As the search for an honest person in Washington, D.C. continues, there's no need to look inside the Department of Treasury. From Huffington Post (emphasis mine):
And how's this for a very convenient timeline:
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Will there be any accountability here? Will Geithner be fired? Doubt it. If he is, rumors are that he may be replaced by Chris Dodd or Larry Summers. Outstanding. That's like replacing John Dillinger with Al Capone. Would it be too much to ask that just once we could get someone to look after OUR interests and OUR money, someone outside of the Washington / Wall Street circle jerk? I'm not holding my breath.
"An arm of the Federal Reserve, then led by now-Treasury Secretary Timothy Geithner, told bailed-out insurance giant AIG to withhold key details from the public about overpayments that put billions of extra tax dollars in the coffers of major Wall Street firms, most notably Goldman Sachs...The sordid tale unfolds in a series of e-mails between the company and the New York Fed obtained by Rep. Darrell Issa (R-CA), the ranking member of the House Committee on Oversight and Government Reform.
Taxpayers have committed about $182 billion to AIG. The under-regulated firm developed and sold complicated derivatives products without having adequate capital in place if those bets went bad, which they eventually did. The firm nearly single-handedly wrecked the entire financial system...After the firm was given a taxpayer-funded backstop, one of its most controversial acts was to repay banks at 100 cents on the dollar for what was by that point nearly worthless insurance the banks had bought from AIG, known as credit-default swaps.
...AIG had actually been trying to negotiate better terms with the banks until - guess what? -- the New York Fed stepped in...Geithner's people told AIG to delete references on draft regulatory filings to the sweetheart deals. And AIG then excluded any mention of them in its December 2008 filing with the Securities and Exchange Commission, keeping the information hidden from investors and the public."
And how's this for a very convenient timeline:
"[C]onsider the timing of the newly discovered action. Reports first emerged that Geithner was being tapped for the Treasury secretary post on Nov. 21, 2008; the Senate confirmed his nomination on Jan. 26. Details of AIG's 100-cents-on-the-dollar payments to various banks with taxpayer-supported funds totaling in the billions, which would otherwise have become public no later than December, weren't disclosed to the public until March, when Geithner was already in office."
The preceding message was brought to you courtesy of Openness and Transparency.
Will there be any accountability here? Will Geithner be fired? Doubt it. If he is, rumors are that he may be replaced by Chris Dodd or Larry Summers. Outstanding. That's like replacing John Dillinger with Al Capone. Would it be too much to ask that just once we could get someone to look after OUR interests and OUR money, someone outside of the Washington / Wall Street circle jerk? I'm not holding my breath.
Hijacking your post, unabashedly. On the other hand, I'm still glad I'm not a Republican. They have their own set of unique problems. Let me give you a for instance - I see where 2012 presidential candidate Mitt Romney just voted in the Massachusetts primary, but apparently doesn't actually live there. Says he stays with his son (on the couch, I wonder?) while on the rare occasions he is in MA. His actual residences are in California and New Hampshire. Some enterprising journalist or blogger ought to be able to find out if he claims a homestead exemption at either residence. Not that such trivial details matter to the GOP, they'd rather invent conspiracies about where a elected president was born.
As a dear friend pointed out to me this morning, we have been thrown under the Obama bus and it appears that the fright train is next.
This is such bullsh**! I am going to get a freakin' ulcer if this crap continues for another 3 years.
We had better get a decent third party, because I have had it with Republicans, and now the Democrats are really starting to piss me off!
You'd think I woulda known better. I mean, I've been around Democratic politics for more than 40 years. But I really, really believed Barack Obama. My bad.
I KNEW this crap was gonna happen. I am just a few steps away from starting a "militant" wing of our NEW political movement. This guy has alread gone from one to two, to THREE bananas in his tailpipe.