You're now on the archive server. Commenting has been disabled.
An Uncontrite Geithner Says It Was "Right Thing" To Pay Off AIG Counterparties At Par, Says His Job Is In Obama's Hands
Tim Geithner, who will be testifying before congress over his role in the AIG disclosure coverup, confirms that nothing has changed in the administration, and that were he to have to bail out AIG's counterparties at par all over again, he would. It appears Timmy does not realize still that Goldman in fact ended up pocketing about 125 cents on the dollar courtesy of its AIG CDS which it sold at the peak of the crisis to counterparties that may or may not have had the same level of insight into the government's desire to bail out the firm (which Paulson previously said was to be liquidated) as Goldman.
From Giethner's earlier interview on CNBC:
[A]t a centerpiece of the president's reform proposals is to give the government the tools to unwind, dismember, break up, sell these institutions without the taxpayer being put in the position of having to absorb their losses. That's one of the most important reasons why we have to get reform in place. We had no choice at the time other than to do this. And I'm, personally, very confident it was the right thing to do, and we did it in the best way possible for the American people.
Yet isn't it ironic that majority of these vary same American people have been calling for your resignation for months now Mr. Geithner? Not that that popular opinion would make any difference:
Harwood: Have you ever considered, in response to these calls, resigning your job?
Geithner: Oh, well, that's the judgment the president has to make. As long as I have the chance to help him do this, fix these
problems, I'll be honored to do it.
Yes Tim, you better get on with fixing stuff. In other news, none of the proposed reform packages by Frank or any other clowns in D.C. comes anywhere close to providing a resolution authority that would make a comparable dismemberment of AIG now any different to that in 2008. We are no better/worse off than we were just after the crisis started.
»
- 5052 reads
- Printer-friendly version
- Send to friend
...and we did it in the best way possible for the American people." - Tim Geithner
1 small correction:
...and we did it in the best way possible **to** the American people.
"We had no choice at the time other than to do this. And I'm, personally, very confident it was the right thing to do, and we did it in the best way possible for the American people."
The other day Gibbs told us that Turbo Tim was not involved. Now the tone has changed into "it's the right thing to do". So what's in store for us tomorrow. This administration smells like Bush 3rd term w/ each passing day.
Yeah, W was no finance and economics genius by any stretch. But at least he ran a baseball club into the ground once upon a time. Obama and the Czars are planners, organizers and miscellaneous academics. Timmy is a Wall Street go-fer.
Only CHANGE you'll ever see in the Beltway is the seasons.
Isn’t it nice of CNBC—the Comic News Broadcasting Co.—to give Geithner free time dramatizing and practicing his act, debuting January 27? The whole interview was an attempt to pre-empt what will be happening today at the hearing for the benefit of the Administration--for the people! And to assuage our fears, for CNBC to conclude: “There you have it, folks. We need worry no longer. Timmy has explained!”
Oh. How precious!
CNBC: “Why don’t you tell us, hon, how this whole thing came about? You were with Goldman Sachs when Goldman made the 125 percent—you do think the 125 percent was fair, don’t you? I mean, hon, you are Goldman Sachs.”
Timmy: “Yes, I was at the center, I mean, no, they were at the center…. I mean, everything’s okay. These are honest, good people!”
CNBC: “But was there any greed, hon?”
Timmy: “Oh,I don’t know. I don’t… I just don’t understand. It’s amazing to me. I can’t explain it. These people are needed! It’s ok they made 700% and the rest of the people are starving. You know, it was a touch decision. It was not easy. It was done to save America. It was... necessary. If the president’s needs and wants me to stay, I’ll just be honored to steal…I mean, serve…”
CNBC: “Oh, Timmmaay. That was beautiful! Sob…”
Personally, I think Timmy and CNBC overacted. Somehow, it just wasn’t convincing.
A little lubrication would have helped...
I WAS shocked today to hear in the hearings that these CDS contracts between the banks: there was no intial margin requirement. There was no collateral.
NO margin requiremnet EQUALS Moral Haxard.
