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11/27/2011 Secret Fed Loans Gave Banks $13 Billion
Banks worldwide earned an estimated $13 billion by taking advantage of below-market rates on emergency U.S. Federal Reserve loans from August 2007 through April 2010. Roll over the bars below to explore details for each. To compare results with banks' net income or losses for the same timeframes, click the corresponding button. Worldwide total is the sum for 190 firms with available data; those banks lost a combined $21.6 billion. The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. (Bloomberg)
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posted: 11/29/11                   0       6
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keywords: American Bankers Association, Ancel Martinez, Andrea Priest, Anil Kashyap, Anthony Coley, Bailouts, Bank Of America, Barack Obama, Barney Frank, Basel, Bear Stearns, Ben Bernanke, Berkeley, Bloomberg Lp, Brad Miller, Byron Dorgan, California, Center For Economic And Policy Research, Center For Responsive Politics, Charlotte, Citigroup, Clearing House Association, Countrywide Financial, Dallas, David Jones, Dean Baker, Dodd-frank Wall Street Reform Act, Dow Jones, Federal Reserve, Financial Crisis, Financial Crisis Inquiry Commission, Financial Services Forum, Financial Stability Oversight Council, Gary Stern, George Mason University, George W Bush, Gerald Hanweck, Glass-steagall Act, Goldman Sachs, Government Transparency, Graham Fisher & CO, Henry Paulson, Howard Opinsky, Jamie Dimon, Jerry Dubrowski, John Dearie, Jon Diat, Joshua Rosner, Jpmorgan Chase, Judd Gregg, Kenneth Lewis, Lehman Brothers, Mark Lake, Merrill Lynch, Minneapolis, Morgan Stanley, Neil Barofsky, New York, New York City, New York University, Nobel Prize, North Carolina, Occupy Boston, Occupy California, Occupy Oakland, Occupy Seattle, Occupy Wall Street, Oliver Williamson, Phillip Swagel, Police, Realtytrac, Richard Fisher, Richard Shelby, Scott Alvarez, Sherrill Shaffer, Sherrod Brown, Switzerland, Tea Party, Ted Kaufman, Timothy Geithner, US Bureau Of Labor Statistics, US Congress, US Department Of The Treasury, US Freedom Of Information Act, US Supreme Court, United States, University Of California, University Of Chicago, University Of Maryland, University Of Wyoming, Vikram Pandit, Viral Acharya, Wachovia, Wall Street, Washington DC, Washington Mutual, Wells Fargo, William English Add New Keyword To Link



10/17/2011 Why Occupy Wall Street Is Bigger Than Left vs. Right
(Matt Taibbi) I was surprised, amused and annoyed all at once when I found out yesterday that some moron-provocateur linked to notorious right-wing cybergoon Andrew Breitbart had infiltrated a series of private e-mail lists – including one that I have been participating in – and was using them to run an exposé on the supposed behind-the-scenes marionetting of the OWS movement by the liberal media. According to various web reports, what happened was that a private "cyber-security researcher" named Thomas Ryan somehow accessed a series of email threads between various individuals and dumped them all on BigGovernment.com, Breitbart's site. Gawker is also reporting that Ryan forwarded some of these emails to the FBI and the NYPD. I have no idea whether those email exchanges are the same as the ones I was involved with. But what is clear is that some private email exchanges between myself and a number of other people – mostly financial journalists and activists who know each other from having covered the crisis from the same angle in the last three years, people like Barry Ritholz, Dylan Ratigan, former regulator William Black, Glenn Greenwald and myself – ended up being made public. (Rolling Stone)
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posted: 11/8/11                   0       4
#2 



10/11/2011 How politicians can kick the Wall Street habit
So, protesters are occupying Wall Street and downtown banking districts in scores of other cities. Many Democratic politicos have endorsed the movement’s spirit and goals. Now what? The pols are in no position to enact any further left-populist reforms — laws that create, say, a financial transaction tax, or that make it easier for employees to form unions — so long as Republicans control the House and have veto power in the Senate. For that matter, the Democrats couldn’t even get those bills enacted when they controlled both houses of Congress. So what, besides affirming their solidarity with the demonstrators, can they do? (Washington Post)
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posted: 11/27/11                   0       2
#3 



