TARP Audit Finds Geithner Gave Away The Farm

Special Inspector General for TARP (aka "SIG TARP") Neil Barofsky said something we've all known for a while: the government gave away the farm when AIG failed.

If you recall, AIG's failure meant that the companies on the other side of all of its contracts (counterparties) were going to be left holding the bag. Under normal cases of bankruptcy, the court would impose haircuts to the amount of money due to counterparties, but because AIG didn't actually declare bankruptcy, the counterparties claimed that they were owed 100 cents of every dollar. The only bank that even considered taking a haircut was UBS - the Swiss, for goodness sakes - hard to imagine that a Swiss bank could make US banks look bad, but here's a case in point.

OK, so let's get this straight: the financial world is melting down, Uncle Sam had just saved the bankers' butts and now Tim Geithner the President of the Federal Reserve Bank of New York (FRBNY) was going to wimp-out? Yes, the Great Gazoo strikes again! (My friend pointed out that our current Treasury Secretary and former tax cheat bears a striking resemblance to this esoteric character from "The Flintstones" — Geithner has been the Great Gazoo since!)

When Geithner/Gazoo says, "Hello Dumb Dumb," he's talking to us! The Great Gazoo shafted the US taxpayer in the AIG debacle and in the process, enriched the counterparties who dragged us into this mess. The SIG TARP report noted that "structure and effect of the FRBNY's assistance to AIG ... effectively transferred tens of billions of dollars of cash from the government to AIG's counterparties."

Oh, and remember all of those claims by Goldman Sachs brass that the firm had "perfectly hedged" its exposure to AIG? Not so fast, boys.

Keep in MIND taxpayers you not only bailed out Government Sachs at 100% on the dollar through the back door bailout of AIG but their International clients as well! And who do you suppose stands to profit heavily for their support of obama in cap and trade well none other then Government Sachs! You might just as well make this your nightly prayer.

Since never before has earning billions with the help of a massive government bailout been considered “God’s work here then is “The Goldman Prayer”.

Our chairman who art at Goldman
Blankfein be thy name
Thy rally’s come, God’s work be done
In the Dow as it is in the Nasdaq
Give us this day our daily gain
And forgive us our frontruning, as we punish those who frontrun against us
And bring us not under indictment
But deliver us from regulators
For thine is the cashflow, and the power, and the bonuses, forever and ever. Amen

Version as Received

OUR CHAIRMAN
WHO ART AT GOLDMAN
HALLOWED BE THY NAME

THE RALLYS COME,GODS WORK BE DONE
WE HAVE NO FEAR OF CORRECTION
GIVE US THIS DAY OUR DAILY GAIN
AND BANKRUPT OUR NEAREST COMPETITORS
LEAVING NO ONE LEFT TO STAND AGAINST US
AND BRING US NOT UNDER INDICTMENT

FOR THINE IS THE TREASURY
AND THE HOUSE AND THE SENATE
FOREVER AND EVER
GOLDMAN

Addendum:

“Black Swan” Comments:

When I went to elementary school, we started each day with the Lord’s Prayer and the Pledge of Allegiance.

Since the LLoyd’s Prayer has already been covered, why not cover thePledge of Subservience?

Pledge of Subservience

I pledge Allegiance to the Fed
of the United States of America
and to the corruption for which it stands,
one nation under Goldman, easily divisible,
with criminal acts against all.

Author

Rick Ambrose who says he is the author of Lloyd’s Prayer

I am the author of the Lord’s Prayer. It was first used by permission by Jane Well’s at CNBC for her daily blog “ Funny Business”. You are free to use it wherever you like but credit would be appreciated.

Best,
Rick Ambrose

http://www.economicpolicyjournal.com/2009/11/aig-bailout-not-only-bailed-out-goldman.html

http://www.opensecrets.org/orgs/summary.php?id=D000000085

http://www.ritholtz.com/blog/2009/03/backdoor-bailouts-for-goldman-sachs/

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/

http://www.americanthinker.com/2009/07/will_dems_allow_goldman_to_man.htmlhttp://www.noquarterusa.net/blog/2009/07/02/will-cap-
and-trade-be-the-next-bubble/

http://globaleconomicanalysis.blogspot.com/2009/11/gods-work-and-goldmans-prayer.html

http://www.washingtonexaminer.com/opinion/columns/TimothyCarney/

Goldman_Sach_Will_Be_Sitting_Pretty_With_Emanuel_in_the_Obama_White_House_
112108.html

and finally

http://www.youtube.com/watch?v=ERBmoV_WQU8&feature=player_embedded

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