With all the talk coming out of DC about moral hazards (profit potentail with no risk)
No Margin Requirments EQUALS No collateral EQUALS Moral Hazard!
www.WallStOnion.blogspot.com
Not to mention Goldman has 2.5 billion dollar claim on Lehman right now. And now that they are bankrupt, that list of claims haS MYSTERIOUSLY GROWN TO 50 billion by 1000 different banks. When will the madness stop?
i caught a bit of this testimony earlier - where he was asked about paying par his explanation seemed to suggest that paying less than par would have resulted in some technical default, triggering then a whole lot of CDSs to flash neon 'pay me' lights, which would have dominoed from one institution to the next
perhaps i read (listened) too much into his explanation, but that sounded like the jist of the take-away
good luck
Yo Tim: Colliding dominoes of the plutocrats are not my problem. They shouldn't have been yours either.
Timmah keeps his job, I'm telling you.
I think he followed that with a description of how he did it for the taxpayer and did a good job for us.
I can't be sure of what he says though because whenever I watch him speak, my teeth start to itch and rage starts to boil from within me.
And they wouldn't have been paid because nobody had the money and it doesn't mean a GODDAMN thing so simply refund the sale of the CDS and throw it in the trash. Because your word and your honor and your agreement is all on YOU.
i bet he has to take a lot of drugs to sleep at night.
completely legal and paid for by the government healthcare plan of course
...without the taxpayer being put in the position of having to absorb their losses.
There's another way to do that, genius - don't bail them out in the first place.
Moron.
Quote: "Oh, well," Pretty well sums it up as far as Timmy is concerned!
Geithner speaks=Geithner lies.
Such a banal villian.
Geithner should be put on trial along with Paulson.
Obama will sink the reelection ship by hanging on to Geithner and Bernanke.
Obama and Timmy are 2 idiots in the same pod, cut from the same liar thread, "change you can bereave in". This ship is going down.
maybe not just this ship amigo, but The Ship. you know, the one with the eye on top of the pyramid on its sail? (no, not that one, THAT ONE...)
Ours is an age in which the whole idea of conscience has been expunged by regnant psychologists, the practitioners and priests of the new religion, science. In such an environment, a trial of these swine could never evoke the moral tone necessary to satisfy the just expectations of the people. The system and the filth that run it operate in a guilt free zone, to wit: The imolation of truth and responsibility that have characterized Obama and his eel-like Attorney General, Eric Holder, in pursuing Bush Administration torture questions.
To effect the kind of justice you seek it will first be necessary for the country to experience massive demonstrations and economy paralysing strikes. One might then reasonably expect the detention, interrogation and public trial of the political bacteria that have so obviously declared war on people of the United States and, moreover, in a moral climate suitable to the occasion. I'd suspect you'd find a maggot like Geithner somewhat more contrite in a trial conducted in, say, Yankee Stadium.
You do "righteous indignation" a whole lot better than I do - excellent!
Aw, you're only saying this 'cause I'm good lookin', huh?
Best to you, Ned.
As soon as we get these new fangled things called "Bankruptcy Court" set up, only then can we let private for-profit companies fail on their own merits.
I can only picture Timmah in his office, playing with his
Dark Helmet doll...."Princess Vespa, kiss me...(high voice) oh, Dark Helmet..."
Geithner is completely full of shit.
1. It's undisputed that AIG itself had negotiated its counterparties down to ~60 cents/dollar before TG at NYFRB ordered payements at par.
2. It's undisputed that TG at U.S. Treas. ordered AIG bonuses be paid in 03/09, after Treas. lawyers told him the bonus contracts were inviolate. Queries:
a. Why didn't TG demand that Treas. lawyers draft memos opining that AIG execs get nothing? Isn't the client of these lawyers the U.S. Gov., i.e., the people? Why accept such transparent rubbish from underlings?
b. Where in the AIG bonus contracts does it specify CASH payments? If AIG execs insist that its Level III assets are close to par value, why not pay them in the fin. prods. they themselves created?
It was suggested by SIGTARP that the haircut counter-party negotiations, prior to the Fed intervention, were failing.
Their success was falsely reported in many circles. There was no success.
Indeed, actually Timmah was brought in to HALT the negotiation "nonsense" and make sure full value was paid.
