WC Varones

Don't lend your hand to raise no flag atop no ship of fools

Geithner's NY Fed told AIG to cover up backdoor bailout of Goldman Sachs



Lovely.

Bloomberg:
The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.

AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.

2 comments:

Independent Accountant said...

WCV:
Naked Capitalism is on this story too.

IA

Negocios Loucos said...

Who cares? He resigns, gets an Executive VP position at Goldman Sachs and laughs all the way to one of his 10 houses, this time probably in the Hamptons.

Like I said, you could have only hired a worse Treasurer if you had hired the Chinese Minister of Finance.

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