Geithner's Gotta Go, By Mike Whitney

[Crewleader]

February 24, 2010

How Goldman Sachs and AIG Got Top Dollar for Worthless Assets
Geithner's Gotta Go

By MIKE WHITNEY

Would it be wrong to take out a $1,000,000 policy on your wife and then put strychnine in her double-tall nonfat mocha?

Not if you are Goldman Sachs it wouldn't. In fact--according to an article on today's Bloomberg News--that's exactly what they did. They slapped together $17.2 billion in garbage CDOs and then insured the hell out of them with credit default swaps (CDS) issued by AIG. As soon as the CDS blew up, G-Sax collected 100 cents on the dollar for their ingenuity. (G Sax received $14B altogether)

Richard Teitelbaum's excellent article "Secret AIG Document Shows Goldman Sachs Minted Most Toxic CDOs " is a must read for anyone who wants a peak into the sleazy underworld of high finance and the Ponzi scamsters who run it.

"Representative Darrel Issa, the ranking Republican on the House Committee on Oversight and Government Reform, placed into the hearing record a five-page document itemizing the mortgage securities on which banks such as Goldman Sachs Group Inc. and Societe Generale SA had bought $62.1 billion in credit-default swaps from AIG.

"These were the deals that pushed the insurer to the brink of insolvency -- and were eventually paid in full at taxpayer expense. The New York Fed, which secretly engineered the bailout, prevented the full publication of the document for more than a year, even when AIG wanted it released." (Bloomberg News.)

http://www.counterpunch.org/whitney02242010.html

[Larkspur]

1. Been saying that since Timmeh was nominated

Larry Summers is another who needs to get the boot on his behind.

[Crewleader]

2. I hear you Larksour...

you and I and many here feel the same friend. Geithner's gotta to go!

[Tansy_Gold]

4. And some of us have felt so for a very, very, very long time

even when we were labeled "concern trolls" and "batshit crazy."

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=132&topic_id=7922946#7922951



Tansy Gold, who may be crazy but she sure as hell ain't stupid

[Crewleader]

6. Tansy_Gold

I always knew you were on top of stuff...now others can agree. Thanks T-G!

[Tansy_Gold]

7. You are very welcome

I do my best, even when it seems, well, batshit crazy.

:hi:


TG

[mikita]

8. I'd like to add a number of others to your list

but I'd be TSed....

[inna]

3. Amazing. KR. Doubt he's going anywhere though, unfortunately. :(

[Wilms]

5. k&r n/t

[upi402]

9. ...to prison! n/t