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Thursday
Mar192009

« AIG Bonus Bailout News: Treasury Secretary Tim Geithner Falls On His Sword »

Treasury Secretary Tim Geithner is trying to be clever.  He is now in the mode of accepting all responsibility for the AIG bonus scandal but without admitting that he lied.  

Watch the CNN interview he gave yesterday and listen closely to his words.  Here is the companion article to the video.

See my story Of Bonuses, Lies and Videotape for a thorough explanation of Tim's AIG troubles.


 

DateThursday, March 19, 2009 at 5:26PM | Comment6 Comments | |

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Reader Comments (6)

No Return to Normal

Why the economic crisis, and its solution,
are bigger than you think.

By James K. Galbraith


http://www.washingtonmonthly.com/features/2009/0903.galbraith.html#Byline
March 19, 2009 | Registered CommenterDailyBail
Completely new set of problems for AIG.



Thomas Gober, a former Mississippi state insurance examiner who has tracked fraud in the industry for 23 years and served previously as a consultant to the FBI and the Department of Justice, says he believes AIG's supposedly solvent insurance business may be at least as troubled as its reckless financial-products unit. Far from being "healthy," as state insurance regulators, ratings agencies and other experts have repeatedly described the insurance side, Gober calls it "a house of cards." Citing numerous documents he has obtained from state insurance regulators and obscure data buried in AIG's own 300-page annual reports, Gober argues that AIG's 71 interlocking domestic U.S. insurance subsidiaries are in hock to each other to an astonishing degree.

Most of this as-yet-undiscovered problem, Gober says, lies in the area of reinsurance, whereby one insurance company insures the liabilities of another so that the latter doesn't have to carry all the risk on its books. Most major insurance companies use outside firms to reinsure, but the vast majority of AIG's reinsurance contracts are negotiated internally among its affiliates, Gober says, and these internal balance sheets don't add up.

http://www.newsweek.com/id/189917
March 19, 2009 | Registered CommenterDailyBail
Geithner said he wants to take FULL responsibility. Then he needs to be hanged, drawn and quartered for the crime of high treason and his body parts need to be placed on display at the Federal Reserve Banks as a warning.
March 20, 2009 | Unregistered Commenterspideydouble
The Triumphant Return Of Tricky Dick: Treasury Secretary Tim Geithner Is Still Lying And We Prove It (Video, Photos And Links For 3-20-09)

http://dailybail.com/home/the-triumphant-return-of-tricky-dick-treasury-secretary-tim.html
March 20, 2009 | Registered CommenterDailyBail
It took "Turbo Timmy" 4 years just to figure out his taxes. Cut him some slack, as this is a much bigger mess....give the man some time. I dare say it does seem so far to be a.......If I may quote one of our Elected officials...."A Special Olympics Effort".
March 20, 2009 | Unregistered CommenterAin't Bullshittin'
"Treasury Secretary Tim Geithner Falls On His Sword"

Please try to AVOID misleading headlines like this UNTIL there's actually a REAL SWORD involved.
May 14, 2010 | Unregistered CommenterRecoverylessRecovery

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