Also, it has always occurred to me that we should never underestimate the fact that the decision was made to pay all banks just to benefit one which would have gone under - Goldman Sachs. If Lloyd hadn't been at all the meetings, I might think otherwise.
Lies, theft and shifty-eyed treachery.
he's got the whole world in his hands
he's got the whole world in his hands
Ridiculous theatre...
I can't decide if he's a putz or a shmuck
Tubo's a facocta putz. i also hear he has a small shmeckle.
What a PIG.
He's a weird dude. Just his mannerisms I mean.
I also enjoyed listening to Lloyd B.'s squeaky little voice yesterday. I know what one Master of the Universe is overcompensating for. Dude is a noogie magnet.
one thing is for very sure: Geitner is going to get a fat-paying job from his 'friends' when he leaves his current job.
He looks like that cracker stealing raccoon I pulled out of the vending machine face first last night.
I flash on Bevis & Butthead everytime I see him.
"We are no better/worse off than we were just after the crisis started."
Good, then we can do it again, can't we. At least that's what I've been thinking the game plan has been all along. "They" have never intended to "fix" the system, just extend and pretend. Why? Maybe we should consider it's to do it all again, each time washing more wealth into fewer and fewer hands.
"Can we go again Dad. Pleeease. One more time. Mommy said it's OK to go again."
I know this may sound crazy but let's stop trying to discern sane reasons for why the inmates in the insane asylum are doing what they're doing. Or better yet, let's assume they really are insane. Listen to us talk to each other. We call then crazy, stupid, illogical, insane, morons etc. Setting aside the idea that they are all suffering from late stage syphilis induced dementia for a moment, we don't really believe these psychopathic sock puppets are pulling the strings and are the real masters of the universe, do we?
Through out history, for thousands of years, the kings, queens, emperors and presidents may have held public power but their power really emanated from a small group of very carefully hidden puppet masters. Put down those official history books and stray from the beaten path a bit and read a few unauthorized biographies and "radical" history books. You will be surprised the names that pop up in the back ground.
Expand your universe and open your mind. Things are never exactly as they appear to be. Why is it so easy to believe that there were other figures behind "W" pulling the strings and so hard to think the same of Obama and company. Based upon his actions, it's clear to me he pledged allegiance to the masters of the universe before he was elected to office. So who are the masters of the universe, the power behind the throne, he's now serving? Stop assuming Obama and company are running the show. Follow the money.
I always enjoy reading your posts CD. Being relatively young and new to the financial world...any good books you would recommended with regards to your post?
BaronG
I usually don't respond to requests for books to read for a very specific reason. Anything I recommend will color your view. As I've often said, every writer/author (including myself) is a propagandist. We are trying to mold opinion, to present our view in our forum without opposition.
The more honest writers attempt to show all sides of the argument but unless the argument is clearly weighted to one side with FACTS and there is no need to convince the reader of anything, the writer will make every attempt to convince the reader he or she is correct. That is the purpose of the article/book. There is always a natural writers bias in the written word and for me to send you to a particular book is showing my bias and my attempt to influence you to think like me. You need to think like you.
There is another way. Make every attempt to break down your own convictions. If you believe something, read what you can to convince you you're wrong. If your belief can't stand the assault, either you don't understand your belief or it isn't based in fact and reason.
I always try to remember one thing. When ever a book or article upsets me, that means my beliefs are being challenged. Rather than put the book/article down and relieve the pain, I must read on, push through the pain and honestly and courageously challenge my thinking.
I know I didn't recommend a book. Pointing you to a book feeds you today. What I'm recommending is a thought process, a path of discovery that will feed you for the rest of your life. Expand your mind and universe. The next time you read something that causes you to think "That's crap" instead of pushing it away, pull it closer. Read it again. Open the mind.
If what it's saying is an obvious lie, understand why the lie is being published and who benefits. If it appears to be the truth and you don't like what it's saying, push deeper to understand why you're uncomfortable with that position. And most importantly, if it's telling you something you like to hear, probe deeper to understand why you feel this way. From personal experience, half of what I want to hear isn't the truth but rather it's what I want to hear because it fits my world view.
Learn to be the best bullshit detector you can be (including your own bullshit) by understanding why it's bullshit and who's behind it.
