>>Geithner ankle deep in AIG quicksand MarketWatch First Take – MarketWatch
Posted January 11, 2010on:
Geithner: Would You Trust This Man to Run a Bake Sale, Much Less the Treasury Department?
Treasury Secretary Tim Geithner has always attracted an intriguing mix of opposition from conservatives who figured he was in over his head, way too comfortable with the policies that established bailout nation, and oh, by the way, the guy offered lame excuses about not paying all of his taxes. A healthy number of liberals perceived him with suspicion, because hey, he worked on Wall Street, and thus he must be evil in some manner.
Well, now Geithner’s in hot water, and not exactly surrounded by passionate defenders. Last week, released e-mails showed that the New York Fed, under Geithner’s management at the time, asked AIG to refrain from disclosing details about payments it had made to trading partners in the wake of its $85 billion initial federal bailout in late 2008. The insurance giant’s move ensured large domestic and foreign banks, including Goldman Sachs, recovered their entire investments of $62 billion; no losses or “haircuts” went to the biggest of big-shots in the financial world. Geithner will get to explain the decision, particularly the instructions not to reveal details to the public, under oath before Congress.
David Sirota, writing at the Huffington Post, is a nice example of the Geithner opposition on the left; his laying out of basic facts is a useful citation for any anti-Timmy folk of any stripe: “Notice that the White House is not denying that illegal action may have occurred – the administration is only making the (preposterous) assertion that the regulatory filings of the largest corporation in the New York Fed’s receivership somehow ‘didn’t rise’ to Geithner’s level.” Rep. Darrell Issa, R-Calif., ranking member on the House Committee on Oversight and Government Reform, appears eager to play U.S. Marshal Sam Gerard to Geitner’s Richard Kimble. Wait, that metaphor doesn’t work; Kimble was innocent.
MarketWatch evokes past scandals that ended badly: “Treasury Secretary Timothy Geithner should heed the lessons of Martha Stewart and Richard Nixon: It’s not the crime, it’s the cover-up.” The New York Post‘s Terry Keenan writes: “Memo to Treasury Secretary Tim Geithner: If you want to survive another year in Washington, start channeling your inner Jimmy Hoffa.” So he should hide underneath the turf in the end zone of the Meadowlands?
Tim Geithner was so sleazy from the get go that it was a criminal act against the nation for Obama to appoint him as Treasury Secretary with total control of $884 Billion of the TARP money. But like all of Washington dealings no big deal was made of it except on a few blogs and his appointment was approved by congress. So now this old news is being rehashed and I have no idea why since it is OLD NEWS. Is it perhaps that the more conservative politicians think that they can now get rid of him after all the President’s policies have gone south? Perhaps. And perhaps now that the American people are waking up from their Obama kool-aid induced coma there will be more “old news” brought out about others in his cabinet and appointments. Stranger things have happened. BB