to the "sharks," (actually, a cushy, enormously lucrative job). This is rather a test of the levels of arrogance we have reached. At this point, America's opinion on whether Timmah should stay or go is not even relevant enough to toss him out, which marks a sort of shift. Used to be the chairs would be emptied and refilled if only to lend the appearance of reform or "change" - Herd Management 101, if you will. Standard, "go to" play on the coach's laminated sheet. Maybe not this time.
I'm actually more of the view he should stay. Obama, like Pontius Pilot, will wash his hands and deliver him to us if we demand it, if he thinks it will placate us for the time being. Like his predecessor, Hank Paulson, Geithner is, first and foremost, a traitor in the fullest sense of the word - while a public servant, and a trustee of our national interest, with duties of honor, fair dealing and honesty, he has instead betrayed his country in the secret service of the elite and their special interests, and endangered us all as a result. He is a tool of his behind the scenes handlers who have "run" him his entire professional life. He seeks only the payday that has been dangled before him his entire life as his reward for service, and his exit will only hasten the delivery of that reward.
But the American public needs to wake up - not that I expect it - but the best chance we have is for the oozing sores evidencing the cancerous corruption to spread and to become gangrenous and smelly, and no longer capable of being ignored.
So I say, stay Timmah. Please.
Thank you, Samuel Adams. I am humbled at your clarity!
Ned...I do so enjoy reading your words. Thank you for sharing your insights.
"Geithner absolutely had a hand in it all (but in my mind, not as mastermind, but rather as enabler - he is a tool, not the carpenter)." This is absolutely true and important for folks to understand. Keep your eyes out on the carpenters....Bernanke is certainly one of them and he is going to make it to term 2 this month.
Geithner will likely take on more of the doo doo that cannot be hidden and will be tossed under the bus when Rahm decides the political timing is right.
Off topic: though she is not a player, for the love of God can someone please offer Christina Romer a big job somewhere in the private sector so that I am not forced to see her on TV or read her quotes? Thank you.
good lord yes. between her, sheila bair, and nancy pelosi it's a real cougar-fest out there.
Goldman Sachs, The Fed and Bailouts
Questions from this blog:
a) Who is going to audit the FED and what he has done with taxpayer’s money on AIG bailout, TARP, TALF and so on? Where did the money go, how it was spent? Which securities were bought? From which entities? What was financed? Who received financing? What levels were used to price the collaterals posted?
b) Who is going to audit Goldman? The FED and SEC are mined with Goldman alumnus, there are no conditions for an independent investigation of how they make money, what do they have in their books, what is the real network between Goldman and its gang of hedge funds what was Goldman and its gang of hedge funds role in Bear Stearns and Lehman fall? How can a company with the size of Goldman in developed markets, with fierce competition and volatile markets make close to 100% return on equity? (if we add just the bonus pool to net income, not the salaries and the salaries are not exactly low)
http://tinyurl.com/ycdv2wb
“The Roots of Violence: Wealth without work, Pleasure without conscience, Knowledge without character, Commerce without morality, Science without humanity, Worship without sacrifice, Politics without principles”
Mahatma Gandhi
Wow, all of these posts and not one points out a glaring issue: The handwriting on the note the author is referring to *isn't* cursive. http://en.wikipedia.org/wiki/Cursive
Just subpeona the legal bills Davis Polk sent to the Fed and we'll see if one those $800/hour lawyers revised the memo.
Looks like Timmay's nails are manicured. Not surprised.
If Tim Geithner DID NOT KNOW, then in the minds of the American people, that is FAR WORSE than if he DID!!!!
As Elliott Spitzer says, this man flat out DID NOT UNDERSTAND HIS JOB. Tim's claim of "I have never been a regulator" is the stuff of nightmares...
Yes Timmmayyy---You were indeed supposed to act as the biggest regulator on Wall Street.
This is beyond belief and STINKS to high heaven!
Why would this administration allow itself to become a key player of what it an OBVIOUS COVERUP of epic proportions??
Um... Lets see... Maybe ... Corruption? Just a guess.
Tim Geithner!!
IS THERE ANYTHING you WILL TAKE RESPONSIBILITY FOR????
My GAWD! You are bringing down this entire administration with your corruption!
oh, boo-hoo that this administration should be brought down by anything!!!! boo-hoo!
More circus, I see.
I have a pretty good size following of readers... please be sure you write an article here and there in verbage that is n... .. "what is going on for dummies... "
I hope you will actively follow the 401K to annuities or whatever.. i already contribute to a failed annuity... SS.
Keep up the good work.
Survival Chic
http://www.survivalist.zzn.com
Great work keep up the pressure on this guy. He deserves it.
The only ones that knew of Gietners involvement were Gietner and "those' who got him appointed as treasury secretary. So "those" needed a future scapegoat when all the BS stimulus and Green jobs hit the fan.
He was an immature plant to be discarded. (What about Hank Paulson's shell game of where the bailout would end up --- a non issue)
After Obama fires him and goes on and on about eliminating fraud ---- then
there real fraud will be perpetrated on the American taxpayer ala GS and the FED
Take it from me, the handwriting on the memo is NOT cursive.
Memo notes look like they were written by a lefty. Anybody know who's the left handed moron sinking this damned ship?
Edit: Oh...fuck it all anyway, to the pitchforks!!! Were' bound to get 'em all eventually if we just keep jabbing everyone without a pitchfork (pitchforkicide). Elites don't know where to find garden tools right?
C'mon, dozers, Geithner's not the issue, Obama and Soros are the issue. Forget Geithner, Get rid of Soros and Obama.
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