+1
A good place to start, IMO, is G. Edward Griffin's The Creature from Jekyll Island: A Second Look at the Federal Reserve. It was originally published in 1994 and is still so up-to-date it's available again on Amazon. It's long been a current top seller in Japan. IMO, it's probably the most important book you'll ever read.
Here is Ron Paul's take on the book: "A superb analysis deserving serious attention by all Americans. Be prepared for one heck of a journey through time and mind."
Said economics professor Mark Thornton of Griffin's book: "What every American needs to know about central bank power. A gripping adventure into the secret world of the international banking cartel."
In additon, an excellent website for current analysis of markets and historical economic review and application is Nathan Martin's Economic Edge. Nate also throws in a bit of economic humor and music--to help the medicine go down.
Happy sleuthing!
CD,
As the circus out of Washington/Wall St. grows more absurd, infuriating and comical with each passing day, I have begun to wonder if rather than watching idiocy at work I am watching tactics designed to upset the masses (this is somewhat contradicted by the lack of MSM coverage of much of the circus events). The twin main goals are wealth transfer and control but their continuing actions, statements make it almost seem like TPTB think rioting would be a nice side benefit.
"statements make it almost seem like TPTB think rioting would be a nice side benefit."
which is why it may be vitally important to resist the animal urges until we can each answer that question with a bit more accuracy, if only not to walk right into a trap.
I've been wondering that too...
The actions they take seem so idotic and so blatant, I wonder if they hope for a quick uprising so they can quickly crush us down... That would save them several years and allow them to skip several steps in their 'plan' and get it over with.
--I wonder if as they impliment or propose their rediculous plans, and see no public outrage result, well, I wonder if they roll their eyes, thinking, "come on sheep! are you really this brain dead?"
Well it's something to thi... ahhhhhh! Idol's on! Later!
When and where is the next Bilderberg group meeting?
As society deteriorates, power shifts to Washington, physical power over the population, less freedoms, ultimately relected in marshall law, enforced by the
military when law, order completely break down. Implosion of the financial system shifts, or results in a concentration of financial power, to the men behind the curtain, although the goons in Washington act as willing accomplices. I guess I would too if I knew they would funnel vast sums of money to me to do their bidding. It would be nice if we could sail off to a new land to start over. But I don't think that is an option.
Comical????
If you find wealth transfer in front of your own eyes funny, then you'd have to be on the receiving end.
The only thing less funny than these shmendricks getting away with it is an ice pick inserted thru the ear, at speed.
Rothschild?
+1 as always CD. I agree with you. I go one step further by thinking that you do not need an overt "conspiracy" of those powers behind the thrown - they think the same, and consitute the "conspiracy of like minds."
"Follow the accretion of power" might be Rule #2, where there is no apparent money trail, since it is necessary to achieve maximum rule #1, control the money.
Ned,
I agree with your premise but I refrain from going too deep down the rabbit hole all at once. That's why you will see me ask lots of questions rather than ask questions and then answer them all myself. I find in the long run it's better to encourage others to look down the rabbit hole themselves rather than for me to take them down with me.
The reason is simple. People have a tendency to believe something they have discovered themselves much more than if the very same thing is shown to them by someone else. So I give them a tease and encourage them to look further.
Also, I've found that once I make an initial comment, others pick up where I leave off and go deeper. Because it's the group that's exploring and digging in the dirt, it has much more plausibility and believability then if it's all laid out on a platter by me. So thank you for adding to the discussion with your insight.
BTW, these techniques I just described are used by disinformationalists and propagandists to lead people astray and are part of the art of psychological warfare that's used against us by our own government and other private parties. We are manipulated at every turn in ways the average Joe has no comprehension of.
Remove TG....
And get the money back....
From those that got it....
Why is this so difficult ????
It has never smelled so bad on Zerohedge.
I used to think he was either an idiot or a crook.
Now I believe he's both.
With all the brainpower they're able to hire, couldn't they have come up with a more plausible cover story for him to parrot?
And if he's going for hyperbole, "If we hadn't paid a 100 cents on the dollar the whole system would have collapsed.", then really go for it. At least make it an entertaining lie.
