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« Max Keiser: "Geithner Is Smelling The Vapors Of His Own Delusions. This Man Is Psychotic!" (VIDEO) | Main | Treasury nets $213M on Lincoln National TARP warrants »
Thursday
Sep232010

Check Out This List Of Bailout-Loving Replacements For Larry Summers (A Detailed Look At The Candidates)

paulson, Buffet, Immelt

Henry Paulson, Warren Buffett, Jeff Immelt

 

FDIC bailout crim -- GE's Jeff Immelt -- headlines the list. 

Not incidentally, Immelt serves proudly on the Board of Directors of the New York Federal Reserve.  Wall Street-captured, bailout-loving criminals, apologists and charlatans.  Every single name.

Photos, links, truth.  Short clip of Chris Whalen calling Geithner 'clueless and inept.'

---

Stick-saved by the FDIC bailout -- GE's Jeffery Immelt -- is at the top of a 'trial balloon' list to replace Larry Summers that includes former citigroup Chairman Richard Parsons, Moody's economist and converted Obama fan boy Mark Zandi, former Clinton aide and current Geithner assistant Gene Sperling, Dr. Laura Tyson (former Clinton official), and former Goldman director and current CFTC Chair Gary Gensler, who claimed recently to have gotten religion on derivatives.

See the rest of the names on the rumored list:

---

GE and Jeff Immelt, who, not incidentally, is on the Board of Directors of the New York Federal Reserve:

Jeff Immelt, CEO of General Electric, frightened Paulson in early September by calling to say GE, which Paulson describes as “an American business icon,” was having trouble borrowing money by selling IOUs known as commercial paper, and visited Paulson several days later in person. In mid-October, Paulson called Immelt to discuss imminent plans for a Federal Deposit Insurance Corp. guarantee of all new bank debt, but not GE’s. Immelt told him not to worry, GE would manage and would benefit indirectly by a more stable banking system. The next day, Immelt called back and said the bank guarantees were hurting GE’s finance unit because banks could borrow with U.S. government guarantees and GE couldn’t. And on Oct. 16, 2008, Immelt came in person to press the matter with Paulson. Over the following weeks, Paulson and Treasury official David Nason “worked hard to get Sheila [Bair] comfortable” with extending the guarantee to GE. In November, she did. GE’s finance unit, along with Citi, became one of the biggest users of the program.

---

Richard Parsons former Chairman of Citigroup:

---

Mark Zandi:

---

Gary Gensler:

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I have 3 suggestions:

1)  'No!' to every captured name listed above.

2)  Joshua Rosner

3)  Chris Whalen

 

 

---

 

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Reader Comments (38)

Deleted by DB...jojn -- cut the anti-semitism...do not demean this website with comments such as this...
Sep 23, 2010 at 4:39 PM | Unregistered CommenterJojn
Jeffrey R. Immelt

http://www.newyorkfed.org/aboutthefed/orgchart/board/immelt.html

Through connections he engineered a GE bailout from within...
Sep 23, 2010 at 5:57 PM | Registered CommenterDailyBail
Conspiracy, GE Stock, SEC

Can You say ‘Fiduciary’?

http://acrossthestreetnet.wordpress.com/2009/03/08/can-you-say-fiduciary/

From Mark McHugh
Sep 23, 2010 at 5:59 PM | Registered CommenterDailyBail
General Electric: Genuine Risk of Collapse?

http://seekingalpha.com/article/106445-general-electric-genuine-risk-of-collapse?source=commenter

Great summary of the bankruptcy dangers ge faced...
Sep 23, 2010 at 6:00 PM | Registered CommenterDailyBail
GE Capital Hires Banks to Sell Government-Backed Debt

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=apizp5OZit38&refer=news

GE living the bailout life...
Sep 23, 2010 at 6:01 PM | Registered CommenterDailyBail
Sep 23, 2010 at 6:02 PM | Registered CommenterDailyBail
Sep 23, 2010 at 6:03 PM | Registered CommenterDailyBail
Hank Paulson’s memoir about the financial crisis, “On the Brink: Inside the Race to Stop the Collapse of the Global Financial System [2],” has become a best seller. But for his friend Jeff Immelt, the CEO of General Electric, the book has become a bit of a headache.

Last week, the company disclosed that the Securities and Exchange Commission is reviewing what the company said publicly about its liquidity in September 2008, as the crisis unfolded. Paulson’s book says Immelt told him on Sept. 8 and Sept. 15 that GE was having difficulties selling its short-term debt, or commercial paper, and that Immelt’s description of the problem alarmed him.

