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« Dan Jester: Still Looking For The Mystery Man Behind The Goldman Sachs AIG Swindle (VIDEO - Hank Paulson Grilled By Congress About Contact With Jester) | Main | Geithner Plunders Retirement Accounts, CEO Pay Skyrockets, The Next Financial Crisis, Bid-Rigging In Foreclosure Auctions, The Mystery $100M ATM Receipt, Afghan Bank Fraud Revealed (20 LINKS) »

Kaptur Exposes Tim 'Goldman Sachs' Geithner (VIDEO)

Video:  Congresswoman Marcy Kaptur questions Turbo on AIG, Goldman Sachs, and NY Federal Reserve actions regarding AIG counterparty payouts at PAR.  This clip could have been published with the last story, but two is better than one when it comes to Geithner looking like a Goldman shill.  Six minutes of revenge.

UPDATE:  We've located and added the transcript inside.


  • “A lot of people think that the president of the New York Fed works for the U.S. government. But in fact you work for the private banks that elected you.”

Kaptur: A lot of people think that the president of the New York Fed works for the U.S. government, but in fact, you work for the private banks that elected you. Can you provide —
Geithner: No, that is not true.
Kaptur: Can you provide for the record the names of the bankers that elected you in 2002?
Geithner: That is a matter of public record, and of course we can do that.
Kaptur: Thank you. Goldman —
Geithner: But Congresswoman, can I just say, what you just said is not true. I work for the public interest, officials in the Federal Reserve work for the public interest and they for the government.
Kaptur: But the people don't elect you, the heads of the Fed around the country don't elect you, it's the individuals that sit on the board of the New York Fed that elect you.
Geithner: It's slightly more complicated than that. [Geithner smirks, then slowly continues in a manner that distinctly says, "Let me speak slowly, so that it sounds like I'm being helpful when, in fact, I'm trying to figure out ways to have you locked in a vault beneath the Treasury Department.] You see, what the Congress did in setting up the Fed, is set up a system where the presidents of the regional reserve banks are elected by the board but it requires the approval of the chairman of the board in Washington for them to serve. It's a delicate system of checks and balances, and Congress designed that system. [Cocks an eyebrow: Isn't that interesting, Marcy? People just like you! Well, not exactly like you. Smarter.]
Kaptur: Yes, but it was largely private banks that elected you and I would like you to admit that for the record.
Geithner: Yes, that is a matter of public record.
Kaptur: Uh, number three: Goldman Sachs was the largest domestic recipient of funds, in this AIG counterparty arrangement. Let me ask you, your chief of staff is the gateway for access to you. Can you provide his name?
Geithner : [Lifts eyebrow, affects exaggerated patience.] His name is Mark Patterson?
Kaptur: And, um, for whom did he work before you selected him as your chief of staff?
Geithner: He worked for the president's transition team.
Kaptur: No, who did he work for before that?
Geithner: [Eye roll] Before that—and this is a matter of public record and you know the answer to this question—he worked for Goldman Sachs, but —
Kaptur: Thank you.
Geithner: But Congresswoman — [Getting pissed.]
Kaptur: Thank you, Mr. Secretary, you answered the question.
Geithner: But Congresswoman —
Kaptur: [Lifts hand.] YOU ANSWERED THE QUESTION.
Geithner: But —

Kaptur later called Geithner's performance weak and said it showed that "he shouldn't have been appointed in the first place." "but removing him would be an empty change without eliminating the revolving door between Washington and Wall Street."



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Reader Comments (9)

Once again; Kaptur places IED inside Geithner and then presses KABOOM!
Feb 2, 2010 at 3:13 PM | Unregistered CommenterRecoverylessRecovery

Geithner draws fire defending Fed on AIG bailout


Geithner's AIG Bailout

Feb 2, 2010 at 3:13 PM | Registered CommenterDailyBail
WOW! Go Kaptur! Sometimes simpler is better--the truth is fairly simple after all. I've never seen Timmy so belligerent! Goldman, Goldman, Goldman--but they were of the "highest integrity" and totally 'working in the public interest'. Yeah, right!

DB--OT, but here is the latest video from 10000 Pennies, "What does the federal budget freeze look like?": http://www.youtube.com/watch?v=gMH9QZdjS2Y&feature=player_embedded
Feb 2, 2010 at 4:50 PM | Unregistered CommenterSonic Ninja Kitty
That despicable worm has never done anything in the public interest. I hope when the conspiracy is exposed and criminal charges are filed and prosecuted, that he ends up in a cell with ol Bubba as a roommate. Bubba will probably like him just fine even though he hasn't watched out for the public interest.
Feb 2, 2010 at 5:21 PM | Unregistered CommenterSagebrush
Home Grown Financial Al Qaeda Rules now USA REPUBLIC...Masses at large now Debt Slaves...30 Saudis might have taken down the twin towers in Manhattan.

But less than 30 suits in Manhattan have taken down the US economy.

The 30 suits will have a bounty on their heads sooner than you think. America is about to light these fat cats up like cheap Chinese fireworks

Mention 'FED audit' makes Geithner and Bernanke react like throwing Holy water on a vampire!

Poor Reid. His world is crumbling as Ohbummer's world falls apart.
Feb 2, 2010 at 8:36 PM | Unregistered CommenterKen
From Nightly Business Report (PBS)...HOWARD DAVIDOWITZ, RETAIL CONSULTANT, DAVIDOWITZ & ASSOC.: Oh, no, no! We are going to close -- in the first half -- 10,000, 12,000 stores. We're going to have massive store closings. All you have to do is walk down Madison Avenue and see the shape we're in in store closings.

Like you have talked about DB...commercial real estate is in trouble all over the country.
Feb 2, 2010 at 11:25 PM | Unregistered Commentergobias
Feb 3, 2010 at 1:42 PM | Unregistered CommenterJames H
i saw it on new deal this morning...it's in line to publish on Headlines...nice pick-up though...
Feb 3, 2010 at 2:07 PM | Registered CommenterDailyBail
The argument that the govt had no authority to force a haircut is a RED HERRING. Yes, they couldn't force it but they could've easily said. "You take a haircut or we let AIG fail.... and you get nothing. Now how about it buddy?"

Geithner is a crook, plain and simple.
Feb 4, 2010 at 1:47 AM | Unregistered CommenterJake

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