People are known by the associates they keep. President Obama seems to keep some pretty dirty associates and so much for Transparency once again we find out a dirty little secret Obama’s Tax Cheat Treasury Secretary wanted AIG to keep mum!
“The 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 regulator 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.”
Barney Frank is acting concerned but in the next breath he said he supports him anyway.
“Representative Barney Frank said the Federal Reserve Bank of New York’s 2008 order toAmerican International Group Inc. to suppress disclosures of bank payments is “troubling” and he supports hearings on the issue.
Frank retains confidence in Treasury Secretary Timothy Geithner, who led the New York Fed at the time, he said today in a Bloomberg Television interview. The U.S. House last month passed legislation that would prevent the Fed from having the power to bail out companies such as AIG, he said.”
In the meantime The Huffington Post is reporting it’s dirty business as usual the banks are making a KILLING off of another Geithner program — the PPIP.
“Remember the Public-Private Investment Program (PPIP)? The Treasury Department unveiled the program in March and intended it as a way to help banks unload hard-to-sell (read: often toxic) mortgage securities. In short, private investors partnered with the government to get bad loans off the banks’ books — and everyone, including taxpayers, was supposed to come out ahead on the proceeds of the asset sales.
But, as Bloomberg reports this morning, some of the nation’s largest banks have actually bought more risky home loans instead of getting them off their balance sheets.
In other words, the program that was supposed to help banks dispose of these toxic assets instead made those assets so marketable that banks bought more — which has pushed Wall Street’s titans to even greater exposure to the stalled housing market. The banks apparently decided that the government’s entry into the mortgage security market was simply a guaranteed money-making opportunity.”
If you recall right before the president flew off to Hawaii to bask in the sun at an outrageously expensive rental he assured his “Associates” the Taxpayers would once again be picking up the tab allowing them to privatize the profits and socialize the losses in what Kucinich called another back door bailout. Let’s cut the crap what this amounts to is another transfer of wealth from the taxpayers of America to the Banksters. You can rope a lot of dopes with Hope but eventuallysomeone will come along and explain to the dupes about the Crooks, the Liars and the Thieves.
If Obama was half a man he would FIRE him immediately and if he were a real leader he would not have appointed him in the first place. In Argentina there has been a coup how long do you think Americans will keep following the Obama Dream into the abyss?