Free Republic

Heh, Bloomberg is blowing a whistle! A potentially more important development slipped by with less notice, Bloomberg Markets reports in its April issue. Representative Darrell Issa, the ranking Republican on the House Committee on Oversight and Government Reform, placed into the hearing record a five-page document itemizing the mortgage securities on which banks such as Goldman Sachs Group Inc. and Societe Generale SA had bought $62.1 billion in credit-default swaps from AIG. Yeah. But that 62.1 billion is just part of the problem. See, we seem to be into these clowns for $180 billion. How come, if there was "just"...

MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES (in billions of dollars as of 12/09) China, Mainland 789.6 Japan 757.3 United Kingdom 2/ 277.5 Oil Exporters 3/ 187.7 Carib Bnkng Ctrs 4/ 179.8 Brazil 157.1 Hong Kong 146.2 Russia 128.1 Luxembourg 91.7 Taiwan 78.4 Germany 53.6 France 47.5 Canada 46.6 Korea, South 39.1 Ireland 38.8 Singapore 36.4 Thailand 31.7 India 31.6 Turkey 29.6 Norway 26.2 Mexico 26.2 Egypt 25.3 Netherlands 20.3 Sweden 19.4 Italy 19.1 Israel 16.6 Colombia 15.6 Belgium 15.3 Chile 12.2 Philippines 12.2 Australia 11.5 Malaysia 11.1 All Other 142.3 Grand Total 3597.5 Of which: For. Official 2404.6 Treasury Bills...

Here’s the latest in the question of the New York Fed, Treasury Secretary Tim Geithner and the AIG bailout, as we’ve covered here at Big Government before (here and here). Last year, Iraq war vet Kevin Murray brought a lawsuit against the Treasury Department and Ben Bernanke (Murray vs. Geithner, et al) for its acquisition of AIG– a scheme that made the US taxpayer the world’s largest provider of Shariah-compliant insurance products. Lawyers David Yerushalmi and The Thomas More Law Center’s Robert Muise found, in the course of discovery, that that was just the tip of the iceberg. Yerushalmi and...

Adding insult to injury, the U.S. government has paid private firms nearly $160 million, to distribute funds from its severely mismanaged and fraud-infested program to bail out the nation’s financial institutions. Rife with waste and abuse the $700 billion Troubled Asset Relief Program (TARP) has already proven to be a troubling experiment of U.S. tax dollars with virtually no oversight. In fact, dozens of criminal investigations have been launched into the controversial bailout and the risk is only going to grow, according to a Treasury Department Inspector General report issued last spring. So far investigations have centered on securities fraud,...

A case that is beginning to get more attention, and is quickly becoming another thorn in Mr. Geithner’s side is Murray v. Geithner, CV 08-15147, which is in the U.S. District Court Eastern District of Michigan, Southern Division. Having lost a Motion to Dismiss the plaintiff’s case based on a lack of standing, and also under a failure to state a claim, as well as subsequently losing a motion to obtain a certificate of appealability for an interlocutory appeal, Mr. Geithner now faces the possibility of a deposition as well as discovery in a case that perhaps was seen as...

Interesting report from Japan Times: Finance Minister Naoto Kan said Friday he discussed a range of "sensitive issues" with U.S. Treasury Secretary Timothy Geithner ahead of a meeting of the Group of Seven industrial powers. But Kan told reporters he was asked by Geithner not to disclose the details of their talks, though noting that Japan and the United States shared views that the two countries face "sort of similar difficulties" in rebuilding economic growth and public finances. Apparently one of the subjects discussed, according to the article, was financial regulation, which makes sense. We also have to wonder whether...

The Obama administration has some pretty lame justifications for more taxes. Take its continued push for new taxes on banks. Treasury Secretary Timothy F. Geithner told the House Ways and Means Committee on Wednesday that the tax should be passed because it will help recoup the "outrageous" bonuses for AIG employees. There's no question that $100 million in AIG bonuses has stirred up populist anger. But Mr. Geithner's chastising of AIG for its bonuses borders on the surreal, for it was he who, as president of the Federal Reserve Bank of New York, oversaw the AIG bailout. He was the...

Treasury Secretary Timothy Geithner (GYT'-nur) says the U.S. government "will never" lose its sterling credit rating despite big budget deficits and a newly increased debt limit that now tops $14 trillion. [Snip] Moody's Investors Service recently issued a warning that the government's credit rating could eventually be in jeopardy if nation's finances don't improve. The cost of borrowing would increase significantly if the ratings service lowered the credit rating, also known as a bond rating, for U.S. Treasuries. Geithner tells ABC's "This Week" that will never happen.

This week we broke the story of possible criminal wrongdoing in the government takeover of insurance giant AIG. In the last several months, the US government has tried, unsuccessfully, to throw out plaintiff Kevin Murray’s case, alleging that the government’s takeover of AIG puts it in the position of supporting and promoting Islam and Shariah finance. In the discovery process attorneys for Murray, David Yerushalmi and Robert Muise (of the Thomas More Law Center), discovered that the takeover itself may have been illegal, and have attempted to get Treasury Secretary under oath to try and untangle this mess. Again, the...

