"Geeze, I hope they don't audit all my bank accounts, investments,
or start looking into my island-hopping trips offshore with Madoff."
Posted on 02/28/2009 8:52:40 AM PST by Liz
Obama deputized Geithner to shore up the failing economy. Instead Turbo Timmy has devastated it.....everytime Tim speaks, the market dives to new lows.
Geithner, former head of New York’s Federal Reserve, upon getting appointed, was described by the NY Daily News as a “veteran Treasury insider.” Geithner said back then he wanted “more regulation and oversight”.....guy apparently forgot that rules and regs had been his job all along as a “veteran Treasury insider.”
So much for Geithner's perscapicity.
The classic Western High Noon is the story of a town and its plucky citizenry who are threatened, then beset, by a bunch of thugs. The story centers on the town's lawman who is surrounded and lauded by friends at the start, then deserted and doomed at the end.
It could be the metaphor for the Obama Administration.
Deputizing Geithner was a blunder of massive proportions.
It's time for Tim to get out of Dodge City.
Deputy Geithner announced a plan that could send as much as $2 trillion coursing through the banking system and the broader economy and stressed the government would act to stop "catastrophic failure" of financial institutions.
"The good news is they are going to spend a trillion dollars," said James Cox, managing partner at Harris Financial Group. "The bad news is they don't know how." (AP report)
OBAMA'S NEW TAX-EATING MONSTER They call it the Financial Stability Plan (abandoning the do-nothing $700 billion TARP atrocity) with a whole new set of problems. It does not solve the problem of how to get the toxic mortgage-backed assets off banks' books - the heart of the crisis.
Deputy Geithner also wants to put all banks with more than $100 billion in assets through a "stress test" to determine whether they can handle the losses that could come from an extended economic downturn. But details were sketchy and some observers say it raises legal questions about what would happen to banks that refuse to participate. There's a potential for a lot of litigation.
==========================================
REFERENCE We're losing our country - But what can we do?
Tulsa Today ^ | 2/23/2009 | Joan Swirsky
FR Posted on 02/23/2009 6:43:41 PM PST by
http://www.freerepublic.com/focus/f-news/2192495/posts
From the moment Barack Obama was inaugurated on January 20th, the leftists who control Congress have – at his behest – gone on a drunken binge of runaway spending vis-à-vis an $850-bilion faux “stimulus” program that rewards failure and punishes success. It is already clear that The American Recovery and Reinvestment Act should be renamed The American Relapse-And-Needs-Resuscitation Act, as is evidenced by both the simultaneous plunge of the Dow and the president’s polling numbers, as well as an epidemic case of buyer’s remorse.
As Oklahoma Republican Senator Tom Coburn has written, “the stimulus is a step toward a Soviet America.” Or, as Lenin said, "The way to crush the bourgeoisie [the middle class] is to grind them between the millstones of taxation and inflation."
Or, as Winston Churchill so presciently pronounced: “Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy; its inherent virtue is the equal sharing of misery.”
...Peter Geithner [Timothy's father] oversaw the 'microfinance' programs developed in Indonesia by Ann Dunham-Soetoro, Barack Obama’s mother" ?
......the NYT identifies Peter Geithner, in Timothy's wedding announcement, as the "program officer in charge of developing countries for the Ford Foundation." .....a connection between Obama's mother and Geithner's father...It makes you wonder how long "they" have been grooming Obama as the "agent of Change" president. (Excerpt) Read more at economicpolicyjournal.com ...
Wrong, Mr President. Putting too much salt in the stew is a mistake. Forgetting to buy orange juice is a mistake. Leaving your keys in the ignition is a mistake.
What Geithner did was illegal----encumbered with laws. Or does the President of the US think our laws are a mistake?
"Everybody Makes Mistakes" is going to be this admin's theme song............... but we will not let them get away with it.
I guess, if you can’t suck enough, you just have to keep on sucking...
Dow 5000. S&P 550.
PS...I like the new word.."perscapicity.."
Doogie Howser, Treasury Secretary
Yup—my thoughts precisely.
Timmy's looking that up as we type .....LOL.
"Geeze, I hope they don't audit all my bank accounts, investments,
or start looking into my island-hopping trips offshore with Madoff."
See this report...3rd quarter 2008 investment bank derivative exposure.....you have to go all the way down to table 9 ...page 29..to see..very small, fine print,...that notes JP Morgans total derivative exposure of over 87 TRILLION dollars..the top five American investment banks carry a total over 170 TRILLION dollars of derivative exposure.
http://www.occ.gov/ftp/release/2008-152a.pdf
Now...not all these derivative positions are (or probably should say “were” ) necessarily “bad” positions...but they for sure were probably not taken in anticipation of the volatility and declines we’ve seen. In other words...they may well be almost all “bad” at this point. To tie the US Treasury to this mess could well take the US Gov’mt under.