7/30/2011 Why Voters Tune Out Democrats
BARACK OBAMA can’t catch a break from the American public on the economy, even though he prevented a depression and saved global capitalism. Perhaps the president finds solace in knowing he’s not alone. During this period of economic crisis and uncertainty, voters are generally turning to conservative and right-wing political parties, most notably in Europe and in Canada. It’s perplexing. When unemployment is high, and the rich are getting richer, you would think that voters of average means would flock to progressives, who are supposed to have their interests in mind — and who historically have delivered for them. During the last half-century or so, when a Democratic president has led the country, people have tended to experience lower unemployment, less inequality and rising income compared with periods of Republican governance. There is a reason, however, that many voters in the developed world are turning away from Democrats, Socialists, liberals and progressives. My vantage point on voter behavior comes through my company, Greenberg Quinlan Rosner, and its work for center-left parties globally, starting with Bill Clinton’s presidential campaign in 1992. For the last decade, I have worked in partnership with James Carville conducting monthly polls digging into America’s mood and studying how progressives can develop successful electoral strategies. (I am also married to a Democratic congresswoman from Connecticut, Rosa L. DeLauro.) (New York Times)
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posted: 9/14/11                   0       4
#4 



7/21/2011 The Fed Audit
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else." Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said. (Bernie Sanders)
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posted: 10/28/11                   0       2
#5 



7/1/2011 FEDERAL RESERVE SYSTEM: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance (GAO Report to Congressional Addressees)
Why GAO Did This Study

The Dodd-Frank Wall Street Reform and Consumer Protection Act directed GAO to conduct a one-time audit of the emergency loan programs and other assistance authorized by the Board of Governors of the Federal Reserve System (Federal Reserve Board) during the recent financial crisis. This report examines the emergency actions taken by the Federal Reserve Board from December 1, 2007, through July 21, 2010. For each of these actions, where relevant, GAO’s objectives included a review of (1) the basis and purpose for its authorization, as well as accounting and financial reporting internal controls; (2) the use, selection, and payment of vendors; (3) management of conflicts of interest; (4) policies in place to secure loan repayment; and (5) the treatment of program participants. To meet these objectives, GAO reviewed program documentation, analyzed program data, and interviewed officials from the Federal Reserve Board and Reserve Banks (Federal Reserve System).

What GAO Recommends

GAO makes seven recommendations to the Federal Reserve Board to strengthen policies for managing noncompetitive vendor selections, conflicts of interest, risks related to emergency lending, and documentation of emergency program decisions. The Federal Reserve Board agreed that GAO’s recommendations would benefit its response to future crises and agreed to strongly consider how best to respond to them.

What GAO Found

On numerous occasions in 2008 and 2009, the Federal Reserve Board invoked emergency authority under the Federal Reserve Act of 1913 to authorize new broad-based programs and financial assistance to individual institutions to stabilize financial markets. Loans outstanding for the emergency programs peaked at more than $1 trillion in late 2008. The Federal Reserve Board directed the Federal Reserve Bank of New York (FRBNY) to implement most of these emergency actions. In a few cases, the Federal Reserve Board authorized a Reserve Bank to lend to a limited liability corporation (LLC) to finance the purchase of assets from a single institution. In 2009 and 2010, FRBNY also executed large-scale purchases of agency mortgage-backed securities to support the housing market. The table below provides an overview of all emergency actions covered by this report. The Reserve Banks’ and LLCs’ financial statements, which include the emergency programs’ accounts and activities, and their related financial reporting internal controls, are audited annually by an independent auditing firm. These independent financial statement audits, as well as other audits and reviews conducted by the Federal Reserve Board, its Inspector General, and the Reserve Banks’ internal audit function, did not report any significant accounting or financial reporting internal control issues concerning the emergency programs. The Reserve Banks, primarily FRBNY, awarded 103 contracts worth $659.4 million from 2008 through 2010 to help carry out their emergency activities. A few contracts accounted for most of the spending on vendor services. For a significant portion of the fees, program recipients reimbursed the Reserve Banks or the fees were paid from program income. The Reserve Banks relied more extensively on vendors for programs that assisted a single institution than for broad-based programs. Most of the contracts, including 8 of the 10 highest-value contracts, were awarded noncompetitively, primarily due to exigent circumstances. These contract awards were consistent with FRBNY’s acquisition policies, but the policies could be improved by providing additional guidance on the use of competition exceptions, such as seeking as much competition as practicable and limiting the duration of noncompetitive contracts to the exigency period. To better ensure that Reserve Banks do not miss opportunities to obtain competition and receive the most favorable terms for services acquired, GAO recommends that they revise their acquisition policies to provide such guidance. FRBNY took steps to manage conflicts of interest for its employees, directors, and program vendors, but opportunities exist to strengthen its conflict policies. In particular, FRBNY expanded its guidance and monitoring for employee conflicts, but new roles assumed by FRBNY and its employees during the crisis gave rise to potential conflicts that were not specifically addressed in the Code of Conduct or other FRBNY policies. For example, FRBNY’s existing restrictions on its employees’ financial interests did not specifically prohibit investments in certain nonbank institutions that received emergency assistance. To manage potential conflicts related to employees’ holdings of such investments, FRBNY relied on provisions in its code that incorporate requirements of a federal criminal conflict of interest statute and its regulations. Given the magnitude of the assistance (US Government Accountability Office)
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posted: 10/28/11                   0       2
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2/16/2011 Why Isn't Wall Street in Jail? Financial crooks brought down the world's economy -- but the feds are doing more to protect them than to prosecute them
By Matt Taibbi. Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer. "Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that." I put down my notebook. "Just that?" "That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there." Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth — and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people. This article appears in the March 3, 2011 issue of Rolling Stone. The issue is available now on newsstands and will appear in the online archive February 18. The rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom — an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities — has ever been convicted. Their names by now are familiar to even the most casual Middle American news consumer: companies like AIG, Goldman Sachs, Lehman Brothers, JP Morgan Chase, Bank of America and Morgan Stanley. Most of these firms were directly involved in elaborate fraud and theft. Lehman Brothers hid billions in loans from its investors. Bank of America lied about billions in bonuses. Goldman Sachs failed to tell clients how it put together the born-to-lose toxic mortgage deals it was selling. What's more, many of these companies had corporate chieftains whose actions cost investors billions — from AIG derivatives chief Joe Cassano, who assured investors they would not lose even "one dollar" just months before his unit imploded, to the $263 million in compensation that former Lehman chief Dick "The Gorilla" Fuld conveniently failed to disclose. Yet not one of them has faced time behind bars.

