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Tuesday
Jan032012

Elizabeth Warren Makes Geithner Squirm Over AIG Counterparty Payments To Goldman Sachs

Dr. Warren asks simply:

  • Where did the money go?

She's referring to the $170 billion handed to AIG.  Now watch Geithner squirm.

We know where Elizabeth Warren was going with the line of questioning, and it was all about the $13 billion Government Sachs got out the back door of AIG.  Goldman and others were not mentioned specifically, but Dr. Warren framed the question so perfectly as to leave no doubt who benefited (to the tune of 100 cents on the dollar) from the taxpayer on AIG's counterparty payouts.

Warren asks the auto bondholder vs. AIG CDS counterparties question:

Turbo says:

  • "You've had your whole life to study this and think it through so you know more about this than anybody.." 

But it wasn't a compliment. Fun to watch him squirm.  Still infuriating that he won't answer the freaking question.  Warren says:

  • "Are you saying that you couldn't find a way to pay less than 100 cents on the dollar [with the banks], but since you could find a way with the auto industry you did [pay less than 100 cents on the dollar]?"

Turbo responds:

  • "Of course not, I mean we woulda done that in a second if we coulda done that..."

Ultimately, he swung around to the old standby:

  • We were working to save the financial system and bring stability to the system... and if Goldman et al. didn't get 100 cents on the dollar, well.... it would have hurt Main St. enormously, blah blah blah it was very complex, blah blah blah And we had to make a .... (wait for it)... judgement. So piss off...

Just before that, EW asked whether Treasury and the Fed were in contact with AIG counterparties before the taxpayer CDS payout.  It got super duper snippy at that point:

  • "In contact about what?"  "What are you getting at?"  "I was at the Fed, you know, not at Treasury.."

I think he even resorted to using the word "premise" -- but he couldn't find a nail to hang it on.  Warren pushed him, and he just kept squirming.  Next time, try using two or three nails, Ms. Warren.

That's an exact transcription above, but I can't tell if Timmy said "No, it's not the case that we couldn't figure out how to pay less than 100 cents on the dollar," or if he said "Yes, we couldn't figure out how to do anything but give Goldman, UBS and SocGen 100 cents on the dollar."

So which is it Timmy, are you a dumbass who's never heard of negotiating, or did you just make a "judgement" to sidestep congress and give away loads of taxpayer money for free?

Well, which is it punk?

---

Bonus:

Warren grills Geithner.

 

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Reader Comments (69)

Fellow dailybailers

Wow 9/12 rally and GOP and what else? claims and credits?

Two million man march in Washington
September 14, 9:54 AMLake County Independent ExaminerRobert Rule
http://www.examiner.com/x-16500-Lake-County-Independent-Examiner~y2009m9d14-Two-million-man-march-in-Washington

Ron Paul Gets Credit for the March
Posted September 14th, 2009 by celeste

An estimated 2 to 3 million people gathered on the Washington mall on Saturday, 9/12 to protest many things. A growing majority of people are very angry and very concerned about both parties in this country. Its true Fox news jumped on the bandwagon after Obama was elected and about one third of those people were there because of the 912 project put together by Glenn Beck but that isn’t what sparked Saturday’s event.

In 2007 a Republican Congressman from Texas named Ron Paul hit the scene. Through the internet his campaign took off and was largely ignored by the media including Fox news and Glenn Beck. When Ron Paul raised the most money from troops over seas than any other candidate republican or democrat and raised the most money in a single day on the internet the media had no choice but to cover him, then they tried to discredit him. Glenn Beck ripped on Ron Paul and made fun of his followers. They said Ron Paul was crazy for predicting the recession.
Sep 14, 2009 at 8:10 PM | Unregistered CommenterKen
Fellow Americans

From Dr. on Paul website

Dangerous Games of Division

Still reading posts that divide this revolution. This one does not want to be associated with that one, etc.

