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Author Topic: "Geithner accused of incompetence over his role in AIG bailout"  (Read 1038 times)
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WhiskeyGirl
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« on: February 05, 2010, 02:59:17 PM »

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Geithner accused of incompetence over his role in AIG bailout

The US treasury secretary Timothy Geithner was accused of incompetence, obfuscation and of making "lame excuses" during a furious hearing on Capitol Hill over the government's contentious bailout of the sprawling insurer AIG.

In an unusually ill-tempered confrontation, members of Congress from both parties rounded on Geithner over a decision to use taxpayers' money to pay out the full $62bn (£38bn) owed by AIG to banks such as Goldman Sachs, Merrill Lynch, Barclays and RBS. Geithner described the AIG bailout, which cost a total of $182bn, as a "tragic choice" at the height of the global financial crisis in September 2008 but said that at the time, there was a risk of "utter collapse" of the US economy.

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One of the few sympathetic voices came from a Democratic congressman, Paul Kanjorski, who asked: "Am I correct that there were discussions held at the highest echelons of the United States government and the Congress as to whether or not law and order could be secured in the US if we did not take precipitous action to assure people that the economic markets of the US and world could be held secure?"

Geithner replied: "It wouldn't surprise me. This was the gravest crisis we've seen since the Great Depression. It was not going to solve itself."

http://www.guardian.co.uk/business/2010/jan/27/aig-bailout-timothy-geithner

Why are US taxpayers paying for the tragic/stupid/greedy choices of AIG, Goldman, Merrill Lynch, Barclays, and RBS?

Why haven't their bottom lines been affected?

How much money continues to be funneled through AIG?

Scare tactic?  Somehow, I image the tragedy for all the little people would be far less than for those on the receiving end of taxpayer money at Goldman and all those other pass throughs.

Who's investments profited at those counterparties?


Kennedy trust?  Dodd?  There have to be more names associated with those counterparties.  The little people with lots of money in their pockets.
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