Bloomberg is reporting that the idea of secret banking groups that control the country and global economy are not such a crazy idea because of what came out of this week’s congressional hearing into the bailout of American International Group Inc., better known as AIG. The hearing described a secretive group “deploying billions of dollars to favored banks.” The legislators are looking at the Federal Reserve Bank of New York, the most influential part of the federal-reserve system, due to its decision in November 2008 to buy out, for about $30 billion, insurance contracts, called credit default swaps that AIG...

As the Obama administration assures Americans that 'there are signs of hope' in the economy, the facts say the opposite. The forecast is so dire, in fact, that the retirement funds and financial assets of all Americans are vulnerable to government seizure. Economists and market analysts who predicted the last meltdown are joining in a united chorus to warn that yet another is on the way for 2010, and this one will be much worse than the last. In an alarming piece at WRSA the assertion is made by several respected authorities on economics that the U.S. Treasury Department will...

Bailed-out insurance giant AIG last night risked another wave of public disgust at the financial industry by awarding 'outrageous' bonuses worth more than £62million to executives in London and the U.S. The payouts were sent out to staff in the same department - the financial products division - that was blamed for almost driving one of the world's largest firms out of business during the credit crunch in 2008. American taxpayers funded a £113billion bail out of AIG after the company was deemed 'too big to fail'. As President Barack Obama tries to cut his country's £1trillion budget deficit, Treasury...

Biggovernment has presented an explosive story related to AIG and The NY Fed in which the claim is made that the trust agreement that established AIG's "grab" by The NY Fed was in fact outright unlawful: This afternoon on Secure Freedom Radio we announced a breaking news story concerning the Administration’s ongoing cover-up of AIG financial wrong-doing. In an interview with David Yerushalmi, senior litigator on the Murray v. Geithner et al lawsuit, we expose possible fraud, money-laundering and criminal activity. Money laundering?! I looked at the source document folks - and while most of it looks ok, there's one...

WASHINGTON (AP) -- Treasury Secretary Tim Geithner (GYT'-nur) says Congress can recoup "outrageous" bonuses for AIG employees through a new bank fee in President Barack Obama's proposed budget. American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees. Geithner called the bonuses, which were negotiated years ago, an "outrageous failure of policy."

Explaination of Tarp ,Fed and bailouts. The Tarp Lie. Video 4:41 min. Watch before it goes away.

This afternoon on Secure Freedom Radio we announced a breaking news story concerning the Administration’s ongoing cover-up of AIG financial wrong-doing. In an interview with David Yerushalmi, senior litigator on the Murray v. Geithner et al lawsuit, we expose possible fraud, money-laundering and criminal activity. This afternoon on Secure Freedom Radio we announced a breaking news story concerning the Administration’s ongoing cover-up of AIG financial wrong-doing. In an interview with David Yerushalmi, senior litigator on the Murray v. Geithner et al lawsuit, we expose possible fraud, money-laundering and criminal activity. As Yerushalmi says in the interview, “So here’s what we...

If you want to understand the deals that wiped out AIG, the best place to start is the website of the New York Fed. In the financial statement of Maiden Lane III, published last April, we see the gory details of the three largest CDO investments - Max 2008-1, Max 2007-1, and TRIAXX 2006-2A - acquired from AIG's banks at par. Those deals, which totaled $10.7 billion, offer a template for evaluating the other sham transactions in the portfolio. Initially, the business deal between AIG and the banks was that AIG sold credit default swap protection. Banks buy credit default...

David Reilly at BusinessWeek takes dead aim at Treasury Secretary Tim Geithner and the New York Fed in Secret Banking Cabal Emerges From AIG Shadows. The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. Wednesday’s hearing described a secretive group deploying billions of dollars to favored banks, operating with little oversight by the public or elected officials. We’re talking about the Federal Reserve Bank of New York, whose role as the most influential part of the federal-reserve system -- apart from the...

Treasury Secretary Tim Geithner must have felt as if he'd made a wrong turn in the Rayburn House Office Building, and instead of taking a seat before the Committee on Oversight and Government Reform had wound up at the Committee on Insult and Abuse. It was a rare moment of bipartisan agreement: Republicans and Democrats alike seemed to detest the guy. They were asking about his role in the $180 billion bailout of insurance giant AIG, too-generous government payouts to AIG's business partners, and efforts to hide details of the deal from the public. But really, they were just angry...

This 2008 article shows that Geithner is a professional. A very well connected professional, who's been down this road before. The Muckety article and map show his relationship with The Group of Thirty.NY Fed’s Timothy Geithner has high-powered mentoring group Obama to pick Timothy Geithner as Treasury secretary If there were ever a career civil servant’s Hall of Fame, Timothy F. Geithner would no doubt be an inductee. The president and CEO of the Federal Reserve Bank of New York, Geithner, 46, played a key role in the resolution of the Bear Stearns crisis on Wall Street. NY Fed’s Timothy...