"You're supposed to be negotiating on the behalf of the American people... you had every opportunity, every opportunity, to weigh in on behalf of the American people and make these people take a new deal, make them take a haircut. You scalped the folks on Bear Sterns. Two cents on a dollar they got... The folks at Goldman Sachs got a hundred cents on a dollar. And that is just unacceptable." "The disclosure was not there," Lynch said. "And that is just inexcusable. And it makes me doubt your commitment to the American people, it makes me doubt Mr. Paulson's commitment to the American people." At the end of Lynch's extended and angry question, Geithner responded, "Congressman, I respect your opinion, I know you hold those opinions strongly, but I completely disagree."
http://www.huffingtonpost.com/...
Geithner can 'disagree' all he wants but the proof is in the pudding, and nothing can or will ever change the facts that he and Hank Paulson gave the Banks and especially Goldman Sachs a total 'give-a-way' while the American people not only 'got the shaft' by having to pay these miserable bastards who 'caused the meltdown in the first place' top dollar, when Geithner didn't even try to go to bat for the taxpayers, and in addition the 'cover up' in collusion with the Federal Reserve (Ben Bernanke) and the SEC, denoting now, that this 'cover up' is officially a matter of 'National Security' has left a huge credibility gap and cast our entire key financial markets right in the 'hot seat' which is where they belong.
Thus far, Geithner has refused to admit any mistakes were made on his part and is standing firm on his 'story' that he some how 'protected the American people'. If that were the case, then why the 'cover up'?
Here's Geithner:
"We did not act to protect the financial interests of individual institutions...We did not act to help foreign banks. We acted because the consequences of AIG failing at that time, in those circumstances, would have been catastrophic for our economy and for American families and businesses." "AIG's failure directly threatened the savings of millions of Americans in ways that the Lehman bankruptcy did not. AIG had provided financial protection to municipalities, pension funds, and other public and private entities through guaranteed investment contracts and products that protect participants in 401(k) retirement plans. More broadly, if AIG had failed, the crisis almost certainly would have spread to the entire insurance industry. Life insurance posed a particular threat. Many life insurance products are effectively a form of long-term savings. In the wake of a failure of AIG, policy holders could have sought to liquidate life insurance policies underwritten by AIG. Doubts about the value of AIG life insurance products could have generated doubts about similar products provided by other life insurance companies, opening up an entirely new channel of contagion."
Also scheduled to testify are Henry Paulson, the former Treasury Secretary; Elias Habayeb, former CFO of AIG's Financial Services Division; Thomas Baxter, executive vice president and general counsel for the Federal Reserve Bank of New York; Stephen Friedman, a Goldman Sachs director and chairman of the Federal Reserve Bank of New York; and Neil Barofsky, the special inspector General for the Troubled Asset Relief Program (TARP).
To view the live stream of the hearings go here:
http://www.c-span.org/
In addition Rep. Marcy Kaptur had Timmy tap dances faster than just about as fast as he possibly could. She really did an outstanding job:
It is too early yet to find full transcripts of these videos, but I will try to update later.
Timothy Geithner is like Sargent Schultz on Hogan's Hero's....
I know nothing...I know nothing....I know knowing....I'm amazed that he actually believes anyone is buying 'his bullshit act' because only an idiot would believe a word he is saying.
Thanks....stay tuned to the live stream...
UPDATE: This video just enhances the arguments/debate I have been trying to make in the diary:
Lies, lies and more lies.
Unbelievable...
B.
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