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June 19, 2013
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Geithner Calls for More Authority After AIG MessPosted on Mar 24, 2009
In testifying before Congress on Tuesday, Treasury Secretary Timothy Geithner asked for what he called “new resolution authority” to grant the federal government the ability to more successfully take on financial institutions like AIG (i.e., non-banks) in the future. Fed Chairman Ben Bernanke supported Geithner’s request and said he’d also tried to halt the AIG bonus bonanza; he’d even considered the lawsuit route but claims that wouldn’t have produced the desired effect and could actually have backfired.
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By KDelphi, April 5, 2009 at 12:47 pm Link to this comment
DWIGHT—oh, never mind…sigh
Report thisBy samosamo, March 26, 2009 at 5:28 pm Link to this comment
as i expect, there is no concern in the faces of either of these 2 crooks, geithner or bernanke.
they are in control and the people in this country are about to be treated to some very harsh new rules.
everything points to the rich making a concerted effort to dispose of what is left of an unwanted middle class.
the laws are all contrived for their benefit by the ‘disappearing’ of the luckless.
our whole government is infected with those few that want the rest people eliminated.
wonderful little contraption the pentagon has developed, a miniture robot armed tank that can ‘decide’ who to kill or be controlled by those idiots with the joy stick like with the drones to be just like playing a video game, not just for purposes of the imperial wars we are involved in now and not upcoming ones on the agenda but but to patrol the united states for those that think that they can rise up and take the country back while they inventors and owners kick back with comfort and fun, hell, raise a glass and toast to the ‘no so brave new world’.
Report thishttp://www.commondreams.org/headline/2009/03/25-11
By KDelphi, March 26, 2009 at 3:07 pm Link to this comment
Wilberforce—I am prety sure they are calling that a dot.com bubble now…I agree, people were ridiculous about Clinton’s sex life. I didnt give a rat’s ass. i was too busy watching his crimes against the avg working person and, trying to decide what to do now, that I could never be a Dem again…
Report thisBy Wilberforce, March 25, 2009 at 7:23 pm Link to this comment
(Unregistered commenter)
Jackpine,
Report thisBill and Hillary gave away plenty, as all politicians do. And it’s easy to cherry pick the record to make anyone look like trash. The left have been doing it nonstop for decades.
Under savage attack and character assasination for eight years, and with no support from the left, Bill surrendered on the derivatives bill. But the system didn’t collapse under his watch. It took another eight years of sleazoid republicans looking the other way for the system to crash. Had Gore been in office, which he wasn’t thanks to the far left, he would have seen the problem coming from a mile away and put in regulation to stop it.
Regardless, neo liberlism was finely crafted for the mixed economy when Bill was a leading intellectual in the DLC, was refined in office, and has had the most spectacularly successful record of the last thirty five years. Nothing else even comes close.
Let’s not bother to research it, though. Better to go with character attacks. That’s always the way to avoid the hard work of understanding policy.
By AT, March 25, 2009 at 1:26 pm Link to this comment
(Unregistered commenter)
Why need more laws and power when people like the agust senator from Utah, URINN Hatch, kept calling federal regulators to leave the targets alone (according to a series of articles on Hatch, the king of vitamin supplement, on the Salt Lake tribune in the eraly 1990) who also employed his son .
Report thisBy KDelphi, March 25, 2009 at 11:51 am Link to this comment
Amen. Eric Prentis
Report thisBy Eric L. Prentis, March 25, 2009 at 11:22 am Link to this comment
Geithner’s modified Paulson plan to use taxpayer money to purchase bank toxic assets at above market prices, which the Democrats and especially President Obama should be deeply ashamed and mortified for supporting, does zero to help the US economy and just transfers federal money to politically favored recipients. Obama/Geithner’s bailout plan is a money grab, pure and simple. The banks have not and will not lend into a severe recession, it isn’t profitable. Nothing will change after the financial elite loots taxpayer’s money except Wall Street bankers will unfairly have the money that they rightfully lost leading up to the world recession that they caused. Geithner/Summers/Bernanke couldn’t be bigger toadies working for the money changers and against the common good.
The Obama administration’s solution of piling more and more debt on the problem will eventually make the recession much worse, instead, we need debt forgiveness paid for the directors, executives, stockholders and bondholders of insolvent institutions which should go into receivership and then be reorganized. Any other course condemns those who are politically out of favor to a decade, or more, of misery.
Report thisBy KDelphi, March 25, 2009 at 7:33 am Link to this comment
Geithner has a knowledge of economics the way a fox has knowledge of hens…
Report thisBy jackpine savage, March 25, 2009 at 5:18 am Link to this comment
Wilberforce,
You must be joking, right? A good percentage of these people established the system that collapsed under the watchful eye of Bill and Hillary.
It was Bill who sold the Democratic Party to Wall Street, yet you’re suggesting that he would do something other than help out his old buddies that made him rich, rich, rich?
Report thisBy M. Currey, March 24, 2009 at 11:03 pm Link to this comment
(Unregistered commenter)
If something is not done then this country looks done for.
Hiring this man was not the best how can he change things when he cannot even do his taxes right.
I would hate to lose my social security because then I would have to buy a tent and sleep in some park, just like in Calif. people were sleeping in special parking lots.
Then again like in Ireland there is allways the poor house you go there to slowly starve and die.
Report thisBy Wilberforce, March 24, 2009 at 6:24 pm Link to this comment
(Unregistered commenter)
We’re feeling the loss of Bill and Hillary. The left put forward the less knowledgeable Obama. And for many of us, having an African American in the Presidency was worth the risk.