"You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bullshit would stop, all over Wall Street," says a former congressional aide. "That's all it would take. Just once." (Rolling Stone)
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posted: 3/12/11                   0       4
#7 
keywords: Al Dunlap, American International Group, Art Samberg, Arthur Tildesley Jr, Bailouts, Bank Of America, Barack Obama, Bear Stearns, Bernie Madoff, Boston, Charles Grassley, Charles Schumer, Citigroup, Columbia University, Commodity Futures Trading Commission, Credit Default Swaps, Credit Suisse, Davis Polk & Wardwell, Debevoise & Plimpton, Derek Jeter, Derivatives, Deutsche Bank, Dick Fuld, Dick Walker, Eliot Spitzer, Enron, Eric Dinallo, Fabrice Tourre, Fannie Mae, Federal Deposit Insurance Corporation, Federal Reserve, Financial Crisis, Financial Crisis Inquiry Commission, Freddie Mac, Gary Aguirre, Gary Crittenden, Gary Lynch, General Electric, George W Bush, Germany, Goldman Sachs, Government Transparency, Heller Financial, Henry Waxman, Hillary Clinton, Hilton Hotels, Immigration, JP Morgan Chase, Jed Rakoff, Joe Cassano, John Mack, Joseph St Denis, Lanny Breuer, Lehman Brothers, Linda Thomsen, Lloyd Blankfein, Lynn Turner, Mary Jo White, Merrill Lynch, Mexico, Morgan Stanley, New York City, New York Stock Exchange, Office Of The Comptroller Of The Currency, Ohio, Oliver Budde, Paul Berger, Philadelphia, Police, Portfolio Magazine, Preet Bharara, Residential Mortgage-backed Securities, Restricted Stock Units, Rite Aid, Robert Khuzami, Robert Morgenthau, Roger Clemens, Rudy Giuliani, Securities And Exchange Commission, Simpson Thacher & Bartlett, Sunbeam, Switzerland, Terrorists, US Congress, US Department Of Justice, United States, Wall Street, War On Drugs, Worldcom Add New Keyword To Link



1/1/2011 Late-2000s financial crisis
The Great Recession (often called the Credit Crunch or the Global Financial Crisis) is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s.[1] It resulted in the collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market has also suffered, resulting in numerous evictions, foreclosures and prolonged vacancies. It contributed to the failure of key businesses, declines in consumer wealth estimated in the trillions of U.S. dollars, and a significant decline in economic activity, leading to a severe global economic recession in 2008.[2] The financial crisis was triggered by a liquidity shortfall in the United States banking system in 2008.[3] The collapse of the U.S. housing bubble, which peaked in 2007, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally.[4] Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined.[5] Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. Although there have been aftershocks, the financial crisis itself ended sometime between late-2008 and mid-2009.[6][7][8] While many causes for the financial crisis have been suggested, with varying weight assigned by experts,[9] the United States Senate issuing the Levin–Coburn Report found “that the crisis was not a natural disaster, but the result of high risk, complex financial products; undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street.”[10][11] Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products, and that governments did not adjust their regulatory practices to address 21st-century financial markets.[12] The repeal of the Glass–Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and depository banks. There is some debate as to what role the repeal of Glass–Steagall had on the late 2000s financial crisis.[13] In response to the financial crisis, both market-based and regulatory solutions have been implemented or are under consideration.[14] (Wikipedia)
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posted: 8/1/11                   0       1
#8 



