Even Wall Streeters know Geithner is a dead man walking. Bruce Krasting, a foreign exchange and derivatives veteran writes on Naked Capitalism:
"Tim Geithner has outlived his usefulness. He is too connected to the bailouts of 08. Bear, Lehman, AIG, TARP and even QE are all part of his legacy. That makes Tim a lightening rod. Too many Americans hate that part of our history.
I don't think the current flap relating to the deliberate "non-disclosure' of information relating to AIG is that big a deal. When the full history of this period is finally told (it will take awhile yet) this particular transgression of Mr. Geithner will look small by comparison. The things that we do not yet know about what was "agreed to' during the "crisis period' are going to cause us to roll our eyes and bow our heads when all is said and done."
Now, there will be hearings to see what Tim knew and when he forgot he knew it. Market Watch says he is "ankle deep in the AIG quicksand." A deceptive defense is being crafted, as Bloomberg reports:
"Timothy Geithner, the former Federal Reserve Bank of New York president, wasn't aware of efforts to limit American International Group Inc.'s bailout disclosures because the regulator's top lawyer didn't think the issue merited his attention, according to a letter sent to lawmakers.
"Matters relating to AIG securities law disclosures were not brought to the attention of Mr. Geithner,' Thomas Baxter, general counsel of the New York Fed, said today in a letter to Representative Darrell Issa, a California Republican. "In my judgment as the New York Fed's chief legal officer, disclosure matters of this nature did not warrant the attention of the president.'"
Why is the media so quiet on the Geithner front? Cenk Uygur wrote about the way rightwing channels are giving him a pass:
"If it was anyone else that had screwed up one tenth of what Geithner has, it would be running on a 24/7 loop on Fox News. Geithner gave away over $62 billion to the top banks in the country in secret, tried to cover it up and at the very least overpaid these banks by $13 billion. And that's just the latest in a series of scandals, with all the same theme Geithner gives away taxpayer money to the richest (and most culpable) guys in the country. Ah, there it is.
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