VIDEO - Congressman Questions Geithner About Sandy Weill's Call To Break Up The Mega-Banks

More from Geithner's testimony on July 25.  (I'm slowly getting thru every clip.)  Michigan Rep. Bill Huizenga asks him about Sandy Weill's call on CNBC earlier that morning to reinstate Glass-Steagall and bust up the TBTF banks.

Geithner evades the question adroitly, textbook even, just as he learned years ago at summer camp for Rubinite financial terrorists.

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Complete coverage of Geithner's July 25 testimony:

• Geithner Gets Blasted By Congress: "How Can A Number That You Know Has Been Manipulated Possibly Be The Best Choice For Bailouts!!!"

• Tim Geithner Admits Banks (And AIG) Were Bailed Out At Rigged Libor Rates, Costing Taxpayers Billions

• Ron Paul Asks Tim Geithner: 'Why Doesn't The Fed Eliminate The Middleman And Just Buy Debt Directly From The Treasury?"

Comments

[LiberatedCitizen]

In case you missed these DB

BANKERS GONE WILD

http://www.newyorker.com/talk/financial/2012/07/30/120730ta_talk_surowiecki

Don't Expect 'AT&T Moment' for Big Banks

http://www.cnbc.com/id/48532722

Knight Capital: The Ideal Way To Screw Up On Wall Street

http://www.forbes.com/sites/halahtouryalai/2012/08/06/knight-capital-the-ideal-way-to-screw-up-on-wall-street/

Knight Blowup Shows How High-Speed Traders Outrace Rules

http://www.bloomberg.com/news/2012-08-06/knight-blowup-shows-how-high-speed-traders-outrace-rules.html

Election or Not, QE3 Is Coming in September: Economist

http://finance.yahoo.com/blogs/breakout/election-not-qe3-coming-september-economist-143846129.html

Milliman analysis: July's $120 billion decline in funded status pushes pension deficit to a record $533 billion

http://www.marketwatch.com/story/milliman-analysis-julys-120-billion-decline-in-funded-status-pushes-pension-deficit-to-a-record-533-billion-2012-08-06

Social Security's Era of 'Free Money' Comes to an End

http://www.cnbc.com/id/48533565

18 signs, 6 charts, 3 videos predicting a major economic collapse in USA & Europe

http://www.reportsfromearth.com/395/charts-videos-predicting-major-economic-collapse-in-usa-and-europe/

[Jack Lohman]

First time I've ever seen a whore with short hair!

[TR]

We can't break up the TBTF. They could be helping the Job Creators.

[Cheyenne]

Why anyone asks Geithner anything other than yes-no questons is beyond me. Not that he'd answer, of course, as Elizabeth Warren can tell you, but watch how she keeps the lying shithead on a tight choke chain concerning the Fed's backdoor bailout of AIG counterparties like Goldman, Deutsche Bank, Societe Generale, etc.:

http://www.youtube.com/watch?v=pz7ruJw6byQ

Notice, too, how EW's yes-no question at 3:48 causes Timmy to perjure himself as follows:

Q. Are you saying that you couldn't find a way to pay [AIG's counterparties] less than 100 cents on the dollar there, but since you could find a way--

A. Of course not. I mean, we would have done that in a second if we could have done that.

That, of course, is false, as it was revealed via subpoena a few months later that none other than Goldman Sachs itself had been willing in Sept. '08 to take a 50% haircut on its CDS with AIG.

[DailyBail]

That, of course, is false, as it was revealed via subpoena a few months later that none other than Goldman Sachs itself had been willing in Sept. '08 to take a 50% haircut on its CDS with AIG.

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Cheyenne, I've been looking for this for awhile. I remember the same thing but I can't find it thru search. You gotta link?

[Cheyenne]

DB--

"AIG has said they were negotiating 'tear-ups' with counterparties at 50 cents on the dollar before the NY Fed told them to 'stand down' in negotiations with counterparties. 'Stand down' was the exact language from emails unearthed last week by Hugh Son of Bloomberg.

"Goldman openly admits that they were willing to tear up contracts with AIG for the 'right price,' as you will see below."

http://dailybail.com/home/subpoenaed-documents-show-goldman-sachs-offered-to-tear-up-a.html

But see: "'Goldman and AIG have negotiated a collateral posting protocol in which Goldman’s prices are given a 12 percent positive haircut for collateral posting,'” the document says."

Id.

Regardless of the discount rate (12-50%), the notion that AIG counterparties would not have accepted write-downs is a ridiculous lie.