Report thisNow he doesn’t use neo liberal policy to get us out of this mess, as he should after having swiping the Clinton agenda during the campaign. Instead, he puts forward a hog fest, keynesian stimulus that won’t fix a thing. He refuses to nationalize banks we already own, refuses to put in competent managers, doesn’t bother with new regulation, and wants another few trillion with no strings just like the Bush administration. But we don’t have time for outdated measures.
The democrats, meanwhile, are sitting on their hands. It’s too much bother to force Obama to adopt Clinton economic policy, or do more than make excuses for his fumbling. It’s much easier to be distracted by the nonsense of dingbat, liberal pundits.
If the democrats, and the left in particular, allow the first African American President to fail, they will have disgraced themselves beyond forgiveness.
Please see Stimulus Redux at http://a-civilife.blogspot.com
By frank1569, March 24, 2009 at 4:48 pm Link to this comment
(Unregistered commenter)
TG also said he was “heavily involved” in all things AIG from the beginning, yet didn’t know about the “compensation” situation until March 10 of this year. So what the f@#k does heavily involved mean, exactly? Of course, this is the same SOB who claimed his failure to pay his taxes was because of Turbo Tax, or because he didn’t understand his obligations while working at the IMF, or because his dog ate his homework.
TG is nothing more than a conman slash frontman for the big money mafia - but us, being good soldiers, will continue to thank him and ask for another…
Report thisBy Kaelieh, March 24, 2009 at 4:14 pm Link to this comment
(Unregistered commenter)
“I pledge allegiance to Timothy Geithner
Report thisof the united Wall St bankers,
and to Goldman Sachs for which he works:
one Nation under the Federal Reserve, unequal,
with a sixpence and crumbs for all.”
By Chris, March 24, 2009 at 4:08 pm Link to this comment
(Unregistered commenter)
The Bush admin wanted sweeping powers in regards to nat’l security and now the Obama admin wants sweeping powers in regards to financial security. The more things change, the more they stay the same.
Report thisBy KDelphi, March 24, 2009 at 1:54 pm Link to this comment
Geithner needs to STEP DOWN!
Democrats need to tell Pres. Obama. (who “will not let him step down”) that. We are in a dire mess here.
Get fricking Wall St OUT of here!!
Report thisBy G.Anderson, March 24, 2009 at 1:50 pm Link to this comment
No, because your a disgrace, and your making matters worse..
Sure Madoff Street likes you, because they think their going to make lots more money on your plan, making money with no risk, just the way they like it…
But who is going to service that debt, who is going to have to go to work at a job from 9 to 5 to pay a mortage down for 30 years? Whose going to do it, and who is going to pay for trillions of dollars in Derivative’s? Who?
No one can, that’s why were in this mess you fool.
And how are we going to guarantee that debt gets paid, more laws, more restrictions on debt relief, debtors prison’s not just for the hapless dead beat dad but for everyone?
Report thisBy KDelphi, March 24, 2009 at 1:36 pm Link to this comment
Can we get over the relatively microscopic bon-us(es) for awhile? Cheesh@! It is NOTHING compared to what we will give them when we buy up all the crappy assets they cant sell!
I’d go aolng with the taxing of the bone-us(es)—not because i think that it was the right way to go about it. its just that any penny we can recover (including the entire bailout!) we should do!
Geithner answered NO pointed questions, and just covered his ass.i watched it (nausetingly) from start to finish. He doestn even seem to like the job—I wish he would just quit (If Pres. Obama would let him!)
Frank need to BACK OFF of Code Pink! I am REALLY sick of these self-righteous assholes.
Report thisBy samosamo, March 24, 2009 at 1:13 pm Link to this comment
There is so much broken and misused about our country now all due to the the conversion of congress’ turn to just being elected and re-elected by the people to do the corporate world’s bidding, damn the people. A huge key factor are the lobbyists. ONCE AGAIN, I tell you that lobbyism is plain out right bribery which is illegal. Controlling lobbyists with regulations, tranparency, oversight and accountability will be the ONLY way to get a handle on the ineptness of our government, the economy, the conservative MSM that controls the information they and their handlers decide that they want the people to have to make all those erroneous decisions they make everyday, the out of control military/industrial/congressional complex, the inequity of laws. Corporations are the reasons that legitimate legislation is not passed and nothing but protectionist legislation for corporations are passed.
Report thisThat is why the tax on the bonuses for aig and others is so easily rejected by those that don’t want it and it gets the attention of those poor souls that will believe this is so. And what else we don’t hear much of is the very little these businesses pay in taxes while sucking up all the taxpayer’s bailout money. Until this is brought to light and people’s attention I would say ain’t nothing going to work and things will keep getting worse until somehow our government is once again controlled by the people.
By skulz fontaine, March 24, 2009 at 12:48 pm Link to this comment
Turbo Timmy am going to save us. On the down side, it’ll only cost ‘we the people’ 175 trillion dollars and that is U.S.D.. Hmmm, one could always sell the children or, put them to work in the coal mines. Back to the Dark Ages… here we come!
Report thisBy George M Wqeinert V, March 24, 2009 at 12:48 pm Link to this comment
(Unregistered commenter)
This is simply MARXISM in the name of popular outrage.
THESE VICIOUS COMMIE BASTARDS MUST BE STOPPED NOW!
CLEAN AND LOAD YOUG GUNS BOYS!!!
George M Weinert V
Report thishttp://paralegalprofs.blogspot.com/
By Jason!!, March 24, 2009 at 12:01 pm Link to this comment
I have no idea what I am doing but please give me more power so I can really screw this up. Trust me(T.G.)
Epic failure!
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