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"Geithner and Goldman, Thick as Thieves"
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Topic: "Geithner and Goldman, Thick as Thieves" (Read 1367 times)
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WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
"Geithner and Goldman, Thick as Thieves"
«
on:
June 03, 2011, 10:19:53 PM »
I watch the news all day and don't see some of this stuff.
Quote
What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks?
The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.
Sorry, my bad: It wasn't an interest-free loan; make that .01 percent that Goldman paid to borrow taxpayer money when ordinary folks who missed a few credit card payments in order to finance their mortgages were being slapped with interest rates of more than 25 percent.
Wouldn't everyone want one of those .01 percent loans?
Quote
Actually, Goldman wasn't even a bank and was therefore ineligible for those massive government handouts until Geithner helped gain approval for the instant conversion of Goldman from an investment house to a commercial bank.
Goldman was granted that status, and with it access to the Fed's lending, soon after the privilege had been denied to the fellow investment bank Lehman Brothers (the $30 billion mentioned above was in addition to the $43.5 billion Goldman borrowed from other Fed programs).
Although Lehman was allowed to go belly up, Geithner engineered the massive bailout of AIG, a move that turned out to be a cover for passing money to AIG's clients, including the aforementioned Goldman Sachs. The man's intentions were clear, even if all the secret details were not, when Obama picked him to be his point man in salvaging an economy that Geithner had done much to wreck.
What did Goldman do with all that money?
Quote
Oh yes, what did Goldman do with that taxpayer money it borrowed back in 2008? It needed the money to cover the lousy bets of its Fixed Income, Currencies and Commodities trading unit, which had lost $320 million. Typical of the Goldman dealings in that arena was the $1.3 billion solicited from Col. Moammar Gadhafi's Libya sovereign wealth fund, which according to a report in Tuesday's Wall Street Journal lost 98 percent of its value and almost cost some Goldman executives doing business in Tripoli their lives.
Millions
in losses and they
GOT BILLIONS
? Where'd all that money go? Who was the winner of taxpayer cash?
TARP and other are TRILLIONS!!!
read more of this OPED here -
http://www.opednews.com/articles/Geithner-and-Goldman-Thic-by-Robert-Scheer-110601-436.html?show=votes
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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