From what I can tell, these different groups have one shared goal, liberty.
Sorry to say, but there can only be one revolution. If you are unable to work with those with which you do not see eye to eye on everything, then please excuse yourself for the sake of said revolution. We need all of the help that we can muster, but dangerous games of division result in lost time, and eventually a lost dream.

If you believe you can have your own revolution with only those of your 'kind', more power to you. Good Luck
Everyone should be sure to post a comment to that article as well as the YouTube videos that are linked. It will make a big perceptual difference when other people read these things and see first hand that there is a great deal of support for Ron Paul and our revolution.
Sep 14, 2009 at 8:16 PM | Unregistered CommenterKen
Ken,

This pushhamburger site you keep listing doesn't really have anything to do with the financial markets. I'm sure everyone here is capable of finding that stuff on their own if they choose. Meanwhile, my 86 year old dad and 15 year old son are reading many things on this site because I told them it's all bailout related information. What exactly do you think you're doing?
Sep 14, 2009 at 10:17 PM | Unregistered CommenterSonic Ninja Kitty
SNK

I try to keep up with Ken and edit his comments to remove the 'pushhamburger' links...

Ken.

please stop SPAMMING entire articles...provide a link, provide a few paragraphs and that's all that is needed...it's a violation of Fair-use rules to print entire articles...

Just focus your posts and we will all be better for it...and as SNK said the focus is the bailouts, unless of course I'm losing my mind over the mystery of Sarah Palin.
Sep 15, 2009 at 4:47 AM | Registered CommenterDailyBail
@ To The Board

Except for a brief hour earlier and now finally at 4:22 AM, my internet service has not been working. Essentially, all Tuesday it was down minus enough time to put up the Trichet post.

I have over 25 stories lined up to post. In order to save time and get caught up, I will be posting quickly and without much commentary.
Sep 15, 2009 at 4:50 AM | Registered CommenterDailyBail
DB, I do not blame you, as you obviously have much more significant things to do than clean up after one irresponsible poster, but thank you very much for the effort.
Sep 15, 2009 at 8:00 AM | Unregistered CommenterSonic Ninja Kitty
The bailout of AIG was unconstitutional to begin with. Since AIG coporate headquarters aren't even in the United States, but in London, and it was the London branch executives that were using the money to pump up other investments from the investors and premium payers. They are a global health insurer, and also what is so funny, is that Goldman Sachs and Lehmann Brothers are actually part owners of the Federal Reserve bank itself - so how could they be "bankrupt."

And since the Vice President for AIG sits on the Board of The Council on Foreign Relations in New York, on which many senators and Congressmen also do as that Rockefeller group are the world government socialists aligned with the European bankers that own our Fed (Rothchilds Bank of London primiarily), the Britiish took over this country in 1913, and have been "progressively" re-establishing British law throughn their puppets in Washington and our Supreme Court ever since.

You all appear to be about 75 years behind the program here. The entire bailout was a scam, and that was why it was taken over by Geithner, rather than filing for formal bankruptcy which would have been a matter of public record.

And most of that money probably went for foreign aid to Israel, since the banks which were "paid off" with those sums were also Rothchild owned banks. All it was was a transfer of funds from one of their banks (our Fed) to another, billing the American people in the process. Since they make money on debt, and can only control out country as long as there are more of their debt notes circulating, than the purchase price in the Federal Reserve Act to buy back our economy and banks from them, which I believe is a mere 400 million.

And manipulating also the war in Iraq in order to protect Israel, their largest real estate holding and the most lucrative, since it is the home of all three major faiths in the world.
Sep 24, 2009 at 7:01 AM | Unregistered Commenterbetsy ross
@ betsy ross

Not all are about 75 years behind the program , many here realize this started in 1913, and understand the hows and why's. I hope you stick around.
Sep 24, 2009 at 10:46 AM | Unregistered CommenterS. Gompers
Great post Betsy.
Sep 24, 2009 at 2:40 PM | Registered CommenterDailyBail
Wonder how many REPS,DEMS,LIBS & TEANUTS own products produced in China? REAL AMERICANS???

I'm buying only imports to help create outsourced jobs.

