WC Varones

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

Bernanke, Geithner lied to Congress about the crap assets the Fed was illegally buying to bail out Wall Street

Just another day at the office for the unaccountable, rogue Fed:
Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money.

The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds.

2 comments:

Negocios Loucos said...

THE LAW is what impacts the profits of the members of Executive and Legislative branches of our government. If something hurts their profits, it's against the law. If it is something that helps their profits then it is legal. Congress swears to defend the Constitution only to spit it on it. Our country is lost.

Anonymous said...

I thought these two guys should go to jails for lying to the congress and hiding truth from them. Perjury?
How we the American public keeping have to listen and tolerate these guys? How can Capitol Hill and White House allow this kind of guys leading our economy? Only things that I can say is that they are the same group of crooks. Vote them out and send them to jails.
Blue collar crime get screwed and white collar crimes pay well just look at our Wall Street bankers- ruin million lives but made them millionaires and billionaires.

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