GE at the time was publicly reassuring investors [3] that its financial situation was strong. This letter [4] to investors on Sept. 14 states that GE’s commercial paper programs “remain robust.”

With our publishing partner The Washington Post [5], we disclosed the differences between the Paulson account and GE’s public statements back in February, shortly after the book was published. Immelt, in a statement for that article, said he “does not believe” he and Paulson discussed problems with GE’s commercial paper program during their September discussions.

http://www.propublica.org/article/sec-after-records-of-paulsons-talks-with-ges-immelt-041910

Read this one...
Sep 23, 2010 at 6:04 PM | Registered CommenterDailyBail
Did you check out Sarah Palin's facebook page...good stuff.
Sep 23, 2010 at 6:12 PM | Unregistered CommenterZ
Haven't seen it...post a link...did she pass her math GED...?...is that the news...
Sep 23, 2010 at 6:13 PM | Registered CommenterDailyBail
You can't post on MM's site, that's a shame.
Sep 23, 2010 at 6:16 PM | Unregistered CommenterZ
Chris Whalen: Original Sin, The Rescue Of Bear Stearns & The False Bailout Narrative

http://dailybail.com/home/latest-from-chris-whalen-original-sin-the-rescue-of-bear-ste.html
Sep 23, 2010 at 6:18 PM | Registered CommenterDailyBail
Mark is an excellent writer...and he digs for truth...maybe he will write the kellerman piece you're looking for...
Sep 23, 2010 at 6:19 PM | Registered CommenterDailyBail
Sep 23, 2010 at 6:19 PM | Unregistered CommenterZ
Did you ever track down Dan Jester...

Dan H Jester
4 Cicero Lane
Austin, TX 78746-3215
Phone: (512) 623-0913

He is a financial advisor in Austin. He works from home or so he says.
Sep 23, 2010 at 6:24 PM | Unregistered CommenterZ
Ah yes, did you ever get a response from Lucy Caldwell?
Sep 23, 2010 at 6:26 PM | Unregistered CommenterZ
No...i never did...and nice find on dan jester...

Sep 23, 2010 at 6:33 PM | Registered CommenterDailyBail
Obama has a punk ass tell. The tongue to the corner of the mouth means that he is up to no good.

In poker, a tell is any clue, habit, behavior or physical reaction, that gives other players more information about your hand.

25 seconds in…the tongue to corner of mouth…

http://www.youtube.com/watch?v=lnp0VWXI-Vo

16 seconds in…the quick tongue to corner of mouth…

http://www.youtube.com/watch?v=DnEhmbKazdw

Watch for it!!!!
Sep 23, 2010 at 7:20 PM | Unregistered CommenterZ
Z,
What's the old saying? " If a politician is moving his mouth,HE'S LYING"
Sep 23, 2010 at 7:47 PM | Unregistered Commentertrod
OK I'm really confused by the comments today. Kellerman? the Freddie Mac guy?

DB is welcome to post on my blog anytime. But considering he gets more traffic in a day than I get in a month, I'm not sure what the point would be.

Anyway - this list tells you for sure that NOTHING has changed in Obama's mind. Using fraud to prop up a ponzi scheme.

Nice.
Sep 23, 2010 at 9:22 PM | Unregistered Commentermark mchugh
mark...Z has long thought the cfo of freddie mac...david kellerman...was murdered...there is a weirdness to the details of his death...he thinks there's a pulitzer prize for the writer who uncovers the truth...i think it was just suicide...but i have no idea...i've read everything i can find on it...tried to contact lucy cladwell, and never heard back...
Sep 23, 2010 at 9:52 PM | Registered CommenterDailyBail
That list is pure gangrene. Two more years of rot for America. Fucking terrific.
Sep 23, 2010 at 10:13 PM | Unregistered CommenterCheyenne
A month before he died...

"Last month Mr Kellermann received a controversial $850,000 retention bonus - one of 92 payments made by Freddie Mac of $100,000 or more to senior staff in return for staying with the lender while it dug its way out of financial trouble."

"David Kellermann is thought to have been found dead at his suburban home in Washington by his wife, who told local media that he had committed suicide. Police said only that the death was under active investigation."

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6151034.ece
Sep 23, 2010 at 10:23 PM | Unregistered CommenterZ
That list is pure gangrene. Two more years of rot for America. Fucking terrific.

