Thursday, July 7, 2011

Geithner Is Hounded Through The Halls Of Congress: "Do You Work For Wall Street Or The American People!"

Geithner Is Hounded Through The Halls Of Congress: "Do You Work For Wall Street Or The American People!"

Video - Mike Stark Asks Geithner About AIG Counterparty Payments
This is classic stuff as Mike attempts to follow Turbo through the lower chambers asking questions about AIG payouts at par.  Tim hears every word but won't acknowledge Stark, even slightly.  Best 2 questions from an interviewer I've seen.  Hilarious and weird at the same time; Geithner's so close you could reach out and slap the 'smug' right off his face.
Clips are short and outstanding.  Don't skip the second one.
To many of us following the continuing Wall Street scandal, it was appalling to learn that Treasury Secretary Tim Geithner, in his previous job as head of the NY Fed, brokered a deal in which the Wall Street investment banks received full value for the bad bets they placed and insured with AIG.
They didn’t do their due diligence, AIG failed and they should have been forced to take the same haircut they would have had to have taken if AIG unwound in a bankruptcy court. Instead, they got paid at par; they took no loss.
I asked the Secretary why he didn’t force the haircut. Of course, we don’t have a government accountable to the people, so he just ignored me. And continued to ignore me when I pointed out that he is a puppet of Wall Street – that he pays more attention to the fraudsters and banksters than he does to the people charged with passing laws to ensure that similar circumstances do not arise again.
Important AIG stories from the archives:

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