RSS Feed for This PostCurrent Article

Just The Facts, Barack

By SusanUnPC on March 17, 2009 at 5:22 PM in President Barack Obama, Tim Geithner

justthefactsmaamFACT #1: SEVENTY-THREE (73) AIG EXECUTIVES WERE MAILED $1 MILLION BONUSES LAST FRIDAY (and 11 have already left the company). (USA Today)

FACT #2: TIMOTHY GEITHNER WAS THE LEAD MAN IN CREATING THE BAIL-OUT OF AIG in FALL 2008 (”He was in the room at every turn of the crisis,” said another executive who participated in several such confidential meetings with Mr. Geithner. (From my earlier post, “Who Was It Who, Oops(!), Forgot to Add a Clause to Prevent Humungous Bonuses to AIG Execs?“)

FACT #3: THE TREASURY AND FEDERAL RESERVE OFFICIALS KNEW ABOUT AIG’S BONUS PROGRAM LAST FALL. (From mountainaires’ comment, quoting today’s New York Times article.)

FACT #4: BILLIONS OF THE GOVERNMENT-GIVEN MONEY WENT TO FOREIGN BANKS. (USA Today)

* * * * * * * * * * * * * * * * * * * * * *

DRUM ROLLLLLLLLLLLL …..

FACTS #5 THROUGH #4,000,000,000,000

(that would be in trillions of dollars):

WE ARE SO FUCKED.

Timothy Geithner, instead of being retired, was anointed by PBO as our Secretary of the Treasury.

… Mr. Geithner’s involvement in several ultimately ill-fated efforts to buttress the American financial system is the very reason some Wall Street C.E.O.’s — a number of whom spoke on the condition of anonymity for fear of piquing the man who regulates them — question whether he’s up to the challenge.

”All of these ‘rescues’ are a disaster for the taxpayer, for the financial markets and also for the Federal Reserve System as an organization. Geithner, in our view, deserves retirement, not promotion.”

[...]

— “DEALBOOK COLUMN; Where Was Geithner In Turmoil?,” New York Times, November 25, 2008