Tim Geithner "Protects America From Itself" By Forcing Elimination Of Material AIG Disclosure

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Thu, 01/07/2010 - 11:29 | 185421 bugs_
bugs_'s picture

Are all my non-disclosures so small?

Thu, 01/07/2010 - 11:30 | 185422 crosey
crosey's picture

Staggering (again).

How long can this chicanery go on, unresolved?  Until the 2010 elections?  Until it all crashes?

Will we reinstate public executions?

Thu, 01/07/2010 - 11:50 | 185457 xamax
xamax's picture

It can continue like that a long time. Dont forget 99.8% of the poulation dont even have a clue about what we are talking here. So they can lie, hide at infinity.Of course it will crash one day, and then ? there will be probably something à la 2nd WW and the game starts from 0.   

Fri, 01/08/2010 - 05:55 | 186578 Anonymous
Anonymous's picture

More to the point: most people do not care. This sort of stuff requires reading comprehension and stuff.

For the masses: as long as they can continue to watch the box and the loan to buy the latest gadgets and fashions are still forthcoming, they're happy.

Thu, 01/07/2010 - 11:57 | 185470 El Hosel
El Hosel's picture

I sent two emails to CNBC this morning to bring this story to their attention,  ( as if they don't know about it ) . Looks like the "#1 in business news" has no interest in this one...Suprise. 

Thu, 01/07/2010 - 12:06 | 185489 xamax
xamax's picture

CNBCOMCASTAGANDA is certainly not the right adress......

I'd try another channel (Fox,CNN). But I think chances are small, even in Europe noone wants to burn his fingers....(especially the mainstream media)

Thu, 01/07/2010 - 12:35 | 185536 Damn Yankee
Damn Yankee's picture

@ crosey,

The answers to your questions are: (1) see question 3; (2) nope, longer; (3) yes; and (4) hell yes!

In other words, you point is well taken

Thu, 01/07/2010 - 12:43 | 185543 bonddude
bonddude's picture

STORM THE BASTILLE  !!!

Thu, 01/07/2010 - 20:49 | 186316 albion402
albion402's picture

seems like a good running start for opening a room at the gray bar manor....

Thu, 01/07/2010 - 11:30 | 185423 Stoploss
Stoploss's picture

Off with his head!!

Thu, 01/07/2010 - 11:30 | 185425 Daedal
Daedal's picture

It's official: The rabbit hole is a bottomless pit.

 

Thu, 01/07/2010 - 11:35 | 185434 Sancho Ponzi
Sancho Ponzi's picture

Say 'bye bye' to tiny text Timmy.

Thu, 01/07/2010 - 14:16 | 185707 Rusty Shorts
Thu, 01/07/2010 - 11:36 | 185435 Handle with care
Handle with care's picture

Why aren't there a pack of feral lawyers smothering AIG and the government in lawsuits on behalf of shareholders and those who went short?

Thu, 01/07/2010 - 12:27 | 185524 Shameful
Shameful's picture

Lawyers like to take cases they can win.  And with the business judgment rule and a lot of the other chicanery it's actually quite hard to get people on stuff other then total fraud.  In this case the Gov was involved so you could even argue it's not fraud because Uncle Sugar told me to do it.  Also remember that litigation is a gamble and takes money.  this kind of suit would take a massive wad of cash and you might not get paid for it so a big gamble.  Hell remember that the Exxon Valdez case is still in litigation, and we know that exxon was at fault and even had a judgement against them :)  Thats to AIG. 

As to the gov the gov can just not let you sue them.  Remember when you sue they gov they have to let you sue them, they can claim sovereign immunity and tell you to kiss off.

Fri, 01/08/2010 - 05:58 | 186579 Anonymous
Anonymous's picture

The business judgment rule applies to suits for breach of the duty of care (but not suits for breach of the duty of loyalty).

Securities fraud (Rule 10b-5) is not subject to the business judgment rule.

Thu, 01/07/2010 - 11:36 | 185438 m.g. turner
m.g. turner's picture

when they've finished playing Masters of the Universe (se non prima) they, all of them, must be held accountable.....but who will hold them accountable in our lawless universe?

Thu, 01/07/2010 - 11:44 | 185449 Handle with care
Handle with care's picture

If the American people don't rise up and remind their rulers that they rule at the pleasure of the people, then the American people will deserve the neofeudalism that is being put in place for them

Thu, 01/07/2010 - 15:08 | 185818 Let them all fail
Let them all fail's picture

And exactly what are you doing to remind them?  Rising up?  Sitting at a computer?  Or do you deserve neofeudalism?  What do you suggest, or is this a pointless post?