"If we hadn't given GS 100 cents on the dollar the moon would have crashed into the earth and the oceans would have risen and flooded the land and then boiled away leaviing only deserts and the dead would have risen from their graves to torment the living and all the children in the land would have been taken by pedophiles sent from Hades and GS employees might have had to fly commercial."
The Power of AIPAC, gentlemen.
Unseen, unheard, and in total control of your government.
Rahm:
You really are screwing the pooch, thought you were smarter than this. It's one thing to say "fuck you" to your group of fellow vipers in D.C., but you keep doing the "fuck you" to the American citizenry.
I know you are smarter than this, must be the desperation and scared shitless feeling.
or, is Fitzgerald winding things up there in chick-a-go?
can't wait to hear those tapes you little phuck.
dh, you are The Man. Mad props to my zh regulars - chumby, robo, ms. Cree, and the gang behind the scenes. (Sorry, no finny knowledge, just mad gratitude for y'all). If you live in NH, HOLLA when the SHTF and we'll get all communal n shit. NH hearts guns. And canned goods.
Handle with care Posted:
"If we hadn't given GS 100 cents on the dollar the moon would have crashed into the earth and the oceans would have risen and flooded the land and then boiled away leaviing only deserts and the dead would have risen from their graves to torment the living and all the children in the land would have been taken by pedophiles sent from Hades and GS employees might have had to fly commercial."
I am in a strange business. I take care of problems. I "look like a butterfly, yet I sting like a bee". I spend my life wandering the path of deception and lies only to bring final justice to the unjust. Because of my career, a career honed in the catskills as a child hunting various animals, I rarely laugh. I barely even smile. But, you my friend, have caused me to bellow from deep within, from a place where laughter has not been launched for many a year. Thank you. The laugh brought me back to place I have not been for quite a while. I needed that, for a while, I was beginning to wonder if I was even human. When I watch Geitner, I think of solutions, not problems. Every dog has his day. In that, we should all find comfort.
Handle with care Posted:
"If we hadn't given GS 100 cents on the dollar the moon would have crashed into the earth and the oceans would have risen and flooded the land and then boiled away leaviing only deserts and the dead would have risen from their graves to torment the living and all the children in the land would have been taken by pedophiles sent from Hades and GS employees might have had to fly commercial."
I am in a strange business. I take care of problems. I "look like a butterfly, yet I sting like a bee". I spend my life wandering the path of deception and lies only to bring final justice to the unjust. Because of my career, a career honed in the catskills as a child hunting various animals, I rarely laugh. I barely even smile. But, you my friend, have caused me to bellow from deep within, from a place where laughter has not been launched for many a year. Thank you. The laugh brought me back to place I have not been for quite a while. I needed that, for a while, I was beginning to wonder if I was even human. When I watch Geitner, I think of solutions, not problems. Every dog has his day. In that, we should all find comfort.
"When I watch Geitner, I think of solutions, not problems'
i think we all needed that. thank you.
just a complete fraud.
Question: "How do you know when Turbo Timmy is telling a lie?"
Answer: "He opens his big mouth."
Someone said" A villain can smile and smile and still be a villain. Let the game continue!
From historical accounts, Marie Antoinette was without contrition to her last breath.
If this is true, then Goldman had no direct exposure to an AIG default. Now, counter-party risk to the AIG CDS's would remain, but would be no greater than the overall systemic risk to the entire financial sector. GS risk management did their job.
Whether we want to admit it or not, the AIG counter-parties were going to be made whole by the taxpayer one way or the other. Either the Treasury did it directly, or TARP or some other program indirectly would have been needed to further boost the capital requirements held by counter-party institutions.
And as for telling private investment firms to take a haircut... what was the prevailing sentiment from everyone when the gov't axed GM & Chrysler bond holders?
I'm not saying it's right, but let's step back and observe with full perspective.
Unscarred - please review the whole AIG saga in full. The "125" cents story is a boldfaced lie. This has been shown to be untrue, that GS did not need the bailout - it desperately needed the AIG bailout. It is GS propaganda.
