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AIG bail-out($180 Billion)investigations launched, Treasury Secretary Timothy Geithner
BBC ^ | Tuesday, 26 January 2010 | BBC

Posted on 01/26/2010 3:27:25 AM PST by mgist

AIG bail-out investigations launched

AIG had to be rescued in 2008 The US bail-out watchdog has announced it is launching two investigations into the government's rescue of insurer AIG.

Neil Barofsky, special investigator general for the US's Troubled Asset Relief Program (Tarp), questioned the government's role in the bail-out.

He is appearing before a House Committee looking into the AIG bail-out in 2008 on Wednesday.

AIG was initially bailed out for $85bn (£52bn), but its total rescue package has since amounted to more than $180bn.

"Issues have come to light that call into question whether the government has been, and is being, as transparent as possible with the American people," said Mr Barofsky in a prepared testimony.

"Documents have come to light that were not provided to the [watchdog] audit team during the course of the audit."

Transparency sought

The committee is investigating why the New York Federal Reserve, then headed by US Treasury Secretary Timothy Geithner, paid AIG business partners face value for assets so they would cancel contracts with the insurer.

(Excerpt) Read more at news.bbc.co.uk ...


TOPICS: Constitution/Conservatism
KEYWORDS: aig; coverup4; coverup4dnc; coverup4dodd; coverup4obama; coverup4romney; noaccountability; notransparency; tarp
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This is my good deed for the day. Keep these posted, so we can shine some light on these cacaroaches. We're infested
1 posted on 01/26/2010 3:27:28 AM PST by mgist
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To: mgist

They need to start calling it the New York City bail-out.


2 posted on 01/26/2010 3:33:34 AM PST by Huebolt (Democrat = (national socialist) = NAZI)
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To: mgist

Time to put these traitors and thieves in jail...I’m sure the indictments are forthcoming.


3 posted on 01/26/2010 3:35:15 AM PST by WKUHilltopper (Fix bayonets!)
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To: mgist

former US Treasury Secretary, Timothy Geithner

4 posted on 01/26/2010 3:35:30 AM PST by mgist
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To: mgist

I’m shocked, shocked to find out that AIG is insolvent.


5 posted on 01/26/2010 3:37:47 AM PST by PieterCasparzen (Huguenot)
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To: mgist
"Top 20 Recipients of AIG Contributions in 2008"

6 posted on 01/26/2010 3:38:16 AM PST by Diogenesis ("Those who go below the surface do so at their peril" - Oscar Wilde)
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To: WKUHilltopper
It doesn't get any juicier than this. If it weren't my beautiful country being destroyed by parasites, I would almost enjoy the drama.

The Big Money Behind Geitner

"It also turns out that Geithner’s father, Peter F. Geithner, serves on the board with Kissinger of the National Committee on U.S.-China Relations. This is the group that rang the opening bell at the New York Stock Exchange, celebrating Chinese investments in the U.S. economy. In another interesting connection, it turns out that Peter F. Geithner was with the Ford Foundation and oversaw the work of Obama’s mother, Ann Dunham, developing what are called microfinance programs in Indonesia."

Geithner failed to pay taxes for FIVE years and still he was selected to manage the entire US economy. The media silence was deafening here's why . . .

"Who is behind Geithner and why? And why does Obama want him? This is where the media fear to tread. As we have pointed out, major media companies such as GE (parent of NBC News) and the Washington Post Company have their own connections to Geithner through their own officials and board members. They have a conflict of interest that will never be reported by the news organizations themselves.

7 posted on 01/26/2010 3:50:35 AM PST by mgist
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To: Diogenesis

3/22/2009


Bernard Schwartz, Laura Tyson, Martin Wolf, George Soros Mark Zandi and Others to Headline Major NAF Economic Policy Forum on London G-20 Meeting and What Will Replace US Consumer

It's all starting to make sense. It became very apparent there was something really deceptive about the entire campaign, election, and Obama's crazy left turn into no man's land. I never realized the extent of the corruption. Even McCain was on the Fat Cat's payroll! I still find it hard to grasp.

8 posted on 01/26/2010 4:01:10 AM PST by mgist
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To: mgist

That’s damning “stuff” and major red flags! Not to mention inflaming!!!!!!


9 posted on 01/26/2010 4:13:40 AM PST by WKUHilltopper (Fix bayonets!)
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To: Diogenesis
Can anyone give some insight as to the motivation for wanting to overpay $62 Billion of dollars? These 16 banks, included Goldman Sachs, Deutsche Bank, Societe Generale and Royal Bank of Scotland.

Can't wait to find out. Anyone think this story will get buried?

_______________________________
N.Y. Fed Investigated by Treasury’s Barofsky Over AIG Bailout

January 26, 2010, 06:42 AM EST More From Businessweek Jan. 26 (Bloomberg) -- The Federal Reserve Bank of New York is being investigated by the chief watchdog for the U.S. financial bailout program about whether the regulator improperly limited disclosures about the bailout of American International Group Inc.

