Skip to comments.Geithner's Backdoor Bailout for AIG
Posted on 02/04/2010 2:52:39 PM PST by opentalk
Bloomberg is reporting that the idea of secret banking groups that control the country and global economy are not such a crazy idea because of what came out of this weeks congressional hearing into the bailout of American International Group Inc., better known as AIG.
The hearing described a secretive group deploying billions of dollars to favored banks.
The legislators are looking at the Federal Reserve Bank of New York, the most influential part of the federal-reserve system, due to its decision in November 2008 to buy out, for about $30 billion, insurance contracts, called credit default swaps that AIG sold covering toxic debt securities.
The bailout benefited a host of financial institutions including, of course, the ubiquitous Goldman Sachs. It is what could be the title of a film, a backdoor bailout.
The banks received 100 cents on the dollar for insurance contracts that would have been a sold for a deep discount but for the massive taxpayer bailout of AIG.
Evidence is emerging to suggest that the New York Fed tried to cover up details of the transaction and the back-door bailouts beneficiaries.
New York Fed staff and outside lawyers from a law firm edited AIG communications to investors and intervened with the Securities and Exchange Commission in order to keep details about the buyout transactions secret, according to a report by Congressman Darrel Issa.
It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information, Issa said.
...And who was running the New York Fed at the time of this backdoor bailout?
Answer: Current Treasury Secretary Timothy Geithner, appointed by President Obama,
(Excerpt) Read more at newsmax.com ...
Old news around here, but worth repeating.
it is called elitists government theory. has been around for a long time in poly sci classes. the tri laterial commission, book club of rome.. etc.. very secretive..
they dont want you know about them.
Is Bawney Fwank aware of this?