Ned, based on your comment, you point of contention lies with Tyler, not myself. My interpretation of the AIG CDS's comes from Tyler's direct statement of Goldman's sale of them at the peak of the market after securing the Paulson/Geithner bailout. Again, quoted as:
If this has been shown to be untrue, please list all available factual (not opinionated) sources.
Also, as for propaganda- in this instance, you're saying that Tyler is the distributor, not me.
You know what - I reread the post and you're absolutely right - I jumped to a conclusion and admit it was wrong. Mea culpa. Reading stuff about Geithner, AIG, GS and the activities of these criminals sometimes fogs my vision, but you're right to point out my error, and my need not to jump withour reading thoroughly.
Unscarred and Ned Zeppelin,
Thank you both for the wonderful public display of civility and humility. Unscarred, for being challenged and instead of geting your back up against the wall, courageously swallowing your pride and pointing out where and how you felt the issue should be framed, that Ned may be mis-directing his comments.
Ned, for showing great courage in not only resisting the impulse to fight back because your feelings may have been hurt but to re-examine your view AND then publicly admit to your error. That takes real intestinal fortitude and I'm not sure I would/could have been so gracious.
Bravo to both of you. In a forum that is anonymous, the base impulse is to discard civility, not embrace it. Thank you for resisting.
Thanks for recognizing it for what it is, CD. Just taking a page out of your own play book.
I've said it before- there is a tremendous amount we all can learn from each other here @ZH if we don't let the noise muddy the message.
Unscarred.... get a grip dude. Ya, let's step back and observe idiot comments like yours.
Geithner speaks=Geithner lies
One counter party, UBS, accepted a contingent haircut: 2%, but only if the other counter parties accepted the same haircut. That was a nonstarter.
There was no way to make them accept a haircut. They, on the other hand, could march right down to the courthouse and unleash holy catastrophe.
Geithenr is correct to be unapologetic. The media has huffed and puffed. Tavakoli and Barofsky have conceived preposterous negotiation scenarios. Nobody has put forth a viable alternative. A lot of people are mad as H. What does that add up to? Nothing. Bush and Paulson are big "let 'em fail" guys. They had their moment to sack up and be themselves. They blinked. Enough of that nonsense. No reasonable person would have let AIG fail. And the counter parties bet on reasonableness and won.
And we thank you, Mr. Greenberg.
I can just imagine an alternative history on the Titanic. The First Class passengers (a.k.a. the Wall Street Banksters) ply the Captain with liquor while taking turns at the wheel to steer the ship this way and that. "Not to worry, Captain," they say, "Why we are the Captains of Finance. Master's of the Universe if you ask us. Nothing can possibly go wrong." Meanwhile, one of them steers the ship right into an iceberg. The alarm is sounded. "Abandon ship! Abandon ship!" is heard over the loudspeakers. The First Class passengers, as is their self-proclaimed right, elbow their way past mother's with children to be first in line for the life boats. As the First Class passengers are loaded into the life boats and lowered over the side, they give eloquent speeches to the necessity of saving their own hides. They speak of pandemonium, chaos, and riots. The system must be saved above all else! Once they are safely away from the sinking hulk, they watch the lower classes sink beneath the waves while patting each other on the backs and placing side bets on things like how many people will ultimately drown. A few First Class survivors are ultimately made very wealthy from the tragedy since they took out credit default swaps on the ship prior to leaving port. Once they get home, the banksters vote themselves huge pay raises and bonuses for having been so clever to survive the disaster.
I just love a heart warming story. Don't you?
I just love happy endings.
Nice analogy. It works on many levels, which is the definition of a really good analogy.
What? No one said Geithner was going to let AIG fail(he should have.)
This is a question of 100cents on the dollar. Why couldn't he negotiate ANY haircut. The US isn't even responsible for the "assets" in question.
The banks should have been nationalized, closed and all the unbacked ,mystery McSecurities written off.
The sun would have risen in the morning and we would be better off in 10 years. Now it's we will be worse off in 10 years and FOREVER.
"We", Kemo sabe??? (snif)
pardon my french, but fuck that sentiment.
+1
Bush and Paulson are big "let 'em fail" guys.
And you base this conclusion on, what, precisely?
More propaganda and disinformation. You guys never let up. You just don't get it.