Thu, 01/07/2010 - 15:31 | 185860 Anonymous
Anonymous's picture

They may be a bunch of nut-case Texas Libertarians but GOOOH (google it) is trying to do something other than kvetch in "comments" posts.

Thu, 01/07/2010 - 16:00 | 185909 Handle with care
Handle with care's picture

I'm not American

Thu, 01/07/2010 - 17:57 | 186123 Herd Redirectio...
Herd Redirection Committee's picture

Totally in the same boat.

I try to tell people about America's problems all the time, and that we are going down a similar path.

Well then why is there nothing on the news about America's imminent downfall,  I am often asked...

I try to warn people that America is a power in decline but so what, what are people supposed to do about it? If even the people  IN AMERICA are too lazy to do something about it,  why should we concern ourselves with trying to help them?

Thu, 01/07/2010 - 12:20 | 185511 Jim B
Jim B's picture

+1

Thu, 01/07/2010 - 11:44 | 185450 mule65
mule65's picture

Phew, nasty selloff this morning.  Glad that's over.  Up, up and away!

Thu, 01/07/2010 - 12:00 | 185473 El Hosel
El Hosel's picture

The working group "maintaining an orderly market",  in support of their man.

Thu, 01/07/2010 - 11:54 | 185458 WaterWings
WaterWings's picture

I don't understand how you folks that do this for a living actually maintain your sanity. Methinks you are part of the problem we face because any ordinary citizen feels like this:

Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats.
H. L. Mencken
US editor (1880 - 1956)

Back and forth, day after day. Suspended animation, then the lights go out. See you tomorrow, Tim.

Thu, 01/07/2010 - 18:05 | 186135 Herd Redirectio...
Herd Redirection Committee's picture

Nobody ever went broke underestimating the intelligence of the American public.

H. L. Mencken

Thu, 01/07/2010 - 11:51 | 185460 Anonymous
Anonymous's picture

People get the government they deserve. Good jorb, Obamabots.

Thu, 01/07/2010 - 16:17 | 185942 Anonymous
Anonymous's picture

c'mon. Enough already.

No amount of "I told you so" is going to make Barack Obama any more responsible for your problems.

Thu, 01/07/2010 - 23:27 | 186439 Uncle Remus
Uncle Remus's picture

Perhaps not, but if it makes the bastards that voted for the sock puppet squirm a little in their own steaming pile of gullibility, then let's sing again, with some real fcuking gusto this time.

Cretinous leeches.

Sat, 01/09/2010 - 03:57 | 188183 Heavy
Heavy's picture

They were all sock puppets, (excepting Ron Paul, perhaps, I did register to vote for him in the primary) so is passively participating in the flawed voting system wrong?  Even to vote for Ronny?  Maybe it's only wrong to vote for the ones who might be treasonous (does economic war waged against the common American fall under the constitution's definition of treason? (not to mention foreign economic destruction caused by our post WWII systems, which wouldn't be within the definition of treason mentioned unless liberally expanded definitions are used to explain the explanation)))  As for "what to do?" I'll settle for some more published populist rage for the moment...the doing will happen soon enough, and we'll all wish for something else when it does, then, however, maybe something good will be done with regard to our governance.  History books of the future (yes, if we can still read, ha ha ha...cliche) will thrive on the dramatic changes of these days.  And maybe they'll be meant to convey truth if we do things correctly.  "Beginnings are such delicate times" and all that sort of sentiment.

Fri, 01/08/2010 - 01:37 | 186520 faustian bargain
faustian bargain's picture

nor any less.

Thu, 01/07/2010 - 11:56 | 185467 Anonymous
Anonymous's picture

What about Friedman at the NY Fed. He was buying GS shares with this undisclosed information. Isn't anything going to be done about this? or is it ok for Fed officials to trade on inside information?

Thu, 01/07/2010 - 11:57 | 185471 john_connor
john_connor's picture

They are just setting up Geithner for his fall to give O political cover.  He will simply be replaced by another loyal insider to the industry.

 

Nothing to see here.

Thu, 01/07/2010 - 12:38 | 185538 deadhead
deadhead's picture

Bingo!

Everything will be unloaded on Geithner, that was clear several months ago.  Now the rest of the goodies are coming out.

