A Tax Cheat's Last Stand

Tyler Durden's picture

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ShankyS's picture

Timmaaahh took the bait hook line and sinker. IMO he was set up for the fall years ago when this sham all started. I'm thinking his personality allowed them to easily pick and place the scapegoat. Remember, these things just "don't happen" in the world of GS where every move is calculated years in advance. Note to Timmaaahh - you were had bro. Sorry.

FLETCH's picture


cheapest political insurance ever

#2 cheapest is bernanke renomination

do i hear a bus coming?

Anonymous's picture

Most sales guys in finance especially the wholesalers selling mutual funds with crappy records learn to sell only conceptually. They never get bogged down to the details because if they did hardly anyone would buy their product.

This is exactly what Geithner is trying to do.....pretend the Fed and Treasury saved the word and hey you should buy into my conceptual B.S.

Geithner and Bernanke need to kicked to the curb...

Ruth's picture

It looks to me you did it so Soc Gen, whom already owes you at such a sweet deal, would shut up and not talk about it anymore.  And I'm sure there's a laundry list your Special Inspector General will figure out..... PLEASE AUDIT THE FED.

Cursive's picture

Audit it, if you must, but definitely end it.

barnvette's picture

Most sales guys in finance especially the wholesalers selling mutual funds with crappy records learn to sell only conceptually. They never get bogged down to the details because if they did hardly anyone would buy their product. This is exactly what Geithner is trying to do.....pretend the Fed and Treasury saved the word and hey you should buy into my conceptual B.S. Geithner and Bernanke need to kicked to the curb.

glenlloyd's picture

Excuse me....emerging from a recession...perhaps in his eyes and wallet we are, but built on a foundation of nothing more than expansive money / credit creation....and none of it is real, the foundation is sand.

And for the AIG rationale, as I have read elsewhere the insurance side of the operation was in no peril at all, so the whole idea that insurance was at risk is a lie.

He's such a liar...tax cheating ass clown. Why isn't he gone yet?

Anonymous's picture

"And that is the reason we are now emerging from a recession and not still in the midst of a second Great Depression."

"It aint over till the fat lady sings."
Dick Motta, Washington Bullets basketball coach

I don't know bout you, but I haven't heard any fat ladies singin.

straightershooter's picture

A Japanese tourist in the Mall asked a homeless man wandering in the mall: Who is Obama?

The homeless man replied: Oh, that's the president of the United States.

Confused, the Japanese tourist asked again, Who?

Oh, the homeless man replied again: The Boss of Turbo Tax Cheat.

Sowudesenei, the Japanese tourist smiled and thanked the homeless man.

Yes, a Japanese tourist knew who is the turbo tax cheater, and who the Obama really is: The boss of the turbo tax cheat.

deadhead's picture

Two words for Mr. Geithner:

Straight Jacket


i really think this man is losing it, big time.

Assetman's picture

Second, the federal government must have the ability to resolve failing major financial institutions in an orderly manner, with losses absorbed not by taxpayers but by equity holders, unsecured creditors and, if necessary, other large financial institutions.


Oh. My. God.


The man has most certainly lost it.


You make the unsecured bondholders and equity holders take the hit the FIRST time around, you blubbering putz.  You sure as hell don't shower unconditional capital injections and compel the Fed to buy bad assets.  


This "if had had to do again and the stars were aligned just right I'd save the taxpayers and sink the capital holders" garbage is just plain sh*t on a stick.


And it will fool absolutely no one.




Miles Kendig's picture

The killer is that he is admitting he knows what is supposed to happen and that he failed to fulfill his responsibilities while in charge.  Next.

Giovanni Zucchetti's picture

The private sector people who were asked to come up with a private-sector solution in mid September, 2008, concluded that AIG's liquidity needs exceeded AIG's assets - SIGTARP.



Hephasteus's picture

"Today, we know that when confronting a severe economic crisis the government must respond with overwhelming force. That is the basic lesson of the Great Depression. That is the basic insight that informed every judgment we made. And that is the reason we are now emerging from a recession and not still in the midst of a second Great Depression."


Boy someones going to wake up screaming WTF!!! at some point in the future.

defender's picture

Timothy Franz Geithner....hmmm, his response to the economy suddenly makes so much more sense...


bugs_'s picture

listen to me now and believe me later

Hephasteus's picture

LOL. And listen to me later and stare in disbelief that you continue to listen to me or believe me.

dark pools of soros's picture

and of course they didn't see all these wide open holes in the vault first right?  like the cop that sees the failed security system.. rob first and then they act like the hero later saying how they can prevent future theft!!

stealthmouse's picture

Yes!  Imminent financial collapse was at hand, but Timmy saved us!  That, because AIG Financial Products was a whole ONE THIRD the size of Lehman, with the rest in insurance contracts and insurance premiums that were completely separate (wait, am I mistaken or did Hank "Shell Game" Paulson let Lehman fail?).  Oh, and because we had to funnel $22B+/- to the Squid.  

stealthmouse's picture

AIGFP is not where the problems were concentrated, it's the ONLY place where the problems were.  Timmy saying he had anything to do with investor interest in the insurance subs is just a huge lie.  

Rick64's picture

 It is so ironic that this is the guy that was head of the NYF while all this was going on, and now he is in charge of sorting this mess out. On top of that he cheated on his taxes. Good choice Obama.

faustian bargain's picture

His name was on the short list provided by GS.

Strangely, all the other names on the list were his too.

Anonymous's picture

I get it, all this massive gifting of taxpayer largesse to a few huge banks, was for our own good. And now that the banksters have mounds of cash, they've decided to pay it to themselves and charge us more for the privelege of having their name on our credit cards. Isn't that special.

