Poor deluded fools like myself clearly to not get that Obama’s bailout plan will be looked at ten years from now as pure genius. That’s the word from his staffers, and why he gave a big hug to Timmy G. at the SOTU address. You see, Obama believes Geithner and the bailout plan are without [...]
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Chart from Business Insider (Read the whole article) The watchdog charged with monitoring the government’s $700 billion bailout unleashed one of his harshest criticisms of the program to date, questioning its overall effectiveness. Specifically, TARP has neither boosted bank lending nor decreased the number of foreclosures. Plus, it risks “re-inflating the bubble.” In other [...] Hey, if this populist crap doesn’t stop, we could both be job hunting soon Bernanke Senate confirmation in peril. The vote has been delayed, always a telling signal that the votes might not be there. Geithner reportedly told Wall Street that Obama is sacrificing good policy for politics. Most illuminatingly, Treasury has twice not [...] The NY Post has a devastating article detailing Geithner’s “damning string of mess ups” that go back 16 years. Naked Capitalism There is a growing consensus that it is time for President Obama to fire Treasury Secretary Timothy Geithner. While he is at it, he needs to clean house by firing Larry Summers, by [...] The web of known parties guilty of fraud, coercion, or securities manipulation keeps getting bigger … I am 100% in favor of allowing Geithner to defend himself … In a court of law, for securities fraud. And as I have stated before Paulson, Bernanke, and Bank of America ex-CEO Lewis as well. So says Mish, [...] Ah, to see the day when various other Central Bankers see criminal charges filed against them for insubordination. Bernanke, Geithner, and Paulson being frog-marched in manacles? Could happen. Especially after today’s revelations about Geithner ordering AIG to ignore SEC regulations and keep secret that investment banks were repaid by the bankrupt AIG at 100% rather [...] This is all over financial blogs this morning. The chief beneficiary here was Goldman and the other investment banks. This latest revelation confirms the Fed’s commitment to secrecy and, although troubling, at this point should come at no surprise. The most important element is that AIG itself determined it should provide information about its swaps [...] Taibbi slams Geithner, Obama, and the banksters Not only are the mop-headed weenie of a Treasury secretary’s fingerprints on virtually all the gross giveaways in the new reform legislation, he’s a living symbol of the Rubinite gangrene crawling up the leg of this administration. Putting Geithner against the wall and replacing him with an actual [...] Martha Stewart did five months for $44,000. That standard needs to be enforced now for everyone. During the collapse of AIG, their credit default swap unit was negotiating with banks who had bought $62 billion in CDS and CDOs from them. AIG wanted the banks to accept discounts of up to 40%. Instead, the [...] Oh really? He says it’s because they don’t want those icky politicians getting their grubby hands into the Holy of Holies that is the Fed and that’s why it shouldn’t be audited. Well, golly, there’s just so much wrong with the statement it’s hard to know where to begin. Fed decisions always have a political [...] |  | ||||
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