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Soon To Be Former Treasury Secretary Geithner Subpoenaed Over Lehman Fail
In a late, and somewhat underplayed, story from the WSJ, it appears that we may finally get some answers on exactly what former-Treasury-Secretary-to-be Geithner knew and sanctioned in the lead up to the Lehman fail. More specifically how JPMorgan illegally siphoned billions of dollars from Lehman in the final days, potentially via Geithner's FRBNY-overseen tri-party repo market. We discussed this at length almost two years ago as the FRBNY was concerned at the ongoing risk of the market being structurally vulnerable to a repo run and furthermore why Lehman's suit against JPMorgan had grounds. Critically, with Geithner being the man at the helm of the entity that approved repo entry and exit and in the final stages clearly sided with JP Morgan as collateral calls rained down, it makes sense to at least find out what he knew and decided - under oath.
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First tax evasion, now this?
Say it ain't so. He's a government representative!!
"Depends how you define Lehman....."
He's praying for an Obama 2nd term so he can get pardoned in 4 years...
Aye, careful what you wish for: Geithner's replacement could well be one even more ingratiated with the gods of Broad and Wall -- Summers.
Yes, let's get it on record...
"Well, see My version of Quicken only allows me to operate on a cash basis so I really have no actual information because, well, I made a mistake.
I thought something else like this would come out...
But what I was wrong about was that Corzine would be the replacement. Hahahahahahaha! Which Goldmanite will replace him I wonder?
The man won't be able to remember nuthin'.
Remember, he can't even complete a tax return, never mind give evidence under oath.
For Christ's sake, that would mean stringing at least two fuckin words together without lying. Forget it...
Scene: Goldman Sachs Boardroom.
Time: 9 PM
Ambience: Cigars and scotch...
"Ok boys, Barry needs another Treasurer. Who still doesn't have a felony?"
No hands are raised anywhere in the room.
"Conviction boys. Conviction. Who still hasn't been convicted?"
Half the attendees raise their hands. One is heard to mutter "0 for 17. Not one conviction!"
I wonder if Corzine could make $16 trillion "vaporize"?! LOL!
that's easy. bill dudley. really. and - bill is going to have cooking show also - 'how to make fcheap family meals with ipads'.
pardon? we don't need a freaking pardon when all he will get is a 100 fine
http://www.crossfitnewmarket.co.nz/wp-content/uploads/Funny-Pig.jpg
"Under Oath" ROFL! as if that matters for the banking elite. ask Ben "I will not monetize the debt" Bernanke how much trouble he got into for lying to Congress "under oath".
Oh, he'll testify under oath all right, but he will employ the classic "I don't recall" defense. In fact, that would be a good drinking game. Take a shot every time Geithner says "I don't recall" or "I don't remember".
even a drunk has limits
First tax evasion, now this?
Say it ain't so. He's a government representative!!
"Depends how you define Lehman....."
"Ah never had sex with the public's ass with Lehman's dick".
Um, I have no recollection of that
Lies, damn lies and more damn lies will be all that you see in that testimony.
This is the same asshole that told us that taking over Fannie and Freddie wouldn't cost anything. And still he hasn't been fired, or even questioned, over that massive lie.
Anybody that expects any accountability for Geithner, or any other villain in the Theft of '08 is kidding themselves. I am sorry that I had to break the news. It's just the sick fucking way it is.
Whatever happened to Obama's and Pelosi's mantra of transparency?
Yaz, yaz. I think the exact wording was and will be:
"I have no independent recollection of those incidents."
Hillary Goddamn Clinton
Or maybe just "I don't know nothin' 'bout birthin' babies, Scarlett."
"There is no evidence of that" Hillary on the Rose Law Firm billing records scandal
Subpoena preamble...
"Mr. Secretary, before we begin I want to thank you for your dedicated service to your country and the extraordinary efforts put forth on behalf of recovery."
Every Goddamn "Interrogator"
Pinstripes Timmay! Bitchez!
Yankees?
"TURBOTAX MADE ME DO IT!!" - Timmay
Greenspan, Geithner, Bernanke, Corzine. All should hang for treason.
Traitors Hang.
When? Where? More likely US population will starve before this is all over.
Hank Paulson should be at the top of the Inquisition list.
I did not have financial relations with that bank...
Nice one Mongo!
DavidC
Sweet, but what if she didn't wash the damn dress? What sort of skank would do that? ;)
Perfect!
Oh yeah, I'm sure that guy is really afraid of some bullshit oath that requires him to tell the truth.