7/21/2010 Making the economy more just
by Katrina vanden Heuvel

Congress has passed the Wall Street Reform and Consumer Protection Act, but the task of transforming our economy into one of shared and sustainable prosperity has only just begun. Structural reform will come not through the sweep of a single piece of legislation but with new, innovative economic models that better reflect the democratic values of this country. The good news is that some of these transformative ideas are already taking root. Here are five ways to build a more just economy that Americans are experimenting with across the country. The answer is 'B' Corporations are compelled to pursue a single objective: maximize profit. In fact, a company can be sued for following goals that veer from that statutory obligation. That's why Maryland State Sen. Jamie Raskin sponsored the Benefit Corporation legislation that was signed into law this spring. It gives businesses the option to register as a "B corporation," an entity legally obligated to maximize both shareholder value and advance a common public purpose such as cleaner air, open space or affordable housing. The B corporation's stated public goal is vigorously monitored by independent, third-party groups. It's a new business model with social consciousness in its DNA. B corporation legislation has also been passed in Vermont, and it is being considered in New York, Pennsylvania, New Jersey, Oregon, Washington and Colorado. (Washington Post)
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posted: 9/27/10                   0       0
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7/17/2010 Professor Elizabeth Warren speaks about the Consumer Financial Protection Agency (Elizabeth Warren)
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posted: 10/3/10      
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5/8/2010 An Updated List of Goldman Sachs Ties to the Obama Government Including Elena Kagan
From 2005 to 2008, according to USA Today and other sources, Kagan served as a member of the Research Advisory Council of the Goldman Sachs Global Markets Institute. (Fire Dog Lake)
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posted: 5/23/10                   0       21
#11 



5/6/2010 Audit the Fed Amendment Modified – Allows Fed To Keep Secrets
Ron Paul: “Bernie Sanders has sold out and sided with Chris Dodd to gut Audit the Fed in the Senate. His “compromise” is what the Administration and banking interests want: they’ll allow the TARP and TALF to be audited, but no transparency of the FOMC, discount window operations or agreement with foreign central banks. We need to take action and stop this!” (Ron Paul)
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posted: 5/27/10                   0       19
#12 



5/6/2010 Gerald Celente: Crash of 2010 inevitable
The Dow Jones industrial market is down and looks to continue to head that direction. This is not good news for the worlds economies that are trying to bounce back after this recession hit many different nations. Is this a direct reflection of the Greece financial crisis? (Russia Today)
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posted: 2/22/11      
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5/2/2010 Bill Moyers on Plutonomy
Bill Moyers signs off his last broadcast with an editorial discussion on why plutocracy and democracy don't mix. (Crooks And Liars)
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posted: 5/3/10      
 0       18
#14 



4/27/2010 A List of Goldman Sachs People in the Obama Government: Names Attached to the Giant Squid’s Tentacles
Here you will find, I believe, the most comprehensive list of people-groups yet available to show how Obama’s administration has really become the Goldman Sachs administration. The Obama administration is not the first administration that Goldman has infiltrated, although it is perhaps the one that has been most completely co-opted from top to bottom. (Fire Dog Lake)
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posted: 5/22/10                   0       21
#15 
keywords: Adam Storch, Alan Greenspan, Alexander Hamilton, Alice Rivlin, American International Group, Anne Fudge, Asia, Bailouts, Barack Obama, Berkshire Hathaway Inc, Bill Clinton, Bill Dudley, Brookings Institution, Business Intelligence Group, California, Citigroup, Commodity Futures Trading Commission, Commonwealth Edison, Congressional Budget Office, Council On Foreign Relations, David Lipton, Desmond Lachman, Diana Farrell, Douglas Elmendorf, Eric Mindich, Evercore Partners, Federal Reserve, Financial Crisis, Galleon Group, Gary Gensler, Gene Sperling, George W Bush, Goldman Sachs, Great Depression, Gregory Craig, Hamilton Project, Harold Ford, Health Care, Henry Paulson, Hillary Clinton, Illinois, International Monetary Fund, Jacob Lew, James Rubin, Jason Furman, Jesse Unruh, John Kenneth Galbraith, Joseph Biden, Karen Kornbluh, Lael Brainard, Larry Summers, Lehman Brothers, Mark Gallogly, Mark Patterson, Massachusetts Institute Of Technology, Matt Taibbi, Medicare, Mexico, Michael Frohman, Michael Greenstone, Military, Neel Kashkari, New York Stock Exchange, North American Free Trade Agreement, O'melveny And Myers, Ohio, Peco Energy CO, Pennsylvania, Penny Pritzker, Peter Orszag, Quadrangle Group, Rahm Emanuel, Raj Rajaratnam, Robert Hormats, Robert Reischauer, Robert Rubin, Roger Altman, Salomon Smith Barney, Securities And Exchange Commission, Social Security, Stanford Group, Stephen Friedman, Steve Rattner, Thomas Donilon, Timothy Geithner, US Congress, US Department Of State, US Department Of The Treasury, Unicom Corp, United States, University Of Minnesota, Vietnam War, Warren Buffett, White House Add New Keyword To Link



