Geitner to explain AIG shanannigans to Congress

[dogtowner]

not that i think they will play hardball

but its another embarrassment for Obama
.

A House committee is planning to grill Treasury Secretary Timothy Geithner about his role in the massive bailout of failed insurer American International Group Inc.

The House Oversight Committee is responding to news that key details about AIG's bailout were suppressed by the Federal Reserve Bank of New York while Geithner was its president.


A growing chorus of lawmakers says Geithner must explain his involvement in deals that diverted billions from AIG's bailout to Goldman Sachs and other big banks.


New York Democrat and committee Chairman Edolphus Towns says the hearing will examine the rise and fall of AIG and its business partners.


The New York Fed and Treasury say Geithner was not made aware of the e-mails that pushed for more secrecy

now thats funny !

 

[mogur]

You are right. Sorry. the left loses this one.

 

[mogur]

Geitner is an obamination.

 

[mogur]

But, who would you choose?

 

[mogur]

And don't say Lee Ioccaca.

 

[Pandora]

But, who would you choose?

Mitt Romney

 

[ASPCA4EVER]

not that i think they will play hardball

but its another embarrassment for Obama now thats funny !

Interesting that you miss the dates that he was placed into that position and your constant wanting to BLAME our current President clouds your ability to read/see/comprehind when exactly Geitner was in charge over! GOOD GRIEF.
I had this posted on the Business Thread:

N.Y. Fed Told A.I.G. Not to Disclose Swap Details

January 7, 2010, 6:11 am

Update | 12:13 p.m. Starting in November 2008, the Federal Reserve Bank of New York under Timothy Geithner began urging American International Group, the huge insurer that the government had bailed out, to limit disclosure on payments made to banks at the height of the financial crisis, e-mail messages obtained by DealBook show.
The e-mail exchange between the bailed-out insurance giant and its regulator portray a strange reversal of roles, with A.I.G. staff arguing for the disclosure of certain details on payments for credit-default swaps to major banks, only to be discouraged by officials at, or representing, the Federal Reserve. (More documents are available after the jump.)
In a draft of one regulatory filing, A.I.G. stated that it had paid banks — including Goldman Sachs Group, Merrill Lynch, Société Générale and Deutsche Bank — the full value of C.D.O.’s, or collateralized debt obligations, that they had bought from the company. In the response to that draft from the law firm Davis Polk and Wardwell, which represented the New York Fed, that crucial sentence was crossed out, and did not appear in the final version filed on Dec. 24, 2008.
By the end of that month, A.I.G. had become the proxy in a tug-of-war between government agencies, with the Securities and Exchange Commission asking the company to revise its disclosure, which the regulator saw as falling short of full compliance.
In a March 12 e-mail message whose subject line is “Fw: counterparties” — importance: “high” — Kathleen Shannon, a senior vice president at A.I.G., writes:

<for the rest of this informative story>

http://dealbook.blogs.nytimes.com/20...ne/?8au&emc=au