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Geithner’s New York Fed Told AIG to Limit Swaps Discl... - 1/7/2010 7:48:05 PM   
Brain


Posts: 3792
Joined: 2/14/2007
Status: offline 		This man needs to be fired if I’m going to take Obama seriously about reforming Wall Street. It’s not acceptable that Goldman Sachs and Wall Street banks run America.


Geithner’s New York Fed Told AIG to Limit Swaps Disclosure - Bloomberg.com

Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its reguslator show.

AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.

The New York Fed took over negotiations between AIG and the banks in November 2008 as losses on the swaps, which were contracts tied to subprime home loans, threatened to swamp the insurer weeks after its taxpayer-funded rescue. The regulator decided that Goldman Sachs and more than a dozen banks would be fully repaid for $62.1 billion of the swaps, prompting lawmakers to call the AIG rescue a “backdoor bailout” of financial firms.

http://www.bloomberg.com/apps/news?pid=20601203&sid=aXIvW4igKV38

Profile   Post #: 1
RE: Geithner’s New York Fed Told AIG to Limit Swaps D... - 1/7/2010 8:41:47 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Who are you gunning for now?

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Brain)
Profile   Post #: 2
RE: Geithner’s New York Fed Told AIG to Limit Swaps D... - 1/7/2010 9:27:21 PM   
Fellow


Posts: 1486
Joined: 9/21/2009
Status: offline 		Here is NY Times:
http://dealbook.blogs.nytimes.com/2010/01/07/the-federal-reserve-bank-of-ne/?dlbk&emc=dlbk

I is definitely illegal. It gives a good opportunity for Obama to drop Geithner. He needs to get rid of the man.

(in reply to Brain)
Profile   Post #: 3
RE: Geithner’s New York Fed Told AIG to Limit Swaps D... - 1/8/2010 5:02:18 AM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		“It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information,” said Issa, a California Republican. Taxpayers “deserve full and complete disclosure under our nation’s securities laws, not the withholding of politically inconvenient information.”

Geithner Had ‘No Role’

“Secretary Geithner played no role in these decisions,” Meg Reilly, a Treasury spokeswoman, said in an e-mail. “He was recused from working on issues involving specific companies, including AIG,” after his nomination for Treasury secretary on Nov. 24, 2008. Geithner “began to insulate himself weeks earlier in anticipation of his nomination,” she said in a separate statement.

Geithner, who was tapped by President Barack Obama, took the Treasury job in January, 2009. Mark Herr, a spokesman for New York-based AIG, declined to comment.

http://www.bloomberg.com/apps/news?pid=20601203&sid=aXIvW4igKV38

Just makes me wonder if you are gunning for the right person.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Fellow)
Profile   Post #: 4
RE: Geithner’s New York Fed Told AIG to Limit Swaps D... - 1/8/2010 1:32:45 PM   
Brain


Posts: 3792
Joined: 2/14/2007
Status: offline 		Tim Geitner and Ben Bernanke because they're not working for the American people they are really being controlled by Goldman Sachs and we will never get real financial reform with those two around undermining the process.

(in reply to tazzygirl)
Profile   Post #: 5
RE: Geithner’s New York Fed Told AIG to Limit Swaps D... - 1/8/2010 1:34:37 PM   
Brain


Posts: 3792
Joined: 2/14/2007
Status: offline 		Thanks for the New York Times story. I love listening to Joe Scarborough go on a rant about the New York Times.

(in reply to Fellow)
Profile   Post #: 6
RE: Geithner’s New York Fed Told AIG to Limit Swaps D... - 1/8/2010 1:40:36 PM   
servantforuse


Posts: 6363
Joined: 3/8/2006
Status: offline 		Not to worry. Just more 'change'. or not.

(in reply to Brain)
Profile   Post #: 7
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