He'll lie until he can't lie no more, if you get my drift.
Still working on Sehman bros... MF global victims will be waiting a while.
It seems pretty clear that the MF Global swindlees ain't gettin' nothin'. Their best hope is to get the BK reclassified as 11, but the 1000/hour gang are gonna either make sure it doesn' happen or eat up any recovery in billable hours.
Chris Whalen had a piece up that basically shoots the hopes and dreams of MF customers to hell. They'll be lucky if they take back pennies on their dollars... all of it "legal".
Tyler, please don't tell me you believe anything will come of this!
"extraordinary circumstances, market stress, provide liquidity,uncertain future. BLAH BLAH FUCKING BLAH!
Nothing will come of this. Same as it ever was.
".....it appears that we may finally get some answers on exactly what former-Treasury-Secretary-to-be Geithner knew and sanctioned in the lead up to the Lehman fail."
We will find this out when we get to the bottom of his "Turbo Tax" incident.
Meaning never.
For guys like this, under oath means nothing.
Right.......put his hand on the bible, that'll do it!
Put his nuts in a vice.
That would require nuts to start with.
I am completely, 100% against water boarding..., but y'know???
Better yet, nail them to a tree stump & give him an ax.
Timmy and the Lords of the Underworld!
he will do as his predecessor king Paulson and lie through his teeth and all will be well
oh please, we cant even get honorable Corzine and you are talking about Timmy
Soon there will be a honorable club of all those who rapes and bang american people
Honestly whats the point. These guys all get off lightly. Knowing Geitner he will come up with some way to make it look like hes getting punished but actually get rewarded alla Robo Signing. These guys are seriously laughing at us every time they stand in the dock.
Get off lightly? Shit I haven't seen any of them even get a dirty look.
Thank god it's under oath.. otherwise he'd lie.
None of this matters, Timmay has a corner office waiting for him at GS.
Fraudulent conveyance? That's like a real thing again? What? Client collateral gets rehypothicated as firm collateral?
Jesus.
Geithner: I was too busy NOT filing my taxes to have been involved with any part of Lehman.
Investigative Panel: Very well, Mr. Geithner....you're dsmissed. Good luck in your endevours with Goldman Sachs.
Geithner: Thank you sir. SEE YA BITCHEZZZZ....I'M OUTTA HERE !!!!!!
This is still bullish, right?
"...how JPMorgan illegally siphoned billions of dollars from Lehman in the final days, potentially via Geithner's FRBNY-overseen tri-party repo market."
How many firms have Goldman and JP Morgan now sucked/bled dry??
Between these two crooks they ARE the systemic risk, the black swans (you can see), the financial crisis
Black Vultures with a get out of jail free card.
if they hanged Geithner and let everyone else go, i would be OK with that
I'd have to have Benny hanging by his nutsack also to consider it successful
he's only a little hired crone, like bubble Ben or Barry Bumma for that matter
..the real gangsters are the big bwankers, the movers and shakers (who profit), not the shoe shine boy and machinegun mouth Tiny Tim
My ideal punishment for them would be that they all be forced to walk the streets of American cities without bodyguards while carrying a sign that identifies who they are.
Let the people determine the punishment as they see fit.
Yep, Mob Rule beats the crone 'Justice' sytem every time
no, Corzine and Dimon need to be included...
"it makes sense to at least find out what he knew and decided - under oath."
And then hang the fucking weasel; that would be his best-case-scenario ending, as if the collapse comes, hanging will be way too fast a method of ending him for all The People he has fucked.
We all know exactly what's gonna happen:
He's gonna get on the stand and lie his ass off.
It will be concluded that he did all he could do and he did his best.
It will be determined that "no laws were broken".
And the nation can go back to getting violently fucked in the ass.
(as a side note: I'm guessing Jamie, Lloyd and company will be watching the testimony from home playing "shots" for every time Tiny Tim utters the words "I can't recall". Needless to say, they should be completely snokered before the lunch break.)
This whole thing is a farce, let's not delude ourselves into thinking it's not.
precisely, incompetence and stupidity is no grounds for a lawsuit. If there was any actual fraud (as defined by the laws written and re-written by the banks) it would be prosecuted.
Make that smarmy little cocksucker tell us again why GS got 100% on the dollar in the AIG deal also.
A US Judge (that would be one of Geithner's and JPM's employees as they see it) will show us who owns this country and who has the right to do what.
Um, this is all well and good but we're taking our focus away from the real distraction---half-mast flags for Whitney "Crack is whack" Houston and federally mandated contraception.
