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Zero Hedge Lets be brutally frank shall we. From the day he first set foot in the Department of Treasury, this useless piece of garbage called Timothy Geithner has been good for one thing and one thing only: To protect and serve his Wall Street masters. As the President of the NY Fed he [...] His latest 30 minute podcast is on BlogTalkRadio now. The IMF, Greece, the US Debt position (breach day is today, incidentally) and more. 30 minutes of, well, “grab the popcorn” discussion. Denninger is co-founder of the original Tea Party, which was founded specifically in opposition to the bailouts of insolvent banks by the federal [...] The fix is in. The Financial Stability Oversight Council led by Geithner made sure the big banks will be allowed to do whatever they want, risk and the general good be damned, even as other countries are moving to limit the size of banks. But in the US, the interlocking nexus between the big banks [...] http://www.youtube.com/watch?v=X2DRm5ES-uA The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. Through extensive research and interviews with major financial insiders, politicians and journalists, INSIDE JOB traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia. [...] Geithner says pickpocketing trillions from the people to give to the oligarchy was “deeply unfair”, but we … um … had to It is not like their approach fell on them and they couldn’t do anything about it. Geithner, Summers, Bernanke and the boys made a conscious decision to side with the oligarchy [...] If you’ve missed this breaking story of Enron-like proportions, here’s a summary: The bankruptcy examiner report on Lehman says their then-CEO Dick Fuld was “at least grossly negligent” and that their auditor Ernst & Young could be accused of “professional malpractice.” They were cooking their books with fraudulent transactions worth $50 billion. Tim Geithner, [...] We may actually see some banksters go to prison on the apparent massive Lehman fraud as detailed in the 2000 page report by the bankruptcy examiner. Not only does the report say then-CEO Dick Fuld was “at least grossly negligent,” it says their auditor Ernst & Young could be accused of “professional malpractice.” Then [...] Here’s the background on this escalating story of greed, lying, and cover-ups. The bankruptcy examiner for the Lehman Brothers bankruptcy says then-CEO Dick Fuld “was “at least grossly negligent” for letting Lehman file financial reports in which a key gauge of strength was ‘reverse-engineered’ through transactions known as Repo 105s” Further “Lehman auditor Ernst [...] Emphasis added. This is a bombshell. Obama needs to fire Geithner or be assumed culpable himself. Indeed, it was such common knowledge in the Lehman flailing about period that Lehman’s accounts were sus that Hank Paulson’s recent book mentions repeatedly that Lehman’s valuations were phony as if it were no big deal. Well. it [...] |  | ||||
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