Skip to comments.What Did Obama Tell Geithner about S&P?
Posted on 02/25/2014 6:22:42 AM PST by afraidfortherepublic
Last month we wrote about the threatening phone call from then-Secretary of the Treasury Timothy Geithner to the head of the parent company of Standard & Poor's after S&P downgraded the U.S. credit rating in 2011. Now we learn that Mr. Geithner placed the call to McGraw Hill Chairman and CEO Harold McGraw III just five minutes after leaving an Oval Office meeting with President Barack Obama.
This detail, drawing on information contained in Mr. Geithner's public schedule, was included late yesterday in a filing by S&P in federal court in the Central District of California. The Department of Justice is suing S&P for $5 billion for alleged fraud in S&P's ratings on mortgage-backed securities during the housing boom. But DOJ is not suing the other credit rating agencies that issued similarly awful ratings. Since only Standard & Poor's downgraded the U.S., S&P says it is suffering from retaliation. Yesterday's filing came in response to government efforts to avoid turning over documents related to the Geithner communication to S&P. According to a sworn affidavit from Mr. McGraw filed with the court last month, Mr. Geithner "said that 'you have done an enormous disservice to yourselves and to your country', that the U.S. economy was bad and that the downgrade had done real damage. S&P's conduct would be 'looked at very carefully' he said. Such behavior could not occur, he said, without a response from the government."
(Excerpt) Read more at online.wsj.com ...
It’s the Chicago Way.
Though I must say, Little Timmy Geithner may go down as history’s least intimidating bag man.
What a petty, vindictive little man we have for a pResident, and he surrounds himself with other petty, vindictive people, including his wife.
I don’t get it - what’s the connection between McGraw-Hill and S&P ?
Same as Citibank and Jaime Diamon. Speak out against this government and have their boot on your neck. Scary stuff.
MH owns S&P.
Then Sec. of the US Treasury Timmy Geithner was the creator of his IRS’s program to harass the TEA Party Groups and other Coservative groups, IMHO, of course.
“vindictive, petty, little man”? Try dangerous criminal cancerous mob boss writ large.
Because the "Just Us" brothers, Obama and Holder, are absolutely lawless and Congress is absolutely ball-less.
what I mean is...he ain’t exactly Pauly Walnuts when he shows up at your door.