Posted on 10/21/2014 7:01:47 PM PDT by Lorianne
I’ve gone through only the first day of testimony from the AIG bailout trial, and we are already up to our third bombshell.
The first witness called by the plaintiff, Starr International (an investment vehicle controlled by Hank Greenberg), was Scott Alvarez, general counsel for the Federal Reserve Board of Governors. Part of the testimony covered a discussion that took place late in the evening of September 15, the day Lehman declared bankruptcy in the wee hours of the morning. The topic was AIG. The participants included Alvarez, Timothy Geithner, Fed governors Don Kohn and Kevin Warsh, Ken Wilson, a senior investment banker advising the Treasury, Dan Jester, a recent ex-Goldmanite advising Treasury, and others.
One of the remedies they discussed was legislative solutions, which Alvarez states became the TARP and resolution authority in Dodd Frank.
However, notice the disconnect between what the Fed and Treasury officials were seeking to accomplish and what they told Congress and the public about the TARP.
Alvarez’s testimony makes clear that the plan was always to inject equity into the banks. But that was not what they said to Congress. The plan was called “Troubled Assets Relief Program” and was sold as a way to rescue the banks by getting toxic paper off their balance sheets.
(Excerpt) Read more at nakedcapitalism.com ...
WOW! I BET THIS IS FRONT PAGE NEWS!
Lying? Is that wrong?
And still none of these Masters of the Uiverse are in prison...
question is....if it wasn't done what could have happened that was worse than the financial crisis and the election of that arsehole...
I hope someone(s) finally gets nailed for that globalist shake down of the US Treasury.
1. I am president when this happens.
2. I call in all of the CEOs, VPs, and Directors of Goldman-Sachs, Lehman, etc. for an important meeting. Only they understand the complexities of the situation and can do their best to get us out of it.
3. It must be a super-secret meeting at a top secret place. So they are all strip searched to remove their cell phones, etc. and placed on a large luxurious plane with all the food and cocktails they want.
4. Plane is supposedly headed for somewhere like the Cayman Islands, but goes off course and ends up at Guantanamo.
5. CEOs, etc. are housed there until their treason trials reach the docket.
6. They're still waiting.
why did not gwb fight this?
WOW! Thanks for posting. Interesting comments at the source. BTTT!
The supremacy of finance capital over all other forms of capital means the predominance of the rentier and of the financial oligarchy; it means that a small number of financially “powerful” states stand out among all the rest. The extent to which this process is going on may be judged from the statistics on emissions, i.e., the issue of all kinds of securities. - V.I.Lenin
I had significant holdings in Wachovia Bank at the time of the TARP Rollouts. Wachovia was a more conservative lender... with little exposure to the sort of subprime BS that was goung to take out anyone that did what Barney Fag wanted of the big banks.
WB was to be forced to take TARP MONEY... and eventually merged with Wells Fargo for a cash for stovlck deal...that paid me 10 cents on the dollar for my holdings... Hank Paulson really screwed me.
Good and true quote fr VI Lenin.... the longer form is here>>>
https://www.marxists.org/archive/lenin/works/1916/imp-hsc/ch03.htm
In 2008, the financial meltdown resulted in the biggest robbery of the American Taxpayer is US history.
All of the top executives at all of the financial institutions involved should be in jail. Goldman Sachs should have the entire Board of Directors and top 3 levels of management in prison for life.
Most infuriating, they have NOT STOPPED the very practice that got them in the position they were to begin with.
I fear that Wall Street has bought Congress lock-stock-and-barrel and we will ALL lose our life savings when the markets crash.
Thanks for the link. BTTT!
Good idea and as Shark suggests…don’t forget CONgre$$.
The shake down that made the Treasury tens of billons?
Seriously?
Can you please cite for mr, Article and Section, where any of this is authorized by the Constitution? Until you can do that, STFU.
And who gave us Paulson?
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.