Paulson let "GS" fail? Are you kidding me? He was a traitor in our midst. He snuffed Lehman, and saved GS. End of story - stop trying to rewrite the facts.
Are you this Giovanni Zucchetti?
regional Business Manager,sGs-société Générale de surveillance Argentina
www.emergingmarketsforum.org/meetings/latinamerica/2007/2007%20Uruguay%2...
CNBC: Secretary Geithner, if President Obama asked you to resign, would you accept?
Geithner: Well, first off, I have his word that I won't be asked to leave until after I unload my Westchester home to a buyer and move my assets to a Swiss Banc account. Just in case, y'know, this Quantitative Easing thing doesn't work out...err... the way we were hoping.
CNBC: OK, but if you were asked?
Geithner: Oh sure, yes, I would resign it's OK. Look, it's not like I'm making a pile of dough working for the US. I don't even give a <expletive> about most of this stuff. It's OK, I did my time in office, I'll take the blame and I can move on to my new job at Goldm...oops! Did I say that?
CNBC: You have a job offer at Goldman Sachs??
Geithner: C'mon-were you born under a rock? Like Bob Rubes-do some time for the little people, make some connections,fix some rules and move on. I had the job before I agreed to this gig.
F.U. tax cheat timmie.
What Geithner is "absolutely" sure about; what Geithner finds "unexplicable","really don't understand".
Harwood: "You still believe it was the right thing to pay (AIG) counter-parties 100 cents on the dollar?"
U.S. Secretary of the Treasury Geithner: "Oh absolutely!..."
Harwood: "Is there something morally corrupt about Wall Street institutions and the people in them?"
U.S. Secretary of the Treasury Geithner: "...It is very hard for people to understand...that you could see compensation practice produce such huge returns to people who were at the center of this mess. It is un-explicable."
Harwood: "But you understand it because you understand this culture. Why is it happening?"
U.S. Secretary of the Treasury Geithner: "I don't, I don't, uh, I don't understand it, really. I really don't understand it..."
Harwood: "Is it pure greed?"
U.S. Secretary of the Treasury Geithner: "John, its a complicated thing. I don't I don't know how to explain it. I can't explain it. I don't understand it."
John Harwood interview of (Jan 14, 2010)
that makes me angry.
me too. screaming mad this Geithner, this lackey for Wall Street, got promoted instead of prosecuted.
Harwood is an idiot and a lap dog for Barry.
I read all of the comments up to this point before I watched the clip. Why? Cuz I new I would find the comments more insightful, educational and, at times, humorous than the interview. I broke down and watched the video. Now I wished I hadn't watched the clip. Very sad.
I just watched a very attractive young english lass on Bloomberg tv discussing something about bonds, corporate bonds I think. I wish she was our treasury sec because I would believe anything she said. Actually, I wouldn't care what she said. I just like watching her talk.
I know, that qualifies as a sexist comment, but I'm a guy and that's my job.
The reason why Geithner, and especially Bernanke, are so special to Obama and politicians in general, (and add to that the media... Time magazine etc), is because they allowed the rape, pillage, and murder of the average American to take place without much of a fuss.
No one wants to look at this thing---
Joe Cassano put together the deals for AIG---
Who has subpoenaed Cassano?--
Not Barney Frank, not the Financial Crisis Whitewash Commission..not even Barofsky-SIG Tarp or Elizabeth Warren
But if I were Cassano I would look both ways before crossing the street.
Geithner is a tool. He is such a bad actor, who can't lie without obvious discomfort, shifty eyes and rapid movement. He was appointed by Obama to be the fall guy for the bailout. Obama's game is to link Geithner with bailout and Bernanke with money printing. Geithner will be dumped when convenient. Obama will run on being above it all.
WTF..1:07....well I wasn't involved in those memos and I have not looked at those memos..
Lie..
When you are accused of something, what is the first thing you do? Look over the evidence that they are making the charges about. Practically the first thing out of his mouth was a lie, he has a big future in Washington.
I think you all will appreciate Michael Grunwalds piece in TIME this AM (If you haven't read it already)
http://www.time.com/time/business/article/0,8599,1953864,00.html?xid=rss...
While reading this my brain started to hurt.
