Sheila Bair: 'Tim Geithner Was The Problem'

Sept. 26 -- Former FDIC Chairman Sheila Bair talks with Bloomberg's Betty Liu about her frustration with U.S. Treasury Secretary Timothy Geithner.

"Citigroup and Merrill Lynch were both clearly insolvent."

Here's what we've learned so far from Bair's book:

• Bair wanted Volcker for Treasury Secretary.
• Geithner loves Citigroup.
• Blankfein wasn't playing team ball until Bair called Buffet to complain.

Comments

[JosephConrad]

If one checks phone logs prior to the conspiratorially engineered 'collapse' of Bear Sterns & Lehman Brothers, one will find the reason Giethner was so late on his income tax filing for the year prior of his appointment. His accountants had to find a way to hide the 10's of MILLIONS he got PAID to do NOTHING regardign the 2 firms' 'folding'. As head of the NY branch of the Federal Reserve, his co-conspiratators (Paulson, Dimone, Rubin, Blankfien, etc.) always considered him a potential 'weak link'
in their scheme to ROB AMERICA...But they needed a 'made man' on the 'Inside' to execute the Government side of their plot - someone who COULDN'T RAT THEM OUT. Potential key 'whistleblowers' were eliminated along the way & never found...
That's America for you...

[Howard T. Lewis III]

To compliment Mr. Conrad, I personally witnessed Timmy Geithner in the close company of Richard Perle during Seattle's Mike Lowry for senate campaign midterm in 1983. Geithner was 17-19 at the time and I could talk about the creepy activity permeating the air with odor most foul at that time, but I am sure you get the picture. If Geithner had Richard Perle for a mentor, which he did, this economic scene is going to get very bad. Perle and the neocons run 'Victimizer Tech' in the U.S..

[LiberatedCitizen]

Obama appointed that tax cheating scum he should be held responsible.

[Josie]

A little makeover and a little book tour for our girl Sheila...

Let's remember Sheila was/is just a paper tiger, meaning she had no bite or power in this fight. She was not at the big boy table. Does anyone really think Bair had more pull and carried more weight than Rubin and Summers and Paulson, The Bernank, Pandit, Blankfein, Dimon, Mack, and their messenger boy/clerk Geithner? To use a Godfather analogy: Johnny Ola was just a Sicilian messenger boy for Hyman Roth.

And let's also remember Sheila's complicity in keeping the bank dream alive. Begging the savers to keep their dough in the insolvent banking system while earning no interest. Do I believe her here? Of course. And I would go much, much further by saying that M/L and Shiti were not the only broke banks. You tell me that M/S was not insolvent while Mack was running around looking for billions from the Japanese. Look at their discount window borrowing as well.

Remind yourself that the whole process from '08 to now and forward was, is and will be about saving the banks. That's it. Save the banks, all else be damned. The rest and rhetoric to the contrary, or any other misdirection is meaningless. AIG was saved not because it's a bank, but because they were such a huge loser counter party to the banks. And those banks took no haircut to boot when AIG was saved.

And someone please explain to me how, just 3-4 years ago, we were on the brink of economic collapse, and now, just a mere 3-4 years later we are just fine and dandy and healthy. Please explain this to me in a clear, concise and accurate response...I'm still waiting.

But, in the meantime, I'll buy M15 assault rifles for the self-sufficient farm I'll be living on, because as my recently retired USMC Col friend said to me: "shotguns! You have shotguns? Trust me, you don't want anybody getting that close to you"

[SKINFLINT]

Personally Josie, I do not believe that the whole scene is relative to saving the banks. I think that this has been a purge of the U.S. that will continue until the consolidation is complete.