Barofsky: 'Geithner Admitted To Us Privately That Obama's Housing Policy Was DESIGNED To Sacrifice Homeowners In Order To "FOAM THE RUNWAY" For The Banks'
Runs 45 seconds. This is a doozey...
More embarrassing secrets revealed about Geithner's penchant for protecting Wall Street, from a July 24 appearance by Neil Barofsky on MSNBC's Morning Joe that left the panel stunned in disbelief. It's a safe assumption that Tim Geithner now regrets threatening Barofsky back in 2010. Here's the truth from Geithner's omnipresent media nemesis:
"American Express alone received more TARP money than struggling U.S. homeowners."
Neil won't stop torching the Treasury Secretary, everywhere it seems. I've got at least 10 Barofsky clips from the past week. Granted, it is a book tour, but praise the Rain Gods, because Geithner is being abused early and often by the ex-SIGTARP. I've written extensively on it before. Turbo miscalculated Barofsky. Big time. Geithner tried to bully the wrong dude. As a general rule, it's probably best not to threaten former Federal prosecutors. Exposing scumbags like Geithner is Acapulco style, Dos Equis drinking, leisure and vacay to Barofsky, who dealt with death threats from Mexican and Colombian drug lords as a normal part of his old gig.
Don't forget that the HAMP bait-and-switch Geithner organized destroyed actual lives:
The most disturbing parts of Barofsky’s book are stories of Americans who were made worse off by Obama’s bailouts. One California business owner who could have sold his house at a loss, but maintained some savings and his credit history, was enticed into a HAMP trial modification that was supposed to cut his payment in half. Instead, thanks to HAMP, he lost his house, his savings, his credit and his business.
Keep this in mind while Obama prattles on about his undying support for the middle class.
More:
Aug 15, 2012 at 4:43 PM
Reader Comments (26)
http://washingtonexaminer.com/examiner-editorial-obamas-tarp-team-helped-banks-betrayed-homeowners/article/2502917
http://news.firedoglake.com/2012/07/20/barofsky-book-geithner-confirmed-in-2009-that-hamp-was-designed-for-banks-to-spread-out-foreclosures/
This is a good read...
http://www.youtube.com/watch?v=u3yfVkCjOkk
We all know it, but it's worth repeating -- it's a fucked up world when someone with a touch of honesty and backbone is singled out for being an oddball.
Loved watching this and reading the writeup. THIS is why The Daily Bail is the best website on the planet. (IMHO).
http://www.youtube.com/watch?v=qiGslaJWmMo
Amazingly, Barofsky points out here that SIGTARP pointed out to Treasury earl on that HAMP was being gamed and used to string people along while collecting fees. Remarkably, Treasury knew this and told Barofsky to shut up about it.
http://abcnews.go.com/WNT/video/us-bridges-roads-built-chinese-firms-14594513?tab=9482930?ion=1206853&playlist=14594944
Have been holding that charlie rose geithner clip until i have time to do a write up...what I enjoyed is how Geithner claimed to be so personally offended by Barofsky's remarks.
http://news.firedoglake.com/2012/07/25/barofsky-gets-flailing-criticisms-of-his-book-on-tarp/
See the first 2 paragraphs of this.
Thanks for that link. Hadn't seen that.
Exclusive: Fired Barclays trader draws scrutiny in Libor probe
snippet..
Indeed, many of the traders under scrutiny do not believe they did anything wrong because their employers and regulators had some awareness of their activities, the lawyers said. Information released by the New York Fed shows that bank regulators in the United States and Europe knew some banks were submitting low Libor bids during the financial crisis to make institutions appear healthier than they were.
A person familiar with Reich's dismissal from Barclays said that the young trader, who joined Barclays just two years after graduating from Princeton University, was directed by his supervisors to send the emails and they were aware of everything he was doing.
The person, who did not want to be identified, said the practice of sending emails to gather information on future Libor pricing went back to the 1990s at Barclays, long before Reich joined the firm.
"This was systemic at Barclays," said the person.
in full
http://www.reuters.com/article/2012/08/04/us-libor-barclays-reich-idUSBRE8721TH20120804
We all know it, but it's worth repeating -- it's a fucked up world when someone with a touch of honesty and backbone is singled out for being an oddball.
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Hopefully, barofsky makes enough from the book that he will get the last laugh on herb allison and geithner who offered him goodies, including a judgeship (you will hear it when i get it posted) in exchange for toning down his criticism.
Also, thanks for the youtube link.. I will check out the clip.
Looks like Barofsky is gonna do fine. Bailout debuts this week at #9 on NYT's hardback non-fiction bestsellers list:
http://www.nytimes.com/best-sellers-books/hardcover-nonfiction/list.html
Pitch--
When shooting Ballout, we came across countless people who all told the same story about HAMP: bank told us they'd get us the modification, bank told us to stop paying or make reduced payments, bank went behind our back and foreclosed. We cover this in the film. When we asked Yves about it, she confirmed that servicers make tons of fees foreclosing, but make zero fees on modifcations. Pretty clearly HAMP was designed to fail.
Btw, we've penciled in 10/12/12 for a release date. We've started lining up theaters. More to come...
The main purpose of the bailouts (plural) was to rescue the banks from their own insolvency. The big banks are all broke by a shockingly wide margin. Barofsky himself points to their insolvency as one of the pivotal lies at the root of TARP: while the government SAID the programs was meant only for healthy and viable institutions, in fact the government knew they were all tapioca.
As for "foaming the runway," it's actually one of three instances in Barofsky's book of Geithner giving himself away as an agent of the bank working directly against the interests of ordinary Americans. Geithner wanted the banks to go through with 10 million foreclosures to help the banks out, but he knew that such a volume was impossible: it'd be like trying to land a 747 in Wrigley Field. Geithner liked HAMP because he knew it would extend the foreclosure period by entangling hopeful home owners in a huge thicket of red tape, during which they'd accumulate hefty fees and penalties (all payable to the banks) and at the end of which they'd be thrown out on their asses anyhow. "Foaming the runway" was Geithner's shorthand for that bad faith process. Stated differently, Geithner knew HAMP was a fraud and was all for it for precisely that reason.
http://financeaddict.com/2012/08/is-promontory-financial-group-the-ultimate-launderer-for-hire/
A surprise development we wanted to film made us push off releasing Bailout until mid-October. We're in the process of re-vamping the site now so it looks like an actual movie site instead of a bizzare hybrid. Stay tuned...
What ASHAME?........... America is the most screwed nation on earth.. Period.
Yes, though the foam Geithner has in mind consists of human bodies, i.e., home owners struggling under massive debt.