How Tim Geithner Screwed Us All

The Business Insider ^ | 11/25/09 | Gretchen Morgenson

[FromLori]

More details on the appalling bailout of AIG.

[Neil Barofsky's report on the AIG bailout is] must reading for any taxpayer hoping to understand why the $182 billion “rescue” of what was once the world’s largest insurer still ranks as the most troubling episode of the financial disaster.

And it couldn’t have come at a more pivotal moment...

[T]he actions taken in the deal by Treasury Secretary Timothy F. Geithner, who was president of the Federal Reserve Bank of New York at the time, grow curiouser and curiouser.

[FromLori]

ping

[Grunthor]

“How Tim Geithner Screwed Us All”

(pout) not even a kiss first.

[bruinbirdman]

One unmentioned reason is the international exposure AIG had expecially through the big US houses.

Geithner paid off some big government/sovereign funds.

yitbos

[Diogenesis]

"Top 20 Recipients of AIG Contributions in 2008"

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"Sen Dodd (D-Conn) is THE lawmaker who legislated US government protection for AIG bonuses via the bailout package."

"Sen. Dodd has been rewarded in the 2008 election cycle with $7.65 million in campaign contributions
he took in $11.7 million in all — from the securities, insurance, real-estate and commercial-banking industries...
Citigroup, $310,294; SAC Capital Partners, $282,000; United Technologies, $263,400; AIG, $224,678; Bear Stearns, $205,600; St. Paul Travelers, $205,400; Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600; Morgan Stanley, $155,000; Credit Suisse, $154,550; Merrill Lynch, $134,950; The Hartford, $94,350; Bank of America, $91,300;
JPMorgan Chase, $129,150; USB, $101,900; Hartford Finance Services, $101,500, Lehman Brothers, $128,400; KPMG, $113,100; General Electric, $108,250; Deloitte Touche, $108,000
With $165,400, Sen. Dodd also tops the list of members of Congress who took campaign cash from Fannie Mae and Freddie Mac since 1989.
Sen. Barack Obama, the self-styled agent of change, is a distant second at $126,000...."

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"AIG's Small London Office May Have Lost $500B"
Ground zero for AIG's spectacular implosion, which has soaked up more federal bailout money
than any other entity, appears to have been a small London branch office
that may have lost nearly half a trillion dollars in bad deals."

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Obama Received A $101,332 Bonus From AIG

AIG chiefs pressed to donate to Dodd
As Democrats prepared to take control of Congress after the 2006 elections,
a top boss at the insurance giant American International Group Inc. told colleagues that Sen. Christopher J. Dodd
was seeking re-election donations and he implored company executives and their spouses to give.
The message in the Nov. 17, 2006, e-mail from Joseph Cassano, AIG Financial Products chief executive, was unmistakable:
Mr. Dodd was "next in line" to be chairman of the Senate Banking, Housing and Urban Affairs Committee, which oversees the insurance industry,
and he would "have the opportunity to set the committee's agenda on issues critical to the financial services industry.

[Diogenesis]

[wolfcreek]

“A lawsuit [filed in December] against Clinton Treasury Secretary Robert Rubin for defrauding Citibank shareholders of more than $122 billion, also described as a “Ponzi scheme,” got no airplay whatsoever... Rubin didn't get the same publicity* as Madoff because of his close connection to Barack Obama. Robert Rubin's son Jamie was Obama’s main Wall Street fundraiser and is now one of his principal advisers. More significant, Obama’s economic team consists of Rubin's proteges including Timothy Geithner , Treasury Secretary; Lawrence Summers, Senior Economic Adviser; and Peter Orszag, Budget Director... Madoff’s $50 billion scam is described as the largest in history. But it pales in comparison with what Robert Rubin and his ilk have done to the world.” — Henry Makow article

http://www.savethemales.ca/we_all_are_victims_of_a_giant.html

“Michael Froman was Chief of Staff to Robert Rubin at Treasury before following Rubin to his reward at Citigroup. Most significantly, it was Froman who first introduced Rubin to his Harvard classmate Barack Obama... [He] is now Obama’s Deputy National Security Adviser for International Economic Affairs.” — Andrew Cockburn article

http://counterpunch.com/andrew07022009.html

[FromLori]

Related

http://www.forbes.com/2009/11/24/timothy-geithner-treasury-secretary-opinions-columnists-thomas-f-cooley.html

[FromLori]

Yup foreign institutions with our tax money

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

[WOBBLY BOB]

bttt

[FromLori]

[wolfcreek]

LOL! (or maybe not)

Feel the force, Luke.

[AliVeritas]

Ping.

[Mr. K]

Republcan need to unite when they ask for someone to resign

They should keep it up until he actually resigns

Because Geitner actually DESERVES IT

[Doc Savage]

If he was a Republican and the GOP had pulled this, he’d be DEAD now at the hand of liberal psychotics!

[stephenjohnbanker]

EVERY SINGLE SOLITARY MEMBER OF OBAMA’S TEAM HAS A HISTORY OF FAILURE. NO EXCEPTIONS.

[formosa]

Someone may need to correct if I am wrong here, but it seems to me as the basic tenants of capitalism have been breached here.
When an individual or group thereof embarks on an adventure to create a company of any kind the do so at their own risk. Therefore when they engage in risky business practices that will lead to their downfall, they should be the only ones to pay for those mistakes (this included those individuals who invested with them whether they chose to research said companies practices or not. It was a personal decision).j
When a company or corporation fails, it is not the fault of those who did not participate in their fallacy. Why are we being punished for their wrongdoing?
Yet these crooked individuals will demand we give them unearned cash by using the feds as a weapon of extortion, and they also turn around and share this stolen money with their accomplices in the form of large bonuses and special payment to certain friendly business acquaintances.
I do not have a problem with individuals receiving large bonuses for a job well done so long as it is not with my tax dollars. That money belongs to me and there should have been strict guidelines as to how it was spent.
Many of us have had to take cuts in pay or lose our jobs with no bailout from the very servants we hired, and the truth is many of us have too much honor to do so.
This is why in capitalism businesses fall because they fail, and when they do a more honest man or woman can take their place.
I'm not very business savvy so please be gentle with you flames. Just attempting to insert a little common sense. No one is too big to fall. Better people are always willing to take their place.

[PGalt]

The Socialists and their sycophants have been screwing us for a long time and will continue to screw us in the future. All of their heads should roll.

Their vehicle when not taxing or regulating...insurance...

...social security insurance, medicaid insurance, medicare insurance, NEW proposed national health care insurance, credit default swap insurance, FDIC insurance (the fund used to safeguard U.S. bank deposits dropped to a negative balance of $8.2 billion in the third quarter)...insuring our money against who?, PBGC (pension insurance), unions (job insurance).

[PGalt]

Very well stated formosa. The diffence between capitalism and socialism, the individual and the state, the producer and the parasite.

[PGalt]

“Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favors - when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed.” - Atlas Shrugged - Ayn Rand

It is impossible to introduce into society a greater change and a greater evil than this: the conversion of the law into an instrument of plunder. - The Law - Frederic Bastiat