4/18/2010 Goldman Sachs set to pay £3.5bn in bonuses
Royal Bank of Scotland, which is 84% owned by the UK taxpayer, appears to have been one of the biggest losers from the alleged fraud. The bank is this weekend considering legal action against Goldman. The charges relate to a mortgage bond issued by the bank. The American regulators claim Goldman designed the bond so it would drop in value. Goldman Sachs last year paid £10 billion in bonuses. (London Times)
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posted: 5/29/10                   0       9
#16 



2/23/2010 Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs
When a congressional panel convened a hearing on the government rescue of American International Group Inc. in January, the public scolding of Treasury Secretary Timothy F. Geithner got the most attention. Lawmakers said the former head of the New York Federal Reserve Bank had presided over a backdoor bailout of Wall Street firms and a coverup. Geithner countered that he had acted properly to avert the collapse of the financial system. A potentially more important development slipped by with less notice, Bloomberg Markets reports in its April issue. Representative Darrell Issa, the ranking Republican on the House Committee on Oversight and Government Reform, placed into the hearing record a five-page document itemizing the mortgage securities on which banks such as Goldman Sachs Group Inc. and Societe Generale SA had bought $62.1 billion in credit-default swaps from AIG. These were the deals that pushed the insurer to the brink of insolvency -- and were eventually paid in full at taxpayer expense. The New York Fed, which secretly engineered the bailout, prevented the full publication of the document for more than a year, even when AIG wanted it released. That lack of disclosure shows how the government has obstructed a proper accounting of what went wrong in the financial crisis, author and former investment banker William Cohan says. “This secrecy is one more example of how the whole bailout has been done in such a slithering manner,” says Cohan, who wrote “House of Cards” (Doubleday, 2009), about the unraveling of Bear Stearns Cos. “There’s been no accountability.”

E-mails between Fed and AIG officials that Issa released in January show that the efforts to keep Schedule A under wraps came from the New York Fed. Revelation of the messages contributed to the heated atmosphere at the House hearing. “What date did you know there was a coverup?” Republican Congressman Brian Bilbray of California demanded of Geithner. Lawmakers used the word coverup more than a dozen times as they peppered Geithner with questions. (Bloomberg)
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posted: 7/3/10                   0       5
#17 
keywords: American International Group, Bailouts, Bank Of America, Bear Stearns, Chris Dodd, Daniel Calacci, Darrell Issa, Deutsche Bank, Duke University, Ed Grebeck, Federal Reserve, Financial Crisis, Financial Instruments, Goldman Sachs, Jack Gutt, James Cox, Janet Tavakoli, Joseph Cassano, Mark Herr, Merrill Lynch, Michael Duvally, Neil Barofsky, New Jersey, Philip Angelides, Residential Mortgage-backed Securities, Societe Generale, Tavakoli Structured Finance Inc, Tempus Advisors, Thomas Baxter, Timothy Geithner, US Congress, United States, Wall Street, Warren, William Cohan Add New Keyword To Link



1/31/2010 Geithner: 'I had no role' in an AIG cover up
Treasury Secretary Timothy Geithner told lawmakers Wednesday that he had no involvement in an apparent attempt by government regulators to withhold crucial information about AIG's bailout from the public. "I had no role in making decisions regarding what to disclose," Geithner testified at a hearing held by the House Oversight Committee Wednesday. * Facebook * Digg * Twitter * Buzz Up! * Email * Print * Comment on this story AIG payouts: Who got what Counterparties that got more than $1 billion from the government and AIG. AIG counterparty Total payment Societe Generale $16.5 billion Goldman Sachs $14 billion Deutsche Bank $8.5 billion Merrill Lynch $6.2 billion Calyon $4.3 billion UBS $3.8 billion Deutsche Zentral Genossenschaftsbank $1.8 billion Barclays $1.5 billion Bank of Montreal $1.4 billion Royal Bank of Scotland $1.1 billion Wachovia $1 billion Source:Special Inspector General for the Troubled Asset Relief Program. New York Fed officials instructed AIG (AIG, Fortune 500) not to disclose more than a dozen controversial transactions to the Securities and Exchange Commission in November 2008. At the time, Geithner was the president of the New York Fed, but he said he had recused himself from the day-to-day operations at that time because of his nomination to be Treasury secretary. At least two lawmakers weren't buying Geithner's denial.