----

They are either ex-Clinton officials who fought against brooksley born or former bailed out bitchez...there is not a voice of reason among the names i profiled...perhaps some of the others...like the xerox ceo whom i know nothing about...maybe they are different...but the group i detailed all are the same...crony capitalists....zandi pisses me off especially...besides immelt of course...
Sep 23, 2010 at 10:31 PM | Registered CommenterDailyBail
"David Kellermann is thought to have been found dead at his suburban home in Washington by his wife, who told local media that he had committed suicide."

I can see how someone might be suspicious after reading that 5 times and getting nowhere.
Sep 23, 2010 at 10:43 PM | Unregistered CommenterCheyenne
Police said only that the death was under active investigation.

Did you read that five times too?

Let me guess Cheyenne, you believed Obama when he promised hope and change. Are we getting somewhere yet? That's what I thought.
Sep 23, 2010 at 11:27 PM | Unregistered CommenterZ
Relax, Z. I'm agreeing with you that Kellerman's death--as reported in what you quoted--has an odd aroma about it, to put it mildly. That quote from the UK has every fingerprint of torture-by-committee.

And no, I never believed Obama was anything other than a sock puppet. Just like Bush.

But we are getting somewhere, and maybe faster than you think.
Sep 24, 2010 at 12:00 AM | Unregistered CommenterCheyenne
I could write a list of people as long as my arm of people that should commit suicide for what they've done to their country. I guess I don't see anything too unusual about one who actually did.
Sep 24, 2010 at 12:32 AM | Unregistered Commentermark mchugh
Mark says...I could write a list of people as long as my arm of people that should commit suicide for what they've done to their country.

What did Kellermann do to this country? I have not heard of anything that he did wrong.
Sep 24, 2010 at 12:50 AM | Unregistered CommenterZ
PAUL Volcker, who was Federal Reserve chairman under Ronald Reagan, has delivered a damning critique of the US financial system.

http://www.theaustralian.com.au/business/news/reagans-fed-chief-takes-aim-americas-battered-financial-system/story-e6frg90x-1225928703094

Banking: Investment banks became “trading machines instead of investment banks (leading to) encroachment on the territory of commercial banks, and commercial banks encroached on the territory of others in a way that couldn’t easily be managed by the old supervisory system”.

Financial system: “The financial system is broken. We can use that term in late 2008, and I think it’s fair to still use the term unfortunately. We know that parts of it are absolutely broken, like the mortgage market which only happens to be the most important part of our capital markets (and has) become a subsidiary of the US government”.
Sep 24, 2010 at 1:18 AM | Unregistered CommenterZ
hey z...as long as you bring up volcker...i won that bet...and you lost...i said the volcker rule would not be implemented in any real way...wall street owns the obama white house...volcker be damned...
Sep 24, 2010 at 2:29 AM | Registered CommenterDailyBail
Z,

You of all people should be acutely aware of the "It's not Fannie and Freddie's fault!" apologist movement in the Obama camp. While it isn't all F & F's fault, their so-called business model (they invented sub-prime and popularized securitization) combined with cooking the books to make it seem profitable is what inspired TBTFs to blow themselves to smithereens.

Anyone who made it to CFO of Freddie would have to understand that long before they made it that far up the ladder. IMO that's a little late to become a whistle-blower, but the guilt....

I don't know enough about Kellerman to say what kind of man he was. But I know that many families, especially in the case of suicide, don't discuss details.

What do you think the story might be?
Sep 24, 2010 at 10:38 AM | Unregistered Commentermark mchugh
Mark...

Wrong, as long as there is a bigger fish to fry, Kellermann would have only needed to dish the dirt and pay a very small price if any. In this case, there are plenty of big fish. I am not asking the family to speak, there was an investigation. The results of the investigation should be enough to start the snowball rolling down the hill. My guess is that based on the limited information released and the quick change in the story immediately after the incident, the investigation is not adequate but would be a good place to start. As for what the story may be? I have no idea. What we do know doesn’t add up. As for what those facts are, read all the articles on the incident and then we can talk. I am not trying nor do I want to spend my time to convince you that something is very fishy. If this doesn’t interest you, that’s fine. A lot of people don’t care about Obama Constitutional ineligibility to be President. We all have to pick our battles and sometimes we can’t help but be interested in things that strike us as peculiar.
Sep 24, 2010 at 1:12 PM | Unregistered CommenterZ
I mention this reluctantly, because I don't know the people involved and let's be crystal clear, I'm not accusing anyone of anything.

