Tag Archives: Zero Hedge

William Black: “Fire Holder, Fire Geithner, Fire Bernanke”

26 Tuesday Oct 2010

Posted by in AIG, bailout, Financial Crisis, Foreclosures, Justice Department, Obama administration, too big to fail, Wall Street

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Lisa Epstein and William Black on Dylan Ratigan’s show yesterday:

Speaking of Geithner telling “one lie after another”:

“The United States Treasury concealed $40 billion in likely taxpayer losses on the bailout of the American International Group earlier this month, when it abandoned its usual method for valuing investments, according to a report by the special inspector general for the Troubled Asset Relief Program.

“In our view, this is a significant failure in their transparency,” said Neil M. Barofsky, the inspector general, in an interview on Monday.”

Zero Hedge has more of Mr. Barofsky’s report:

“This conduct has left the Treasury vulnerable to charges it has manipulated its methodology for calculating losses to present two different numbers depending on its audience: one designed for release in early October as part of a multifaceted publicity campaign touting the positive aspects of TARP and emphasizing the reduction in anticipated losses, and one, audited by the GAO for release in November as part of a larger audited financial statement. Here again, Treasury’s unfortunate insensitivity to the values of transparency has led it to engage in conduct that risks further damaging public trust in the Government.”

‘Manipulated its methodology for calculating losses?” Didn’t Jeff Skilling and Andy Fastow go to prison for that?

“Risks further damaging public trust in the Government?” Is that even possible?

Alan Grayson on Geithner’s Conflict of Interest

06 Thursday May 2010

Posted by in Congress, economy, financial reform, financial regulation, Politics, Progressives, too big to fail, Uncategorized, Wall Street

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I’ve been considering relocating from Texas to the Sunshine State, since it looks like we may be in for another 4 years of Secessionist Rick here. Alan Grayson’s latest shot across the bow of the U.S.S Turbo Timmy might be enough to tip the scales. From Zero Hedge:

“In today’s ABC Top Line, Alan noted, “when Tim Geithner says that he doesn’t want to see the Fed audited, what he’s really saying is he doesn’t want to see Tim Geithner audited…”

“He was the head of the New York Fed for years and years. This audit would apply to him. And the actions he took — which he can now take in secret and, when this bill passes, will no longer be secret — we’ll be able to see and understand the decisions that he made that among other things put huge amounts of bailout money into the hands of private interests.” Grayson added: “It’s one of the biggest conflicts of interest I’ve ever seen.”

[…]

“The Fed doesn’t want to be audited. Who does? Do you want to be audited? I don’t want to be audited, but sometimes it’s necessary,” he said. “When you’re handing out a trillion dollars at a time — a trillion dollars at a time, which works out to $3,000 for every man woman and child in this country — don’t we have a right to know what happened to it?”

“It’s central to the bill. We’ve had secret bailouts from the Fed to private interests now for the past two years without any exposure whatsoever. … We need to know what happened to our money, because when the Fed hands out our money, every dollar in your pocket, every dollar in your checking account, every dollar in your 401(k) becomes that much cheaper and less in value.”

Dialing 1-800-MOVERS.

Dylan Ratigan on “The Great Con Job”

08 Thursday Apr 2010

Posted by in bailout, economy, Financial Crisis, financial reform, financial regulation, Politics, Wall Street

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Dylan Ratigan and Alan Grayson yesterday on MSNBC detail The Great Con Job, and the perpetrators of the con; the unholy alliance of the banksters, the Federal Reserve, and our alleged representatives in Washington, D.C. From Zero Hedge:

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more about “Dylan Ratigan, The Great Con Job“, posted with vodpod

Financial Crisis Round-Up

04 Sunday Apr 2010

Posted by in bailout, economy, Financial Crisis, financial reform, financial regulation, Politics, too big to fail, Wall Street

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The constraints of time, due in large part to my newly-arrived copy of 13 Bankers, doesn’t allow extensive commentary on any of these posts from around the financial blogosphere, but all are deserving of a closer look:

Speaking of 13 Bankers, co-author Simon Johnson has a piece at Baseline Scenario on how a combination of political savvy and public relations acumen make JPMorgan Chase CEO Jamie Dimon “The Most Dangerous Man in America.”

Mike Whitney’s “Timothy Geithner is a Sniveling Scamster” at The Market Oracle describes how President Obama’s new mortgage modification program is “just another stealth bailout” for the banksters.

Tyler Durden at Zero Hedge comments on  Kansas City Fed President Thomas Hoenig’s extensive interview with Shahien Narisirpour of the Huffington Post.

Robert Reich’s “The Fed in Hot Water” on the belated admission of its taking tens of millions of bad loans off Bear Stearn’s books in order to facilitate their takeover by JPMorgan Chase.

Susan P. Koniak, George M. Cohen, David A. Dana and Thomas Ross in a New York Times op-ed entitled “How Washington Abetted the Bank Job” on the D.C buck-passing in regards to the regulators who were either incompetent or complicit (I choose the latter) in the Lehman Brothers Enron-like bookkeeping scam.

Speaking of inept, incompetent, or complicit so-called regulators, a McClatchy article asks, “Where was Moody’s board when top-rated bonds blew up?”

Herbert Lash at Reuters on the “Wall Street cabal” blocking derivative reform.

Finally, Rick Berman at Politico on the “Debt Disaster Dead Ahead.”