"Why shouldn't we ask for your resignation?" Mica asked Geithner. "We're not getting the whole story, we're getting the blame story. You're either incompetent on the job or you knew what was taking place and you tried to conceal it, and I think that's grounds for your review." Geithner angrily responded to Mica, "You don't know me very well." He then more calmly said, "That is your right to have that opinion. I have served my country as carefully and ably as I can." AIG's bailout has incited furor among lawmakers and the public, as the troubled insurer has come to symbolize the corporate greed, risky behavior and lack of regulation that many believe caused the Great Recession. The issue at hand on Wednesday was one of the bailout's most contentious: a decision by the New York Fed to pay counterparties 100 cents on the dollar for the underlying assets that AIG has insured through so-called credit default swap agreements. As a result, $62.1 billion of taxpayer and AIG funds were essentially funneled to 16 banks that were counterparties to AIG insurance contracts.

Due to many New York Fed employees' ties to Wall Street investment banks -- including Geithner -- many lawmakers and members of the public have implied that the regulator's decisions may have been made for personal gain. "I think your commitment to Goldman Sachs trumped your commitment to the American people," said Rep. Steven Lynch, D-Mass. (CNN)
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posted: 7/3/10                   0       7
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1/27/2010 Rep. Mica Encourages Geithner to Resign
Rep. John Mica (R-Fl) encourages Treasury Sec. Tim Geithner to resign during House AIG hearing. (CNBC)
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posted: 7/3/10      
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#19 



9/23/2009 Even the Part-Time Jobs are Disappearing -- The Economy is a Lie, Too
Americans cannot get any truth out of their government about anything, the economy included. Americans are being driven into the ground economically, with one million school children now homeless, while Federal Reserve chairman Ben Bernanke announces that the recession is over. The spin that masquerades as news is becoming more delusional. Consumer spending is 70% of the US economy. It is the driving force, and it has been shut down. Except for the super rich, there has been no growth in consumer incomes in the 21st century. Statistician John Williams of shadowstats.com reports that real household income has never recovered its pre-2001 peak.

The unemployment rate, as reported, is a fiction and has been since the Clinton administration. The unemployment rate does not include jobless Americans who have been unemployed for more than a year and have given up on finding work. The reported 10% unemployment rate is understated by the millions of Americans who are suffering long-term unemployment and are no longer counted as unemployed. As each month passes, unemployed Americans drop off the unemployment role due to nothing except the passing of time. The inflation rate, especially “core inflation,” is another fiction. “Core inflation” does not include food and energy, two of Americans’ biggest budget items. The Consumer Price Index (CPI) assumes, ever since the Boskin Commission during the Clinton administration, that if prices of items go up consumers substitute cheaper items. This is certainly the case, but this way of measuring inflation means that the CPI is no longer comparable to past years, because the basket of goods in the index is variable. The Boskin Commission’s CPI, by lowering the measured rate of inflation, raises the real GDP growth rate. The result of the statistical manipulation is an understated inflation rate, thus eroding the real value of Social Security income, and an overstated growth rate. Statistical manipulation cloaks a declining standard of living. (Counter Punch)
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posted: 8/1/11                   0       1
#20 



9/9/2009 Dennis Kucinich Responds To Obama's Address To Congress
"The insurance companies have driven up the cost of health care...they're being rewarded. It's just the way our system works, but it's the wrong approach." ... "It's a bailout." (Talk Radio News Service)
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posted: 9/10/09      
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#21 



8/27/2009 Federal Reserve Says Disclosing Loans Will Hurt Banks
The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot (Bloomberg)
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posted: 8/28/09                   0       16
#22 



8/26/2009 Madsen: Lockerbie Bomber released to bailout British banks (Russia Today)
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posted: 8/28/09      
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#23 



8/25/2009 Geithner: Auditing the Fed is a "line that we don't want to cross"
In an interview released today by Digg and the Wall Street Journal, Treasury Secretary Timothy Geithner was pressured about the growing popular movement to Audit the Fed spearheaded by Texas Congressman Ron Paul. A visibly uncomfortable Geithner attempts to dismiss the question by stating "I'm sure people understand that you want to keep politics out of monetary policy." (The Corbett Report)
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posted: 8/28/09                   0       19
#24 



8/25/2009 Tim Geithner evades questions about bank bailouts Part 1 of 2 (Wall Street Journal)
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posted: 8/28/09      
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#25 