People kill people for a lot of different reasons, and if I got "suicided", I hope my widow, and the rest of my family would be screaming for justice. There's only one reason I can think of that she wouldn't.

I must admit I didn't believe census worker Bill Sparkman commited suicide, at first. But until I hear his son say otherwise, I have to accept it. If the people closest to someone won't come to their defense, I don't see why anyone else would.

I wish the birther/SS# guys all the best (and that's 100% sincere), but to me, and I can't believe I'm writing this, having an illegal alien in the Oval Office is pretty far down my list of horrible injustices these days.
Sep 24, 2010 at 2:58 PM | Unregistered Commentermark mchugh
Freddie Mac’s Secrecy Pacts Face Court Test...
http://www.nytimes.com/2009/10/23/business/23mortgage.html

“Federal dollars are being used to bribe people, to buy their silence,” said David George, a lawyer representing the pension funds in a class-action lawsuit.

Under the secrecy provisions, former employees would be permitted to answer questions from government prosecutors and investigators in any criminal case or in a regulatory proceeding.

But, barring a court order, the former employees are prohibited from cooperating with anyone involved in a civil lawsuit against Freddie Mac.

Several former employees, who insisted on anonymity, confirmed that they were eager to talk with the shareholder group and said they might have valuable information.

“I would say more, but I don’t want somebody knocking on my door and asking for $50,000 back,” said one former employee who worked on Freddie Mac’s internal financial controls. “It’s almost like bribery; I felt that I was supposed to sign the agreement, take the money and keep all their secrets.”

The severance deals were so strict, according to former employees, that they prohibited those who accepted them from saying almost anything about their old jobs or even about the secrecy pledges themselves.

“I was told that in volunteering to take a buyout, I couldn’t even talk about the agreement or it would be off the table,” said an 18-year veteran of Freddie Mac, who insisted on anonymity because of the restrictions. “I was told that you don’t talk about the terms of agreement, you don’t talk to the news media and you don’t talk to attorneys involved in lawsuits against the company.”

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/22/AR2009042203530.html

Investigators had hoped to question David B. Kellermann, the Freddie Mac acting chief financial officer who police said was found dead yesterday in an apparent suicide, but he was not a target of the probe, sources said.

It could not be determined if Kellermann had been questioned before his death. His death is not expected to affect the probe, sources said, because other Freddie Mac executives could provide similiar information.

A focus on disclosure is common in investigations into potential corporate wrongdoing. The key factor in determining whether to file criminal charges is whether executives knew they should have disclosed certain information but did not.

http://www.forbes.com/2003/06/12/cx_aw_0612fre.html

"It was designed to bring a clearer picture to off-balance-sheet instruments but this just highlights the confusion over 133," says Miller. But that news has been out for months. So how does that relate to the firing of Freddie Mac President David Glenn and the resignation of Chief Executive and Chairman Leland Brendsel and Chief Financial Officer Vaughn Clarke? It doesn't.

According to the company, Glenn was ousted for failing to fully cooperate with the internal audit. Freddie Mac released a document late Wednesday that detailed a roughly $24 million golden parachute (plus benefits) and said that Brendsel left at the company's request.
Sep 24, 2010 at 7:35 PM | Unregistered CommenterZ
Here's my thought: The sanitization the reputation of Fannie and Freddie has been a top priority of the Obama administration. I can see why it's been so sucessful now. Those facts don't necessarily have anything to do with Kellerman.

Fannie and Freddie were absolutely a root cause of the crisis and anyone saying otherwise is simply a propagandist, like the "TARP made money" jack-offs. We may not agree on much, but we should agree that anybody trying to sell those bullshit lines needs to be removed from office immediately.

Even if Kellerman is a skeleton in their closet, he's one of so many that I don't think it's worth focusing on. You said yourself, there's bigger fish to fry.

Fannie and Freddie are definitely on my list of untold stories, but I have to be realistic about how much research time a story like that would require. I'd have to get paid to do it.
Sep 25, 2010 at 12:16 AM | Unregistered Commentermark mchugh
z...why don't you do the following write-up and i'll publish it...

write on the overall theme of fannie mae secrecy...stuff from the links you gave above...

something like...

"Unanswered questions from the death of David Kellerman and Secrecy at the GSEs"

I will be happy to post it...you'll get credit...
Sep 25, 2010 at 6:55 AM | Registered CommenterDailyBail

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