In a revelation that should surprise no one, lending records of the Federal Reserve Bank of New York released by a March court order show that the Fed made cut-rate emergency loans of up to $30 billion each to major banks in 2008 without informing Congress, shareholders or the American public. (more)
Back in 2008, when Treasury Secretary Timothy Geithner was just the lowly president of the New York Federal Reserve, he was involved in some interactions with embattled insurance giant AIG that apparently resulted in AIG withholding important information from the public. Now Geithner’s under pressure from at least one concerned member of Congress to testify about this matter.
Has Timothy Geithner ever had lunch with a non-megamillionaire who has lost his job or home because of the banking meltdown? I ask that question after reading the list of the treasury secretary’s luncheon dates when he was head of the New York Federal Reserve, a list that the government was forced to provide in response to a lawsuit.