8/25/2009 Tim Geithner evades questions about bank bailouts Part 2 of 2 (Wall Street Journal)
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posted: 8/28/09      
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#26 



8/5/2009 You Tube Pulls Hundreds Of Ron Paul Videos
Popular C-Span Junkie user channel suspended, 6400 videos gone (Prison Planet)
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posted: 8/21/09                   0       14
#27 



7/29/2009 Ron Paul on The Alex Jones Show: Driving Ben Bernanke Crazy (Prison Planet)
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posted: 8/3/09      
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#28 



7/28/2009 Bernanke Fights House Bill To Audit The Fed
"I don't think the American people want Congress running monetary policy," he said. "And I think that's very very critical for people to understand." (CBS)
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posted: 8/2/09                   0       12
#29 



7/27/2009 Bernanke Reflects on Fed's Actions in Forum
In a forum on the Fed's role in the handling of the economic crisis and recovery, Federal Reserve Chairman Ben Bernanke reflected on his desire not to be the Fed chief who "presided over the second Great Depression." (PBS)
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posted: 8/2/09                   0       12
#30 



7/21/2009 Alan Grayson: "Which Foreigners Got the Fed's $500,000,000,000?" Bernanke: "I Don't Know." (CSPAN)
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posted: 7/28/09      
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#31 



7/21/2009 Bernanke Fights Audit Threat To The Fed
Central bank chief argues more review would compromise independence, seeking to deny legislative victory for one of Fed's biggest opponents (Forbes)
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posted: 7/28/09                   0       11
#32 



7/21/2009 Kucinich: 'Is the Fed paying banks not to loan money?'
Ohio Democratic Congressman Dennis Kucinich wants to know: “If [the Troubled Asset Relief Program] isn’t about keeping people in their homes or providing credit to businesses, what is it for?” (The Raw Story)
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posted: 7/28/09                   0       12
#33 



7/21/2009 Ron Paul answers questions about Bernake and HR1207 (CNBC)
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posted: 7/28/09      
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#34 



7/20/2009 Watchdog sees huge U.S. bill for banks bailout
Financial bailout's cost to U.S. could total almost $24 trillion (Associated Press)
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posted: 7/24/09                   0       9
#35 



7/17/2009 Paulson reveals US concerns of breakdown in law and order
Making his first appearance on Capitol Hill since leaving office, the former Treasury secretary Hank Paulson said it was important at the time not to reveal the extent of officials' concerns, for fear it would "terrify the American people and lead to an even bigger problem" (The Independent)
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posted: 7/21/09                   1       11
#36 



7/16/2009 Congressman Stearns: Mr Paulson How Do You Have Any Credibility? (CSPAN)
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posted: 7/24/09      
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#37 



7/16/2009 Max Keiser takes offense to Goldman Sachs story (1 of 2) (France 24)
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posted: 7/21/09      
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#38 



7/11/2009 Vice President Joe Biden's PR Stunt Spoiled by We Are Change Ohio (We Are Change)
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posted: 7/17/09      
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#39 



7/10/2009 AIG Seeks Clearance For More Bonuses
$2.4 Million in Executive Payments Due Next Week (Washington Post)
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posted: 7/17/09                   0       13
#40 



7/9/2009 The Great American Bubble Machine
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they're about to do it again

