Share on Google Plus Share on Twitter Share on Facebook 2 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 2 (4 Shares)  
Printer Friendly Page Save As Favorite View Favorites View Stats   No comments

OpEdNews Op Eds

Tim Geithner's Legacy of Shame

By (about the author)     Permalink       (Page 3 of 3 pages)
Related Topic(s): ; ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H3 1/28/13

Become a Fan
  (191 fans)

Money power controls America. Policy facilitates grand theft. Too big to fail banks consolidate. They become larger and more powerful. 

They game the system for profit. They gamble with public money. They wage financial war on humanity. Massive fraud facilitates private gain. Reform is a figure of speech.

Last July, New York Fed documents implicated Geithner in rigging Libor (the London Interbank Offered Rate). It's a fundamental rate-setting benchmark. It's set daily between UK banks for overnight to 12 month durations.

It's produced for ten currencies with 15 maturities. It represents the London market's lowest cost of unsecured funding. It's the primary global short-term rate benchmark. 

Last summer's scandal reflected a cesspool of financial fraud. Manipulating the rate up lets banks steal countless billions in inflated loan costs. 

Downward manipulation deprives states, communities, pension funds, ordinary investors, and retirees of similar amounts from fixed income holdings.

As New York Fed president and Treasury Secretary, Geithner was complicit in fraud. His mandate was to facilitate it. He didn't disappoint.

Instead of fixing a corrupted system, he advanced and exacerbated it. He turned crisis conditions into disaster. He and Bernanke share honors as public enemy number one. 

They're world class scoundrels. They gave away the store to Wall Street. They laid foundational plans for greater grand theft. In real democracies, they'd be in prison. Washington will have to explain why not.

Stephen Lendman lives in Chicago and can be reached at Email address removed

His new book is titled "Banker Occupation: Waging Financial War on Humanity."

http://www.claritypress.com/LendmanII.html

Visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

click here

click here

Next Page  1  |  2  |  3

 

I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon


Go To Commenting

The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
No comments