Geithner Singled Out In TARP Watchdog Neil Barofsky's Scathing Report On AIG Bailout - By Shahien Nasiripour (19/11/09) PDF Print E-mail
Shahien Nasiripour   
Thursday, 19 November 2009 07:39

Huffington Post

A brutal report issued Monday by a government watchdog holds Timothy Geithner -- then the head of the Federal Reserve Bank of New York and now the nation's Treasury Secretary -- responsible for overpayments that put billions of extra tax dollars in the coffers of major Wall Street firms, most notably Goldman Sachs.

The authoritative new narrative describes how, while bailing out insurance giant AIG last fall, a team led by Geithner failed nearly every step of the way.

Instead of bargaining with AIG's numerous counterparties to resolve its billions of dollars in souring derivatives contracts, Geithner's team ended up paying top dollar for toxic assets -- "an amount far above their market value at the time," the report notes.



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Last Updated on Thursday, 19 November 2009 14:46
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SIGTARP Special Report - Factors Affecting Efforts To Limit Payments To AIG Counterparties (19/11/09) PDF Print E-mail
Administrator   
Thursday, 19 November 2009 07:35

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An Incredible Ballet By Two Dancers - One With One Leg and The Other With One Arm - An Inspiration (19/11/09) PDF Print E-mail
Posted by Administrator   
Thursday, 19 November 2009 00:11

An Incredible Ballet By Two Dancers - One With One Leg and The Other With One Arm - An Inspiration



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Bernanke's Outlook For Recovery And What It Means For Jobs - By Mish Shedlock (18/11/09) PDF Print E-mail
Mish Shedlock   
Wednesday, 18 November 2009 09:56

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Second U.S. Economic Stimulus Package Headed Our Way? - By Jon D. Markman (18/11/09) PDF Print E-mail
Jon D. Markman   
Wednesday, 18 November 2009 09:55

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