But then, any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy. (Rolling Stone)
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posted: 5/26/10                   0       15
#41 
keywords: Al Gore, Alan Greenspan, Alternative Energy, American International Group, Arjun Murti, Bailouts, Bank Of America, Barack Obama, Bart Stupak, Bear Stearns, Big Oil, Bill Clinton, Blue Ridge Corporation, Blue Source Llc, British Petroleum, British Petroleum, Brooksley Born, California, California Public Employees' Retirement System, Canada, Carbon Dioxide, Changing World Technologies, Chicago Climate Exchange, Citigroup, Climate Change, Collateralized Debt Obligations, Commodity Futures Trading Commission, Countrywide, Cramer & CO, Credit Default Swaps, Daimlerchrysler, David Blood, David Viniar, Dennis Kozlowski, Derivatives, Ebay, Ed Liddy, Electric Vehicles, Eliot Spitzer, Enron, Eric Salzman, Etoys, Fannie Mae, Federal Deposit Insurance Corporation, Federal Reserve, Financial Crisis, Freddie Mac, Gary Gensler, Generation Investment Management, George W Bush, Germany, Gibson Greetings, Goldman Sachs, Great Depression, Green Growth Fund, Gsamp Trust, Henry Paulson, Horizon Wind Energy, International Monetary Fund, Internet, Internet Bubble, Ipos, Italy, J Arons & CO, Jay Ritter, Jerry Yang, Jim Cramer, Jmp Securities, John Kenneth Galbraith, John Mccain, John Thain, Jon Corzine, Joshua Bolten, Kansas, Keith Olbermann, Ken Lay, Ken Newcombe, Larry Summers, Lehman Brothers, Lloyd Blankfein, Lloyd Doggett, Marcus Goldman, Mark Ferguson, Mark Patterson, Massachusetts, Massachusetts Institute Of Technology, Meg Whitman, Merrill Lynch, Michael Greenberger, Michael Hecht, Michael Masters, Moody's, Nasdaq, National Economic Council, Neel Kashkari, Neil Levin, Netzero, New Jersey, New York, New York City, New York Stock Exchange, New York Times, Nicholas Maier, Oil Bubble, Orange County, Peter Harris, Procter & Gamble, Residential Mortgage-backed Securities, Robert Rubin, Robert Steele, Samuel Sachs, Securities And Exchange Commission, Shenandoah Corporation, Sidney Weinberg, Simon Johnson, Standard & Poor's, Stephen Friedman, Strategic Petroleum Reserve, Texas, Tyco International, US Congress, US Department Of The Treasury, US Energy Information Administration, US Government Accountability Office, United States, University Of Florida, University Of Maryland, Wachovia, Wall Street, Webvan, White House, William Dudley, World Bank, Yahoo Add New Keyword To Link



7/6/2009 Jim DeMint amendment to audit the Federal Reserve blocked by Senate Leadership (CSPAN)
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posted: 7/7/09      
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#42 



7/3/2009 Noam Chomsky
Crisis and Hope: Theirs and Ours, June 12 (2 of 6) (Democracy Now)
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posted: 7/6/09      
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#43 



7/1/2009 Clean Energy and Security Act brings auditors into your home
H.R. 2454 is a 1400-page promise to audit every aspect of your home and life under the guise of creating jobs, clean energy and a sustainable world (Examiner)
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posted: 7/2/09                   1       11
#44 



6/27/2009 The Emperor's Seven Signing Statements
"[P]rovisions of this bill within sections 1110 to 1112 of title XI, and sections 1403 and 1404 of title XIV, would interfere with my constitutional authority to conduct foreign relations by directing the Executive to take certain positions in negotiations or discussions with international organizations and foreign governments, or by requiring consultation with the congress prior to such negotiations or discussions. I will not treat these provisions as limiting my ability to engage in foreign diplomacy or negotiations." ... vs candidate Obama, "I will not use signing statements to nullify or undermine congressional instructions as enacted into law." (American Chronicle)
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posted: 7/1/09                   0       17
#45 



6/24/2009 Warren Buffett to CNBC: U.S. Economy In "Shambles" .. No Signs of Recovery Yet
"I get figures on 70-odd businesses, a lot of them daily. Everything that I see about the economy is that we've had no bounce." (CNBC)
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posted: 6/25/09                   2       16
#46 



6/19/2009 Obama’s Insurance Proposal May Grab Power From States
Obama called for the creation of a federal Office of National Insurance within the Treasury Department to monitor the industry, represent U.S. interests in international insurance agreements, and look for gaps in state oversight (Bloomberg)
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posted: 6/19/09                   4       20
#47 
keywords: Allstate, American International Group, Bailouts, Barack Obama, Federal Reserve, Financial Crisis, George W Bush, Goldman Sachs, Hartford Financial Services Group, Henry Paulson, Kevin Mccarty, Lincoln National, Melissa Bean, National Association Of Insurance Commissioners, National Association Of Mutual Insurance Companies, Travelers Cos, United States, US Department Of The Treasury Add New Keyword To Link



6/18/2009 Geithner Defends Plan to Give Fed Stepped-Up Powers
Dodd, a Connecticut Democrat, quoted one critic's view that giving the central bank more power was like awarding a son a "bigger, faster car right after he crashed the family station wagon." (Bloomberg)
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posted: 6/19/09                   6       20
#48 



6/16/2009 House approves war bill with IMF funds
Down to the wire Tuesday, Obama and his top aides had to intercede to hold Democrats together in the face of anti-war liberal blogs and conservative attacks on new financing for the International Monetary Fund (Politico)
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posted: 6/17/09                   5       21
#49 



6/16/2009 Strange Inconsistencies in the $134.5 Billion Bearer Bond Mystery
On March 30, 2009, the US Treasury Department announced that USD $134.5 billion remained in its Troubled Asset Relief Program [TARP]. The stated amount of seized bearer bonds was $134.5 billion. (Seeking Alpha)
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posted: 6/18/09                   5       20
#50 




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