Look Timmy, we ain't little children. We have figured out that the banksters aren't our friends. And we believe that as bad as allowing AIG and a handful of too big firms to actually fail (that is, come into federal receivership) would have been, it truly could have choked finance for a while and surely would hurt the markets, enagaging in this astronomical theft of our futures and our childrens futures while leaving the banksters to run another Ponzi is one heck of a lot worse. Why the blazes can't you figure that out. Pompous moron.

nikku's picture

"We believe in a strong dollar policy."

Huh?.....Hahahahahahahahahahahahah! Snort. Ha.


Thank goodness the children of China, indeed the children of the whole world, can see the finest the free world has to offer in all sincerity and probity.

Kreditanstalt's picture

By criticizing Geithner as an unsuccessful tax evader, you somehow manage to simultaneously grant an entirely unearned legitimacy to the entire banking and financial apparatus, the government and political establishment and, indeed, to the ongoing Ponzi-ness of the system itself.

We should applaud him for trying, as we should anyone doing so, successfully or unsuccessfully.  Don't mistake slavish, patriotic, wrap-yourself-in-the-flag economic envy with true wild-west capitalist behaviour, whose very antithesis is GOVERNMENT...

nikku's picture

Perhaps we will more gladly applaud him when, as head of the IRS, he (and his minions who believe in that great pillar of law--guilty until you can prove yourself innocent) starts applauding our tax evasion! (uh... make that your tax evasion--nervous tick)

Turbo-Tax Cheat: Not the point. 

Point: Hypocrisy... and sheer ass-hatness... on his way to a great post-government career at the Vampire Squid.

Anonymous's picture

No Sh*t Kreditanstalt
Calling him a tax cheat,kind of gives some kind of morality
to what congress does to the little guy in the form of tax code,
The complete Internal Revenue Code contains more than 3.4 million words,
It is just that big so as to obfuscate.
What do all of these have in common
2.Cell phone carriers
4.Most politicians
5.A career criminal [con man]
6.etc..........its just business

Obfuscate=Make obscure or unclear

By the way all that code is to make someone else rich at the expense of those who can't defend themselves.

If you are a moral person you know taking money from a baby is wrong.
So how many of us understand the laws.
Let me get this straight I was born so now I have to pay you or I may go to jail and if I resist hard enough, I can get shot.
Wow sounds like freedom to me, NOT

Well here is a little test call IRS with a couple of things that don't quite fit in a simple Turbo Tax set up.
Call 3 times.
When I have tried it I got 3 different answers.
The one thing that they all agreed on was pay more than needed and I wouldn't have to worry about a fine.

How simple minded we must be to have the Ponzi scheme LARGE government scare us in to working for them.[Paying TAXES]

Sorry kind of need to stay Anonymous on this post.

waterdog's picture

Geithner was not an unsuccessful tax cheat. He was very good at it. He turned himself in because he knew he would be audited as a matter of policy before taking control of the Treasury. He spent his life from 1988 through 2008 at the Treasury; before that with Kissinger. It was the last step in his career. If he did not want to be Treasurer, we would not have known he was a tax cheat.


Anonymous's picture

*yawn* same 'ol song and dance... bullish that it will work again...

Anonymous's picture

So what's the over/under on how long before Timmy G. Is a Managing Director over at squid HQ, I give it 9 months.

ED's picture

A financial system can collapse; the needs/wants of the population still exist and the factors of production still exist. The world doesnt end. And perhaps a better system is built.

Burnbright's picture

ahem (puts on Timmothy Geithner voice)

We believe that by injecting capital into the market and given enough time AIG's capital will be worth what we pretended it was worth when we paid for it.

Anonymous's picture

Two at Fed Had Doubts Over Payout by A.I.G.


Published: January 26, 2010

Weeks after rescuing the American International Group with an $85 billion taxpayer loan in late 2008, Federal Reserve Board officials rejected a proposal that would have forced the insurer’s trading partners to return $30 billion in cash that they had received from A.I.G. in the preceding months.

The Fed chose instead to let the banks keep the cash and to receive additional billions from taxpayers. This decision was made, internal documents show, after two Fed governors expressed concern that such a plan might be “a gift” to the company’s trading partners, including Goldman Sachs and Société Générale, a major French bank. The documents were provided to Congressional investigators by the Federal Reserve and were obtained by The New York Times.


Tic tock's picture

Believe what you want to, really that's good. But give testimony to Congress based on facts, yes. ..Don't start off by saying you had a gut feeling and then looked for numbers to support it; at least not without forming an antithetical perspective. Seriously, he used to work at Goldman? Do they have Fat ladies in a cupboard there too?

gmak's picture


... We acted because the consequence of AIG failing at that time, in those circumstances, would have been catastrophic for our economy and for American families and businesses....



Prove it.

Anonymous's picture

just hope your "cellmate" doesn't have the nickname "Turbo"

HEHEHE's picture

Man I wish I could be there to cross examine that lame@ss defense

waterdog's picture

I think it is nice that Bernanke loaned his speechwriter to Geithner.

pros's picture


Silly statement that flunks any basic logic test.


Anonymous's picture

Goebbels, Geithner - from the nose up there is a resemblance!
Compare the pics.

Joseph Goebbels
"The Poison Dwarf"

"If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”
-Joseph Goebbels

Anonymous's picture

I hope that somebody on the panel asks that if the last two quarters show a profit based on PUBLIC information, then what are the earnings based on the information that is locked away in the SEC vaults and protected for national security purposes show.Hey Timmay?