Thu, 01/07/2010 - 14:47 | 185769 Anonymous
Anonymous's picture

Flashback to November, with Krugman and DeLong signalling their support for Plan Geithner: http://www.zerohedge.com/article/frontrunning-november-18-0#comment-137550 . (Note that at the same time DeLong was flying the blame-Geithner kite for Krugman, he was also road-testing the "maybe there is a small chance of a double-dip after all" message which Krugman has now taken up.)

Thu, 01/07/2010 - 13:47 | 185647 DoChenRollingBearing
DoChenRollingBearing's picture

Maybe it will be Chris Dodd as new TreaSec.

Thu, 01/07/2010 - 14:11 | 185694 Gilgamesh
Gilgamesh's picture

Paging Mr. Dimon.

Thu, 01/07/2010 - 11:58 | 185472 Anonymous
Anonymous's picture

Ahh, now I remember. TTT is the only one for the job, because he is the only one that really understands all of the details. OK. I agree.

...unexpectedly...

January 21, 2009

11:52 a.m. | Credit default swaps: No one is going to tell Mr. Geithner that he overlooked the dangers of credit default swaps. Responding to a senator’s question, he says he “absolutely did not miss” the potential problems presented by this huge and unregulated part of the derivatives market, calling it his “life’s work.” Credit default swaps amplified the effects of the recent financial crisis and were a major reason the government stepped in to bail out the American International Group.

http://dealbook.blogs.nytimes.com/2009/01/21/tough-questions-expected-fo...

Thu, 01/07/2010 - 12:01 | 185474 waterdog
waterdog's picture

Looks like Leo was right. I just hope he is wrong about who will replace Geithner.

 

Thu, 01/07/2010 - 12:02 | 185475 Anonymous
Anonymous's picture

Resign?.He accomplished what he was brought for. And I believe he is now despensible. As to next job???

Thu, 01/07/2010 - 13:47 | 185648 Joe Sixpack
Joe Sixpack's picture

Sr. CDS analyst at Goldman Sachs?

Thu, 01/07/2010 - 12:02 | 185477 Anonymous
Anonymous's picture

Someone need to bring this to Dylan Ratigan's attention, may be he would bring it up on TV.

Thu, 01/07/2010 - 12:02 | 185478 jbc77
jbc77's picture

It's become comedy. Problem is, 95% of Americans are walking around as living zombies mesmerized bu tout TV and Brittany Spears. It's going to take something large scale, who knows, maybe another market meltdown before the zombies will flinch. Got to hurt their pockets to awaken them, get pitchforks in their hands.

The entire Obama adminsitration is a kin to a really bad reality show.

 

Thu, 01/07/2010 - 12:08 | 185487 lizzy36
lizzy36's picture

Given that America seems to have an infinite supply of both k-y and cottonelle dollar paper, the only consequence resulting from these revelations will be Tiny Tim falling on his sword.  Absolutely nothing else will change (except i will start pvring JD's appearances on the hill).

Nice story, too bad 99% of the American population either doesn't understand it, or doesn't give a shit. 

Thu, 01/07/2010 - 12:47 | 185550 Daedal
Daedal's picture

Given that America seems to have an infinite supply of both k-y and cottonelle dollar paper, the only consequence resulting from these revelations will be Tiny Tim falling on his sword.

Considering the increasing price of crude, I may no longer be able to afford k-y to help lubricate myself from these daily rapings.

Thu, 01/07/2010 - 13:49 | 185653 Joe Sixpack
Joe Sixpack's picture

Try a natural product: RAPEseed oil.

Thu, 01/07/2010 - 12:15 | 185498 Anonymous
Anonymous's picture

The Forgotten (middle class) Man (and Woman) is delving away in patient industry, supporting his family, paying his taxes (will be paying a lot more in 2010 onwards), (conscientiously contributing to his 401k), casting his vote, supporting the church and the school, reading his newspaper, and cheering for the politician of his admiration, but he is the only one for whom there is no provision in the great scramble and the big divide.
- William Sumner prefacing Anatomy of a Bubble from 1930 prior to the Great Depression (How fitting to 2010 indeed!!)

Bracketed terms apply more to 2010 than to 1930 but the dynamics stay the same !!

Thu, 01/07/2010 - 12:43 | 185544 Anonymous
Anonymous's picture

Is it allowed to conscientiously contribute to my 401k if it's invested in bullion, mining companies, and energy equities? Is it okay to see the writing on the wall and still sock money away?

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