Do we have problems bigger than their POLITICAL THEOLOGY?

China is becoming more aggressive on a military basis by the day. We're financing it with our trade imbalance. There is something particularly insane about buying your known-nutso next-door neighbor a gun that he is likely to eventually shoot you with.

http://market-ticker.org/akcs-www?post=194108

Are we smarter now than comments from Sept.,2009?
Sep 14, 2011 at 11:06 AM | Unregistered CommenterTR
Thanks for reposting, DB! I need the reminder of just how full of shit and what a huge puppet Timmy really is...and continues to be...Jimmy Cayne was right--Timmy was/is/will be nothing more than a clerk. Call him what you want. Pres of NYFed, Treasury Sec, it matters not. He clerks for his masters. The Wall St. pezzonovante...
Sep 14, 2011 at 12:17 PM | Unregistered CommenterJosie
Why is everyone so scared of offending the one group that has robbed this country blind? The Jewish banksters, the shysters-- all Jewish, just like they have done for the past 2000 years and have been kicked out of 87 odd countries for their thieving usury. And we're scared of being called anti-Semites for all this? They cause anti-Semitism and then whine that you'r e guilty of the very thing they cause. F* the traitors for destroying their own country. Canada's next.
Sep 22, 2011 at 11:26 PM | Unregistered Commentergeraldo
DB if I may, what would you have asked Geithner if you were in her seat asking the questions? After listening to your video, I'm just curious why no one has put this guy in jail? Inside Information that wasn't so inside. How does he still elude his bad before the extreme ugly?

http://youtu.be/fqKeLRO_9Nw
Sep 23, 2011 at 12:05 AM | Unregistered CommenterDave
Geraldo, you're argument is tired and old. I'll let your comment stay to show your ignorance. They are NOT all jewish. I've listed dozens and dozens before, but I'll start with just 6.

Geithner - not jewish

Paulson - not jewish

Ken Lewis - not jewish

Richard Fuld - not jewish

Ed Liddy - not jewish

Vikram Pandit - not jewish

Geraldo, you need to re-think your thesis.
Sep 23, 2011 at 12:12 AM | Registered CommenterDailyBail
Dave...I wrote a story once on questions I would ask Geithner...here it is:

http://dailybail.com/home/submit-video-and-written-questions-for-cnbcs-town-hall-with.html

But in that clip you posted, I am talking about Stephen Friedman, not Geithner. Geithner was President of the NY Fed and Friedman was the Chairman. I realize it's not clear on the shortened clip you heard.

Now, Geithner deserves jail for other reasons, but it's more complicated.
Sep 23, 2011 at 12:15 AM | Registered CommenterDailyBail
Geithner deserves a good-old parking lot ass-kicking first and foremost. Who has time for fuckin evidence rules under a street light with a dice game?
Sep 23, 2011 at 12:19 AM | Unregistered CommenterCheyenne
  I'm also glad, truly glad that these people who committed these crimes are being questioned as they are. However I would also be lying if I said I was satisfied with this man's repeated and redundant answers that simply validate further every accusation and finding from the inside job.

What concerns me more is that the more these people get grilled and not prosecuted as it is.  it's us that enjoy The Daily Bail that may loose the very voice of reason, if not a volt filled with legal incriminating documentation that these people belong in jail at least. 

As confirmed in these two videos below is a suggestion of such trasoness threats that could INDEFINATLY stop us from speaking our minds.  Be they right or wrong.  Because of what appears to my simple mind as nothing more than a race to justice or rather injustice with the recent NDAA Act.  

I want to keep my freedome.  A gift first by god and enforce by an American Document known as the Constitution.  I realize there is a process to this and Ms. Warren is asking some tough questions.  However I fear the process is only delaying the fact and hiding justice as it would be to replace it with an "Above the law" type action if you will, Implemented by the President Himself.

