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Jan. 7 (Bloomberg) -- The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurers payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.
AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.
The New York Fed took over negotiations between AIG and the banks in November 2008 as losses on the swaps, which were contracts tied to subprime home loans, threatened to swamp the insurer weeks after its taxpayer-funded rescue. The regulator decided that Goldman Sachs and more than a dozen banks would be fully repaid for $62.1 billion of the swaps, prompting lawmakers to call the AIG rescue a backdoor bailout of financial firms.
It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information, said Issa, a California Republican. Taxpayers deserve full and complete disclosure under our nations securities laws, not the withholding of politically inconvenient information. President Barack Obama selected Geithner as Treasury secretary, a post he took last year.
What looks even less good is that this information didn't come out during the confirmation process for that damned crook.
Either that, or it was known but swept under the rug.
How's that hopey-changey-transparency workin' for y'all?
Of course Timmy told them that. Timmy is a part of the big finiance machine.
He represents business not we the people.
He is of the demented mindset that thinks if it is good for corporations it is good for America.
Of course Timmy told them that. Timmy is a part of the big finiance machine.
He represents business not we the people.
He is of the demented mindset that thinks if it is good for corporations it is good for America.
If that is the case, he is demonstrably unqualified for his current position and should be fired forthwith. Write 0bama and tell him so.
I don't even believe he is morally qualified to be a trustee at whatever prison he should have been sent to for tax evasion. Failing to prosecute this guy was 0bama's second mistake regarding him. Appointing him in the first place was the first.
Oh, oh. Trouble for Timmy.
Jan. 7 (Bloomberg) -- The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurers payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.
AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.
The New York Fed took over negotiations between AIG and the banks in November 2008 as losses on the swaps, which were contracts tied to subprime home loans, threatened to swamp the insurer weeks after its taxpayer-funded rescue. The regulator decided that Goldman Sachs and more than a dozen banks would be fully repaid for $62.1 billion of the swaps, prompting lawmakers to call the AIG rescue a backdoor bailout of financial firms.
It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information, said Issa, a California Republican. Taxpayers deserve full and complete disclosure under our nations securities laws, not the withholding of politically inconvenient information. President Barack Obama selected Geithner as Treasury secretary, a post he took last year.
Geithnerâs New York Fed Told AIG to Limit Swaps Disclosure - Bloomberg.com
That doesn't look good.
Of course Timmy told them that. Timmy is a part of the big finiance machine.
He represents business not we the people.
He is of the demented mindset that thinks if it is good for corporations it is good for America.
If that is the case, he is demonstrably unqualified for his current position and should be fired forthwith. Write 0bama and tell him so.
I don't even believe he is morally qualified to be a trustee at whatever prison he should have been sent to for tax evasion. Failing to prosecute this guy was 0bama's second mistake regarding him. Appointing him in the first place was the first.
I agree, but with the prescedents set by the previous admin it would be hard to get him fired.
Didn't 0bama promise a different standard? Is "Bush was worse" going to be your response to everything?Of course Timmy told them that. Timmy is a part of the big finiance machine.
He represents business not we the people.
He is of the demented mindset that thinks if it is good for corporations it is good for America.
If that is the case, he is demonstrably unqualified for his current position and should be fired forthwith. Write 0bama and tell him so.
I don't even believe he is morally qualified to be a trustee at whatever prison he should have been sent to for tax evasion. Failing to prosecute this guy was 0bama's second mistake regarding him. Appointing him in the first place was the first.
I agree, but with the prescedents set by the previous admin it would be hard to get him fired.
Didn't 0bama promise a different standard? Is "Bush was worse" going to be your response to everything?If that is the case, he is demonstrably unqualified for his current position and should be fired forthwith. Write 0bama and tell him so.
I don't even believe he is morally qualified to be a trustee at whatever prison he should have been sent to for tax evasion. Failing to prosecute this guy was 0bama's second mistake regarding him. Appointing him in the first place was the first.
I agree, but with the prescedents set by the previous admin it would be hard to get him fired.
Not that I buy your attitiued of "Bush was Worse." Were any of Bush's Treasury secretaries tax evaders? The first one quit because of a difference over principle with Bush. Would Geitner even understand that concept?
Didn't 0bama promise a different standard? Is "Bush was worse" going to be your response to everything?I agree, but with the prescedents set by the previous admin it would be hard to get him fired.
Not that I buy your attitiued of "Bush was Worse." Were any of Bush's Treasury secretaries tax evaders? The first one quit because of a difference over principle with Bush. Would Geitner even understand that concept?
Bush has not been the Prez for a year and everything is still his fault. Kinda funny how that works. Especially when the current administration has enough of its own faux pas to go around. Every time someone criticizes the current Prez and his posse they bring Bush into the mix. Hmmm wonder how long thats gonna work???
Geithner was in the middle of this whole financial mess from the get go and should never have been picked to run the show. Hell, he couldn't even pay his taxes along with a few more of OL'BO's cabinet picks. Wonder how this is gonna play out???
Think this one lands in BO's lap, not Bush's.
And where did I say Bush was worse?
What looks even less good is that this information didn't come out during the confirmation process for that damned crook.
Either that, or it was known but swept under the rug.
How's that hopey-changey-transparency workin' for y'all?
so far a tad better than Bush did for y'all.