Now...the reason the Democrats WON’T unlink the Treasury from the investment banks...is THEIR greed. They WANT to own them..whereby they think they will control the entire economy and with 170 TRILLION of derivatives, quite possibly the world....and most importantly...WHO gets WHAT. That’s worth a roll of the dice to them...not the possible consequences to US. Their desire for power, combined with W’s failure to have told Paulson to go pound sand, and, Oh, BTW, you’re fired, have doomed the gov’mt.
Separated at birth?
N-i-c-e deconstruction----and many thanks for the info.
==================================
TARP CRIMES COULD BE HUGE Investigators may be looking at the legal parameters of prosecutable crimes including making false statements to federal agencies, filing falsified documents, obstruction of proceedings before federal agencies, fiduciary negligence, and obstruction of US justice.
Authorities should investigate TARP's US Postal Service mailings, wire transfers, computer transfers, electronic submissions, and unregulated money transfers, and all bank transfers connected to TARP disbursements and bank accounts
Keep in mind---Treasury Secretary Paulson Threatened Senators with Martial Law if they did not vote him the bailout billions. Depraved Paulson also wanted to exempt the bailout from any judicial, legislative, and regulatory review. Pig.....any other country, these pigs would be in front of a firing squad about now.
All of it pinpoints overwhelming greed to get their hands on the bailout billions. First thing Paulson did was station his own man---Neel Kashkari---to (ahem) "oversee" the $700B bailout. Kashkari was Paulson's henchman at Goldman, and at Treasury.
US Sen. Jim Inhofe (R-Oklahoma) said that Congress was not told the truth about the $700 billion blank bailout. "The American people don't know how much money Treasury Secretary Henry Paulson has given away to anyone. IT COULD BE TO HIS FRIENDS. We don't know. There is no way of knowing."
================================================
TARP MODUS OPERANDI Taxpayers could have been swindled via an international Wall Street scheme with offshore ties. Taxpayers demand L/E tear apart TARP's books to determine the scope and dimension of falsified documents, wire transfers, bank documents, and Wall Street connections.
In classic Wall Street frauds (which former Goldman/Sachs poobahs Paulson and Kashkari are familiar with), Wall Street fraudsters keep two (or more) sets of books. One set keeps track of losses while the other set is what investors are shown.
Theft of TARP funds may have been facilitated by Wall Street types routing various theft schemes through telephone lines with a maze of complex telecommunications' systems equipped with call-forwarding and voice mail systems, and numerous postal and commercial mail boxes..........and perhaps sub rosa money-transfer systems that operate in ethnic enclaves and places like NYC's Diamond District.
The TARP monies could have been disguised by routing through a network of domestic and international bank accounts using counterfeit checks.....opening commercial bank accounts in the name of bogus businesses and wire-transferring............and/or depositing TARP checks into those accounts.
The TARP checks could have had invalid bank routing numbers, forged endorsements, or been drawn on the proceeds of other counterfeit checks deposited in other bank accounts. Friendly banks might then transfer monies out of the accounts……to secret numbered accounts offshore---after taking a cut for themselves.
Co-conspirators or subsets of them might have obtained hundreds of taxpayer identification numbers for phantom citizens with worldwide addresses, and used the information, along with phony passports, to open up numerous offshore bank accounts.
===================================================
TARP might have facilitated fraud by integrating:
1. Secret control over TARP allocations.
2. Requiring only one signature on TARP bank checks.
3. Utilizing pre-signed TARP bank checks.
4. Using secret bank accounts to keep hidden the actual financial position of TARP disbursements.
5. Assigning bank deposit and account reconciliation functions assigned to 1-2 Treasury officials.
6. Conspiring to hide oversight of TARP disbursements, expenses and supporting vouchers from public view.
7. Having no outside auditor to review TARP statements.
8. Cashing unusually large amounts of TARP checks.
9. Having no official TARP deposit and withdrawal control system.
(Reuters) – A fund of hedge funds run by two members of VP Joe Biden's family was marketed exclusively by firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.
The $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said.
Stanford-related companies marketed the fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm. Paradigm Global Advisors is owned through a holding company by the vice president's son, Hunter, and Joe Biden's brother, James, according to the paper.
Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million.
He told the paper the Bidens never met or communicated with Stanford.
And then he said........."duh."
=============================================
This'll cheer you up.
Obama Says He's Appointed Biden to Oversee Implementation of Stimulus Plan
FoxNews | 2/23/2009 --- FR Posted by Danae
"Hi there, Americans. My son and my brother
are gonna help me with the trillion dollar stiumulus."
ping
ping
ping
Wasn’t Timmy a character on South Park?
Wasn’t Timmy a character on South Park?
LOL——I like to think of him as a Flintsone character.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.