By the conclusion of this piece the only concious
<!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:1; mso-generic-font-family:roman; mso-font-format:other; mso-font-pitch:variable; mso-font-signature:0 0 0 0 0 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1610611985 1073750139 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0in; margin-right:0in; margin-bottom:10.0pt; margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} .MsoPapDefault {mso-style-type:export-only; margin-bottom:10.0pt; line-height:115%;} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} -->
thought that registered was
WTF?
Geithner's testimony in the minds of the great unwashed.
Woops!
What the fuck was that?
There was also a Geithner interview on NPR a day or two ago. The host asked him, With the benefit of hindsight, wouldn't you have AIG counterparties take less than 100%? His answer was, No because there was no sufficient system set up for an AIG bankruptcy.
I was floored. Either the guy is so dumb that he doesn't understand the question (highly unlikely) or he's the least competent politician I've ever heard at the art of dodging and obfuscating.
This just shows what a complete Bozo Timmy is. He fails to understand the simplest concepts and what and to who his responsibilities and fiduciary duties are to. But this does show how the Fed actually thinks their loyalty is to the cavaliers of finance and not the public who they are supposed to be serving
Yes, he's a bozo, and he needs to resign.
Where in the world did anyone get the idea that the tax payer was EVER supposed to be the backstop of the financial services industry? That's the most ridiculous idea ever put forward, to suggest that the American people, through their tax dollars, have a responsibility to prop up private enterprise...give me a big fucking break.
these assclowns need to go.
WE THE PEOPLE (Have Had Enough)
Wall Street may effectively own Washington DC and the politicians but
they do not own us.
WE THE PEOPLE ARE UNDER NO OBLIGATION TO ACCEPT THIS.
WE THE PEOPLE have the right to demand that these institutions eat
their own cooking on each and every one of the loans they securitized
and peddled during these years without fair and full disclosure to the
buyers that these loans were rife with fraud.
WE THE PEOPLE have the right - and the ability - to take personal,
lawful action with specific, lawful political and business-oriented
goals, including permanent structural changes that will end "too big
to fail" and "rip off the consumer on demand" policies, including the
full reinstatement of Glass-Steagall which will END financial
speculation and dealing in all of its forms by firms that have access
to Federal Reserve credit and/or any sort of public backstop.
Make this message - this post - viral. Send it to your associates.
Send it to the media. Send it to politicians. Get involved and do it
now.
http://tinyurl.com/yacqusb
Too late for that, burn the witches!
What was lost in this shuffle was the fact that elite foreign investment banks were bailed out using US tax payer dollars.
Looting the Treasury of the United States is Treason.
It is already bad enough that Private International Investment have control of the United States through the NY FED's 90% control over the FEDERAL RESERVE system RICO Racket.
Why did we have to bail out France's SocGen?
As much as I like the cultural marvel that Paris is, are we expecting any bailouts of the US by Europeans?
AIG was colleting nickels in front of steamrollers.
If I was selling out of the money options like mad on a stock and my position was moved against to the point that I owed 10-50 times what the premium that I pocketed and "profited" from, am I and the institution backing my funds liable?
The institution where my funds would be at would want to take me to court.
I knew AIG was insolvent back in 2005. Most of my put options on them back then expired worthless since the controllers did not want to expose AIG back then.
They wanted to fatten up the economic bubbly pig for a Hawaiian luau.
Should I request back payments on the validity of my thesis that AIG was worthless?
How about the Lehman Brothers Bankster manipulation hit taken out on shorts and longs in LEH between March 08 and Sept 08?
They knew LEH was bankrupt. I knew it also but that did not prevent LEH going from $38 to a low of $22 on one day then back to a high of $46 the next day.
How much money was lost by "investors" who never got a bailout on that type of front running?
Shouldn't people who were front ran out of their correct long/short investment thesis get a bailout?
Or do you have to be a foreigner or foreign owned and controlled to get a bailout by the US Tax payer?
http://funy1.blogspot.com/2010/01/mr-president-did-your-handlers-tell-yo...
This guy does need to work on his body language. The facial expressions are not good. The worst part was when he said they absolutely had to bail out AIG and his nose started to grow.