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« EXPOSED - Whistleblower Reveals Federal Reserve Staff Advised Bernanke NOT To Bailout AIG | Main | How Goldman Sachs Created 'Shitty' CDOs, Sold Them To AIG, Forced AIG Into Bankruptcy, Got A $20 Billion Bailout, Paid Themselves Billions In Bonuses, And Watched As Tim Geithner Covered It All Up »
Monday
Jul302012

AIG Emails Don't Lie, Just Ask Tim Geithner And The New York Fed Officials Who Tried To Keep Them Secret

Editor's Note: Part of a look back at AIG's bailout, Goldman, Geithner and the NY Fed.

This is a must see:

Issa liquidates Geithner.

This clip has not been posted previously.  A formidable dismantling of the Treasury Secretary for his orchestration of the AIG counterparty cover-up.  Runs 3 minutes.

  • "Tim Geithner purposefully hid the AIG-Goldman backdoor bailout from taxpayers."

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Reuters

NEW YORK - New York Federal Reserve officials debated in November 2008 whether the terms of the bailout of American International Group could be kept secret from the public and whether securities regulators would even permit it to do so, according to emails obtained by Reuters on Friday.

The emails, given to Capitol Hill lawmakers by the New York Fed, revealed that some officials at the New York Fed were surprised and displeased by AIG's plan to file an exhibit with the U.S. Securities and Exchange Commission that would provide specific details of the Fed-engineered rescue package.

In a November 24, 2008 email, Alex Latorre, a New York Fed assistant vice president, asked: "But can they make these docs public without our consent? Aren't we parties to this and shouldn't we have a say?"

Paul Whynott, a New York Fed vice president, responded, "I noted that making the documents public was not contemplated in our last turn."

The email exchange will provide more ammunition for critics who contend that some officials at the New York Fed sought to keep the public in the dark about terms of the AIG bailout.

The emails were included in the mountain of documents the New York Fed turned over this week to the House Committee on Oversight and Government Reform.

In response to a request for comment, New York Fed spokeswoman Deborah Kilroe pointed to a January 19 statement in which New York Fed president William Dudley said, "We are in favor of a full and objective review of our actions."

"It has become alarmingly clear that public disclosure was the last thing on the minds of the government officials charged with protecting the taxpayers' interests," said Rep. Darrell Issa, the ranking Republican member on the House Oversight Committee.

Congressman Issa, one of the harshest critics of the bailout, said the New York Fed had assumed "a command and control relationship with AIG" and that it had sought to limit AIG's disclosures about the rescue.

Continue reading...

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Video - Max Keiser & Stacy Herbert

At issue is Tim Geithner's criminal behavior in orchestrating the AIG bailout to favor Goldman Sachs through counterparty payouts at par, and then the massive cover-up.

Further reading:

 

 

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Reader Comments (6)

Barack, barack he's our man we can buy him yes we can

http://www.bloomberg.com/news/2012-03-20/jpmorgan-employees-join-goldman-sachs-among-top-obama-donors.html

In Washington, Blankfein Backs Dodd-Frank

http://dealbook.nytimes.com/2012/07/18/in-washington-blankfein-backs-dodd-frank/

Wealthy UBS banker Charles Wolf is major Obama contributor

Swiss bank UBS was bailed out in 2008 by both the Swiss government by the the US taxpayer after leveraging itself over 50 to one in bonds.

http://moneyrunner.blogspot.com/2012/04/wealthy-ubs-banker-charles-wolf-is.html

For UBS, a Record of Averting Prosecution

http://www.nytimes.com/2012/07/21/business/ubss-track-record-of-averting-prosecution-common-sense.html?pagewanted=all


As Obama Golfs with UBS CEO Days After Firm Avoids Criminal Prosecution, UBS Whistleblower Given 40-Month Jail Term

http://www.democracynow.org/2009/8/27/as_obama_golfs_with_ubs_exec
Jul 30, 2012 at 8:17 PM | Unregistered CommenterLiberatedCitizen
The bottom line is that it is impossible to have even a flicker of a democracy when you have an private institution, the Federal Reserve, which can expand or contract the money supply at whim, inflate or deflate any bubble, (and with advance knowledge, make a killing either way) create enough money with a flick a of a key board to pay off any politician in the world, and is not auditable or accountable to anyone. If we ever had a President not completely in their pocket, he could surround the various Fed facilicties and jail them all under the RICO statutes.
Jul 31, 2012 at 2:01 PM | Unregistered CommenterPeter W
big glaring problem is these x-bankers being accepted with so much power. Old days--Chirstian Clergy than Doctors than Lawyers, than insurance reps,. pharma reps. ran for office and got legislation passed that made them rich by specifac laws passed to suit them royally.. Today the bankers are in control and want the bigger piece of the pie.
Back to Christian clergy--notice none of them run for office anymore
Jul 31, 2012 at 2:33 PM | Unregistered Commenterjojo
This is what comes of central banking coupled with fiat money. Keynesians, Friedmanites, supply siders -- they're all coin-clippers
Aug 1, 2012 at 12:11 AM | Unregistered CommenterHorace Manoor
The Fed Board members, AIG, Goldman-Sachs and many other violators need to have their assets frozen; and return the ill gotten gains back to the taxpayers.
Aug 1, 2012 at 12:26 AM | Unregistered CommenterStrayhorse
Only one cabinet officer in U.S. history went to jail, and it was for accepting an interest-free loan.* This seems like a piddling offense until taken to the extreme: a trillion dollar loan subsidized by the American taxpayer, made available to the very banks which own the central bank, i.e., the Fed.
The $64,000 dollar question is why does a nation (and one with a bicameral legislature at that) with a functioning Treasury Department, have any need for a privately owned "central bank" Answer: It doesn't, if it is determined to live within its means.(this unfortunately is not a democratic concept, though it is consistent with the concept of a republic.
* Albert Fall, Interior Secretary, who accepted a million dollar loan from Sinclair Oil, in return for greasing the skids for their tapping into the U.S. strategic petroleum reserve- the infamous Teapot Dome Scandal. TARP and QE1-QEn amount to Teapot Dome taken to an additional ten powers of 10, and in the process the complete abrogation of the Constitution
Aug 1, 2012 at 3:04 AM | Unregistered CommenterAxis-of-See-No-Evil

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