The plot thickens.
FLASHBACK:
Geithner “Out Of The Loop,” Resignation Talk Begins
Henry Blodget | Mar. 17, 2009
EXCERPT
# He still has no coherent plan to fix the banking system
# He has convinced no one that he’s the right man to lead us out of this.
# He helped design the past administration’s failed bailouts
# He was the architect of the original AIG bailout
# He tacitly helped cover up the AIG “counterparty” bailout beneficiaries for 6 months
# He approved the latest round of AIG bonuses last week (according to AIG)
At the very least, Geithner needs to answer for his role in the original AIG bailout, which has been a disaster, as well as the counterparty cover-up.
In September, Geithner and Hank Paulson engineered an AIG bailout in which Paulson’s firm (and one of Geithner’s patrons on the New York Fed) secretly received $13 billion of taxpayer money that no taxpayer was told about. Now that taxpayers have found out about it, they are justifiably pissed.
//
http://www.nytimes.com/2008/09/13/business/13rescue.html?pagewanted=print
September 13, 2008
U.S. Gives Banks Urgent Warning to Solve Crisis
By ERIC DASH
This article was reported by Jenny Anderson, Edmund L. Andrews, Vikas Bajaj and Eric Dash and written by Mr. Dash.
As Lehman Brothers teetered Friday evening, Federal Reserve officials summoned the heads of major Wall Street firms to a meeting in Lower Manhattan and insisted they rescue the stricken investment bank and develop plans to stabilize the financial markets.
Timothy F. Geithner, the president of the New York Federal Reserve, called a 6 p.m. meeting so that bank officials could review their financial exposures to Lehman Brothers and work out contingency plans over the possibility that the government would need to orchestrate an orderly liquidation of the firm on Monday, according to people briefed on the meeting.
Flanked by Treasury Secretary Henry M. Paulson Jr. and Christopher Cox, the chairman of the Securities and Exchange Commission, he gathered the executives in person to impress on them the need to work together to resolve the current crisis.
Mr. Geithner told the participants that an industry solution was needed, no matter what, and that it was not about any individual bank, according to two people briefed on the meeting but who did not attend. They said he told them that if the industry failed to solve the problem their individual banks might be next.
A spokesman for the New York Federal Reserve Bank in New York confirmed the meeting but declined to provide details on the discussions. The Wall Street executives included the following chief executives: Lloyd Blankfein of the Goldman Sachs Group, James Dimon of JPMorgan Chase, John Mack of Morgan Stanley, Vikram Pandit of Citigroup and John Thain of Merrill Lynch. Representatives from the Royal Bank of Scotland and the Bank of New York Mellon were also present. Lehman Brothers was noticeably absent from the talks.
(snip)
//
Timeline:
http://www.nytimes.com/2009/09/13/weekinreview/13word.html
BTTT
As Confuscious say: "Tis better to cultivate an image as a complete ignoramus than to face felony charges for 1st-degree tampering with public records, 1st-degree offering of a false instrument for filing, 4th-degree grand larceny, 1st-degree falsifying of official records, government fraud, collusion, establishing a slush fund for WH insiders, stealing govt money for campaigns of engangered Dems, money-laundering, tax evasion (stolen money is taxable)........which would result in substantial federal prison time without possibility of parole."
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NAILING GEITHNER Contact the IRS Criminal Investigations Division (IRS-CI) (CALLERS CAN REMAIN ANONYMOUS)
> To report suspected tax fraud activity, Tel toll-free 1-800-829-0433
> To report suspected tax law violations, Tel toll-free 1-800-829-0433
MISSION STATEMENT The IRS-CI mission is to follow the money. No matter the source, all income earned, both legal and illegal, has the potential of becoming involved in crimes. The IRS-CI utilizes the broad authority of Title 26 and 31, tax, currency reporting and forfeiture and Title 18 money laundering, conspiracy and forfeiture to identify, investigate and prosecute the most significant tax, currency and money laundering offenders; and to pursue the assets of those offenders both domestically and internationally for criminal tax and asset forfeiture purposes.
Contact the IRS when you suspect :
> Abusive Tax-exempt Non-profit Schemes
> Unscrupulous Tax Return Preparers
> Frivolous filers/non-filers who challenge the constitutionality of the American tax system
> Income Tax Evasion
> Failure to File
> Filing False Returns
> Employment Tax Cases
> Claims for Fraudulent Refunds
> Illegal Source Financial Crimes (Money obtained illegally or through fraud)
> Narcotics Related Financial Crimes
> Money Laundering
The IRS is also interested in the leadership and members of groups involved in tax, money laundering, or currency violations and persons engaged in fundraising activities using tax exempt organizations, and complex, extensive or convoluted financial transactions.
Can you say numbered offshore accounts, wire transfers, money laundering, government fraud?
Obama, Paulson, Geithner, where is the stimulus?
ITEM---As Treasury Secy, Henry Paulson, threatened US Senators with Martial Law if they did not vote him the $350 bailout billions. Paulson demanded the TARP be exempt from judicial, legislative, and regulatory review. $350B disappeared without a trace---and NO significant effect on the economy.
US Sen. Jim Inhofe (R-Oklahoma) announced that Congress was not told the truth about the entire $700 billion TARP bailout. "The American people don't know how much money Treasury Secy Henry Paulson has given away to anyone. IT COULD BE TO HIS FRIENDS. We don't know. There is no way of knowing.''
ITEM Paulson stationed Neel Kaskari (his right-hand man when Paulson headed Goldman Sachs) to "oversee" $350B TARP payouts. We still do not know in which G/S rathole these two secreted the $350B.
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Documents Reveal How then-Secy Paulson Forced Banks To Take TARP Cash
The business insider | 5/14/09
FR Posted 05/14/2009 by FromLori
Remember the infamous meeting when then-Treasury Secretary Hank Paulson had the heads of 9 major banks come down to Washington? It was then that he made them the offer they couldn't refuse. Take TARP cash, or else!
Now Judicial Watch -- the conservative watchdog -- has uncovered secret documents via the FOIA.
The first 1-pager is Paulson's talking points for the bank. It basically confirms that he put a gun to all their heads. It says they must agree to take their cash, and that if they protested, then each bank's regulator would force them to take it anyway.
The next document is perhaps even more mindblowing.......a one-page agreement whereby each CEO agreed to let the government make its preferred stock injeciton. Both the amounts of the injection, and the name of the bank, are just handwritten scrawl. (Excerpt) Treasury Participation Commitment Read more at businessinsider.com ...