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June 19, 2013
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Regulators Made Sure Goldman Sachs Got All of Its Bailout MoneyPosted on Jun 29, 2010
A devastating report in The New York Times documents how Timothy Geithner’s New York Fed worked tirelessly to make sure that AIG was forced to pay banks such as Goldman Sachs 100 percent on dubious contracts that might otherwise have been slashed or subjected to lawsuits. For his efforts, Geithner was promoted to run the rest of the nation’s economy. The article is full of revelations that would be mind-numbing if we weren’t so used to reading about how taxpayers have been fleeced in the meltdown. At one point, a regulator sends Goldman’s CEO an e-mail thanking the bank for its patience. The Treasury Department’s point man for the AIG bailout, a former Goldman executive, still held Goldman stock when working out the deal, reports the Times. AIG itself was forced to sign a waiver giving up the right to sue banks over suspect contracts. You don’t have to be a conspiracy theorist to follow the money: In the $182 billion bailout of AIG, Goldman Sachs and other banks that helped cause the financial crisis made out like, well, bandits. —PZS
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By bogi666, July 1, 2010 at 2:20 am Link to this comment
(Unregistered commenter)
Micah, Zaphodity, great observations. Furthermore the banksters got an apology from the USG for interferring with their crimes. If it weren’t for nonsense these crooks wouldn’t have any sense at all and the individual Americans taxpayers pay for this nonsense plus interest.
Report thisBy bogi666, July 1, 2010 at 2:20 am Link to this comment
(Unregistered commenter)
Micah, Zaphodity, great observations. Furthermore the banksters got an apology from the USG for interferring with their crimes. If it weren’t for nonsense these crooks wouldn’t have any sense at all and the individual Americans taxpayers pay for this nonsense plus interest.
Report thisBy Tobysgirl, June 30, 2010 at 2:51 pm Link to this comment
First of all, these people are not intellectuals. I keep hearing how Kagan and Geithner and Summers et al. are so goddamn intelligent. As Robert Fisk said of Condoleezza Rice, “I have yet to see any evidence of it.” Being relatively intelligent, let’s say an IQ of at least 110, and being phenomenally good at ass-kissing and backstabbing and all the other things one must do to be an “American success”, is the key to their power.
Intellectuals are supposed to analyze their society, to be creative and critical, detached from the values of the status quo. Listening to these so-called “intellectual heavyweights” is unbelievable—they don’t speak well, they have nothing to say, their synapses fire at about the speed a baby crawls. At least Condoleezza Rice dressed really well.
I don’t think Obama is any dummy, but he figured out long ago how to butter his bread generously. He is a man with no values, which speaks volumes about the parenting he received. I’m sure he is personally charming, but I don’t really care if the guy stealing my pittance is charming or not.
What is meant by “bright” people being the easiest to fool are the studies done which show that those with college educations are much more willing to take orders and do what they are told. I presume this is part of what a college education is intended to accomplish.
Report thisBy Micah, June 30, 2010 at 12:20 pm Link to this comment
(Unregistered commenter)
It’s time someone started kicking some ass on these crooks. As almost everyone
Report thiselse in this country struggles paycheck to paycheck, these guys wallow in billions
of dollars that they stole! If you go steal $300 dollars you will be thrown in jail
but not these guys, nope they get promoted and more money. Argh! What is going
on?!
By dihey, June 30, 2010 at 9:35 am Link to this comment
so left i am right: every advertising agency knows that intellectuals (bright persons) are the easiest to fool.
Report thisBy dissident, June 30, 2010 at 7:57 am Link to this comment
(Unregistered commenter)
They’re probably having second thoughts… Nice Geithner photo.
Report thisBy G.Anderson, June 30, 2010 at 7:06 am Link to this comment
We’re going to have to revisit this when the government starts defaulting on T-Bills.
As, they say those in hell have plenty of time to think about their sins and how they came to be in Hell.
Hell’s just around the corner.
Report thisBy knobcreekfarmer, June 30, 2010 at 5:04 am Link to this comment
Kunstler, a former Rolling Stones editor and author of many books including the
MUST READ “The Long Emergency,” is always very blunt in his blog. He has a take
on the world unlike most and I think his “Peak Oil” filters in are pretty damn good.
http://www.kunstler.com/
Pres-O-dent is just a puppet, we all know that. The man himself may be bright
Report thisbut those pulling the stings and scripting the show have only one goal. Greed. It
sounds dumb to us “little people” and it is dumb for us to believe it.
By eir, June 30, 2010 at 3:54 am Link to this comment
“I think America missed something…. but President Obama made a very interesting remark when the financial regulation package passed in the senate the other day. He said the bill would make sure that “Main Street is never again held responsible for Wall Street’s mistakes.”
Whoosh….
That was the sound of something going over America’s head. Something about the size of Rodan the Flying Reptile. And frankly I don’t think the president even meant to be coy or deceptive. It just means he doesn’t get it either. Never again….
Never again?
What the fuck?
Why even this time? Why isn’t there an army of federal attorneys out there, their teeth bristling with subpoenas, beating the bushes in every lane and skyscraper floor of lower Manhattan (and Fairfield County, Connecticut, not to mention a thousand office parks around the USA) to roust out the grifters and swindlers who took Main Street to the cleaners this time.
The audacity of cluelessness! And the hilarity of “next time.”
Earth to President Obama: there isn’t going to be a next time. This time was enough to git ‘er done. Wall Street - in particular the biggest “banks” - packaged up and sold enough swindles to unwind 2500 years of western civilization. You simply cannot imagine the amount of bad financial paper out there right now in every vault and portfolio on the planet. Enough, really, to sink any company even pretending to trade in things more abstract than a mud brick or an hour of labor. What’s more, the cross-collateralized obligations between them are so vast and intricate that all the standing timber in North America could not be fashioned into enough pick-up sticks to represent the hideous death-dealing tangle of frauds waiting for the wing-beat of a single black swan to come crashing down.” James Howard Kunstler, 6/28/2010
Unlike Kunstler, I don’t think the president could be so damn dumb. But he’s a swiss pocket knife of a tool.
Report thisBy zaphodity, June 30, 2010 at 1:42 am Link to this comment
(Unregistered commenter)
Biggest robbery in human history and not one of them
Report thiswent to jail.