The probe by Neil Barofsky, the special inspector general charged with policing the Troubled Asset Relief Program, will also seek to determine if the New York Fed withheld documents during an audit completed in November, according to an excerpt of testimony provided to a House oversight panel.

“We have initiated an investigation into whether there was any misconduct relating to the disclosure or lack thereof,” Barofsky wrote in remarks for an Oversight and Government Reform Committee hearing scheduled for tomorrow.

The committee set the hearing to review the $182.3 billion bailout and requests by the New York Fed that the insurer limit disclosure in regulatory filings. Earlier this month, a committee member released e-mails indicating that the New York Fed asked AIG to withhold data from the public about payments made to bank trading partners.

“The New York Fed has fully cooperated with the special inspector general for TARP and will continue to do so,” Jack Gutt, a spokesman for the regulator, said in an e-mail.

Barofsky’s investigation widens an inquiry into what lawmakers have deemed a “backdoor bailout” of financial firms that were reimbursed for $62.1 billion in assets guaranteed by AIG. Treasury Secretary Timothy F. Geithner, who ran the New York Fed during AIG’s September 2008 bailout, agreed to testify at the hearing. A Treasury spokeswoman has said that Geithner wasn’t involved in decisions about AIG disclosures.

Barofsky said the oversight panel inquiry unearthed documents he didn’t receive during an investigation he completed in November. The New York Fed’s outside counsel has told Barofsky the agency will cooperate with the probe.

Banks, including Goldman Sachs Group Inc. and Societe Generale SA, were reimbursed about 100 cents on the dollar for mortgage-linked securities that had declined in value. The New York Fed made “limited efforts” over two days in November 2008 to ask banks to accept less than full value on the bonds, according to Barofsky’s November report.

E-mails obtained by Representative Darrell Issa, a California Republican and ranking member of the oversight panel, show that New York Fed attorneys had discussions with AIG about asking permission from the Securities and Exchange Commission to withhold the names of the banks and their investments.

“If anyone at the Fed thought that this investigation will stop after Wednesday’s hearing, they are completely mistaken,” Issa said yesterday in a statement. “There has been a widespread effort by officials at the New York Fed to thwart transparency and we will continue to pursue this investigation for as long as it takes.”

10 posted on 01/26/2010 4:19:03 AM PST by mgist
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To: mgist

UBS run by Obama/Soros buddy Robert Wolf was a beneficiary of the AIG pass-through scam:

http://online.wsj.com/article/SB10001424052748703822404575019413702273210.html?mod=WSJ-hpp-LEFTWhatsNewsCollection


11 posted on 01/26/2010 4:28:17 AM PST by jimbo123
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To: mgist

Gee its almost like they planned this.


12 posted on 01/26/2010 4:31:24 AM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: mgist
Barofsky said the oversight panel inquiry unearthed documents

Like Timmy The Wunderkinds 1099's from the IMF?

Funny how many oversights our overseers have

13 posted on 01/26/2010 4:35:37 AM PST by ninonitti
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To: mgist

If I understand this correctly, the NY Fed. used an insolvent AIG as a washing machine to launder U.S. tax payer money in order to assure that banks like Goldman Sachs, Deutsche Bank, Societe Generale, Royal Bank of Scotland, etc. suffered no loss whatever for their purchases of bad loans.

Please correct me if I am wrong.


14 posted on 01/26/2010 4:41:51 AM PST by Roccus (ABLE DANGER?????...................What's an ABLE DANGER???)
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To: jimbo123

Wow USB untraceable swiss bank accounts, the missing link.


15 posted on 01/26/2010 4:44:37 AM PST by mgist
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To: mgist

At this point the level of corruption is so entrenched, there is no extermination, only rebuilding.


16 posted on 01/26/2010 4:50:51 AM PST by autumnraine (You can't fix stupid, but you can vote it out!)
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To: mgist

Still cheaper than GM... and AIG hasn’t yet declared bankruptcy, so we still have a chance of getting our money back.

But hey, GM’s the good guy, right? Not like them d@mn, dirty bankers.

???


17 posted on 01/26/2010 4:52:07 AM PST by gogogodzilla (Live free or die!)
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To: mgist

But but but ... didn’t Golden Sacks get huge bonuses without comment from Barry?


18 posted on 01/26/2010 5:07:46 AM PST by silverleaf
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To: Diogenesis

Doesnt it figure that Juan was top RINO AIG whore?
And he was a cheap whore at that.


19 posted on 01/26/2010 5:08:52 AM PST by silverleaf
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To: mgist

later


20 posted on 01/26/2010 5:11:46 AM PST by I_be_tc
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