We can't be focusing on nonsense issues like Cabinet secretaries bilking the US Treasury (read: taxpayers) for hundreds of billions...
Dig deeper, this is a ruse. JPM suing JPM to save face. Look at the MSM lately - suddently the banks want to "do the right thing". LMFAO!
Maybe Turbo Timmy can consult with Jon Corzine on what to say.
If Holder won't go for giving thousands of guns and grenades to cartels, ya fucking think Geither is gonna go? PLEASE.
Just when Little Timmy thought he was safely shrouded by Obama.....they pull him back in. At least he won't be replaced by Corzine....oh wait, yeah, this is Obama we're talking about.
Like putting his left hand on a book of leather and paper and raising his right hand is GOING to make him tell the truth. He knows he's NOT going to go to jail.
Who is Tim Geithner?
Bread and Circus. This guy is untouchable.
Under oath! That is good, real good. Geithner telling the truth. LOLOLOL
He told a truth. Whats not clear is,Which Truth........
plausable deniablity, no blame, no crime, no conspirators, all is well....
So shithner gets a golden gilded mansion in the swiss alps with treasonous hanky panky paulson; et al other conspirators raping, pillaging, and plundering ameriCON'd monetarily. Too bad. I'm so sad!
Nuts in a meat grinder to good for any of the corrupt rat bastards. There are many as the destruction of our freedom accelerates to hell from within.
The three that must go to jail over this are Geitner, Barney Frank and Chris Dodd. All the other scumbags are further down the food chain.
The three that must go to jail over this are Geitner, Barney Frank and Chris Dodd. All the other scumbags are further down the food chain.
Under oath? Tyler, I'm surprised at you.
Dog and pony show for the Sheeples....
An oldie but goody: http://trueconservative101.com/wp-content/uploads/2011/03/timmy-beavis.jpg
I imbedded this image using html img/src tags and the ZH PREVIEW looks fine. Not sure why the imbed image does not appear. Can anyone help?
A few months previously in 2008, Timmy and JPM saved the world's economy with the Bear Stearns 'bailout', with JPM being the Fed open window bank for Bear with only a 20% haircut - nice guys. A few years later, JPM collects all the MF Global cash in the nick of time before they are escorted by Timmy into Chap 11. And Dimon laughs and laughs as he does God's work.
Tim is just a JPM employee - they have the wrong guy under oath, not that it matters a damn.
"My $5 LEH puts weren't going to get in the money by themselves."
“Every government is run by liars,” independent journalist I.F. Stone observed, “and nothing they say should be believed.”
You can take that to the bank..........
No doubt Timmy forgot what happened by now, move along.
How good is Geithner at singing karaoke? Cue Peter Gabriel:
I don't remember, I don't recall. I got no memory of anything at all.
I don't remember, I don't recall I got no memory of anything-anything at all.
It's difficult to believe anything would pose a problem to someone whose entire life has been a cakewalk out of a made-for-TV Grade B movie.
I mean, first job at Kissinger & Associates, where he hobnobs with Henry Kissinger and his pals, Peter G. Peterson and David Rockefeller.
Next, Geithner is a senior fellow at the Council on Foreign Relations, thanks to director, Peter G. Peterson.
Couple of stints in gov't: first appointed by Geo. H.W. Bush, then later reappointed by Clinton,
Next, Peterson handpicks Geithner to replace him as chair of the NY Fed.
Then on to Washington, free rent for the first six months at his best-friend-forever, Danny Zelikow's luxurious townhouse.
It's almost as if Geithner were directly descended from Andrew Mellon on the Moore side of his family.
Oopsy, I keep forgetting, he is.....
Yes Jamie Dimon does appear to be a golden boy with access to the very kind of help Lehman couldn't get. Which banks cleared LTCM trades in 1998 - why Bear and Lehman - and who pored over LTCM books before shorying the trades, why Goldman. Just which Goldman Partners were involved - John Corzine no less. LTCM gets screwed and everyone moves on forgetting the lessons for 2007.........but I bet Hank Paulson hadn't forgotten nor trader boss Blankfein. No, they wouldn't forget Bear and Lehman but save Merrill and fund Dimon to buy Bear
they must have pegged the laughometer at the last FED meeting with this story.
Anyone who thinks Geithner's going to be held accountable by the law simply hasn't been paying attention... now, a more realistic scenario is that up until now he may have been a useful idiot for the banksters, who now believe he has outlived his useful idiocy, and they'll kick him to the curb. The most realistic scenario of all, though, is that the same thing happens to Geithner that happened to Corzine - nothing.