That said, I Pray for all our right to exchage thoughts and share with others here on The Daily Bail. Share with others as I have without threT of being considered a National Threat, As the videos point out so accuratly.  To think this is NOT a Serious threat makes me sick when i hear people casually dismiss it as such.  I do not favor living in fear either but do believe we will find ourselves at a loss if they carry out what appears to be a loophole from Hell in order to sidestep what has happenened to millions of people thus far with THEIR  actions. 

So ask the obvious question as a person who has grown impatient watching innocent people suffer and many who have passed.  HOW MUCH MORE QUESTIONING DO ANY OF US UP TO INCLUDING THE PRESIDENT HIMSELF NEED BEFORE RIGHT ACTION IS TAKEN RATHER THAN MORE THREATS?  

I'm sorry to say that I'm just not impressed anymore. 

The Daily Bail itself, a voice of reason, (if not a archive of legal documentation itself to assist with prosecution of these criminals) a place to learn and share is now under attack as it is so accuratly mentioned in these videos.  

Though I truly wish everyone in this struggle to prevail and restore their personal portfolio's and such.  I would be lying if I said that I fear that our most basic of rights are at a terrible risk as mentioned in the two videos below. 

As far as Ms. Warren, I wish her gods speed be it she is in defense of our rights and able to expedite the prosecution of the treasonous criminals in question we all know be guilty. Sadly just not everyone yet.  But when we cannot continue to keep the conversation going I only wonder what happens next?   To think I or anyone here could be detained INDEFINATELY?  for so much as speaking there mind..... I do not have words to describe the sick feeling  I get.   

That said I pray that The Daily Bail and all who are here be protected and free of any such discraceful action proposed as it is said to be in the video's below.  

God Bless and keep you safe Steve.  Including everyone who enjoys The Bail as I have.  It is something we deserve to keep and demand that it remain so.

As always I wish everyone well and I hope I reach at least one person who might agree.

Blessings,   

http://www.youtube.com/watch?v=pRnjQi3GRXA&feature=youtube_gdata_player

Obama Justifies NDAA Martial Law ∞ Pre-Crime Indefinite Detention End of Rights Ron Paul

http://www.youtube.com/watch?v=yczzKEgpWLA&feature=youtube_gdata_player
Jan 2, 2012 at 10:43 PM | Unregistered CommenterDave
This clip pisses me off every time I see it. Geithner's evasiveness is best encapsulated by this Q&A:

Q. Was Treasury aware of who AIG's counterparties were who would benefit?
A. I was not Secretary of the Treasury at the time.

What a non-response. Of course Treasury was aware--Geithner himself made Treasury aware from his position as head of the NY Fed. How do we know? Because Geithner testified elsewhere that 100 cents-on-the-dollar were handed to "damaged institutions that we think posed the risk of systemic failure," and Geithner and Treas. Sec'y Paulson were up each other's asses 100's of times every day in 9/08.

Unfortunately, Q&A time in Congress is usually limited to 5 minutes, and E. Warren soiunds a little rusty putting questions to worms like Geithner.

Alan Grayson, by contrast, is an old pro at putting knives to throats in short order.
Jan 3, 2012 at 10:11 AM | Unregistered CommenterCheyenne
Senate Dems not with Warren on reinstating Glass-Steagall bank act

http://thehill.com/homenews/senate/230181-senate-democrats-not-with-warren-on-reinstating-glass-steagall-

[snip]

Senate Democratic leaders have shown little appetite for taking on Wall Street before Election Day, despite urging by one of their star recruits, Massachusetts Senate candidate Elizabeth Warren.

Warren has called on Congress to resurrect the 1933 Glass-Steagall Act, which established a firewall between investment banks, which traditionally specialized in speculative trades, and commercial banks, which historically earned money primarily from lending.

If Warren, an outspoken critic of Washington’s oversight of the financial services industry, wins in November, it could put her on a collision course with Senate leaders.

Senate Democratic leaders have carefully avoided a major confrontation with Wall Street this year, when millions of dollars are already flowing to Republican-allied super-PACs from anonymous donors.
May 31, 2012 at 7:08 AM | Registered CommenterJohn

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