Archive for Timothy Geithner

Bankergate: Emails Expose Criminal Financial Dictatorship At Work

Posted in Business, economic tyranny, Economy, Fiat Currency, International Bankers, New World Order, News, The Federal Reserve, Tyranny with tags , , , , , , , , , , , on February 25, 2010 by truthwillrise

Geithner may be thrown under the bus as financial terrorists continue to profit

Steve Watson
Prisonplanet.com
Monday, Jan 11, 2010

Bankergate: Emails Expose Criminal Financial Dictatorship At Work 110110GeithnerExplosive emails released last week could see Treasury secretary Timothy Geithner become embroiled in criminal charges for his role in a cover up that exposes the monumental criminality behind the $182.3 billion bailout of American International Group Inc.

In November and December 2008, The Federal Reserve Bank of New York instructed the bailed out AIG to hide from the public details regarding payments the insurance giant made to banks, including Goldman Sachs Group Inc. and Societe Generale SA.

Using Fed secured taxpayer bailout money, AIG paid several banks 100 percent of the face value of credit-default swaps, as other financial institutions were negotiating deep discounts for the unregulated paper assets that do not have to be backed by cash.

The decision to pay the banks in full may have cost AIG, and therefore taxpayers, at least $13 billion over the odds.

The “backdoor bailout” of the banks, as it has been dubbed was exposed in March 2009 after the SEC challenged AIG’s filing, however, e-mails obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee, have re ignited the situation as they conclusively expose a collusion between AIG and the Fed to deceive the public.

The e-mails between company and regulator, released last Thursday, show that The New York Fed crossed out reference to the payments and that AIG also omitted the details when the Securities and Exchange Commission filing was made public on Dec. 24, 2008.

The emails, the content of which are highlighted in this Bloomberg News article, also show that the Fed wanted numerous other details about the AIG bailout withheld or delayed from public oversight.

“It appears that the New York Fed deliberately pressured AIG to restrict and delay the disclosure of important information,” said Issa, a California Republican. Taxpayers “deserve full and complete disclosure under our nation’s securities laws, not the withholding of politically inconvenient information.”

Bankergate: Emails Expose Criminal Financial Dictatorship At Work FOTR 340x1692

Despite denials from the Treasury and the New York Fed that Geithner was involved in the scandal, as the President of the New York Fed at the time, his head now rests firmly on the chopping block where he awaits his fate.

Issa is seeking more information from the New York Fed on the matter, following the statements of general counsel Thomas Baxter, who declared in a letter in defense of Geithner Friday “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.”

“It’s a staggering admission by Mr. Baxter that he felt strong enough that Secretary Geithner wanted him to limit AIG’s disclosures on counterparty payments to the SEC that he says he didn’t even feel a need to bring the details to his boss’ attention,” Issa said in a statement. “This letter raises more questions on the inner-workings of the New York Fed during one of the most pivotal periods in our nation’s history.”

Geithner’s extensive connections to Goldman Sachs also raise serious questions, given that the investment bank directly profited from the AIG payments.

Geithner’s predecessor and Treasury Secretary at the time all of this unfolded, Hank Paulson, also once served as Chairman and Chief Executive Officer for Goldman Sachs, after working for the firm for decades.

Paulson rammed through the bailout of AIG with threats of financial armageddon and physical martial law, claiming he “felt the pain of AIG”, comments for which he was slammed by Republican Congressman Cliff Stearns earlier this year.

AIG’s outstanding debts to Goldman Sachs meant that $13 billion of the money handed over to AIG by Paulson went directly to Goldman Sachs.

Meanwhile, Bear Stearns and Lehman Brothers — both investment banks in direct competition with Goldman Sachs — were not bailed out when bad debt forced them to cease operating under the same circumstances as AIG.

Congressman Stearns pressed Paulson on his conflicts of interest, stating, “Isn’t there some point where you say hey, I’ve got a conflict of interest here, you don’t feel any kind of scintilla of ethics on this thing at all?” Paulson responded by claiming that he got a waiver from the ethics agreement.

Paulson’s appointment, at the height of the financial crisis, of ex-Goldman Sachs executive Neel Kashkari to oversee the distribution of bailout monies also highlights the vast conflict of interest surrounding this scandal.

As the New York Times reported earlier this year, Goldman Sachs effectively bailed itself out. Since that time the bank has been making record profits on trading and now completely dominates the program trading market.

This blatantly criminal activity has led to Goldman being labeled “Financial Terrorists” by analysts. Even Rolling Stone magazine has exposed Goldman Sachs’ persistent role in steering and manipulating the economy over the last century.

At the time of the bailout we warned that the so called financial saviours represented nothing more than the old guard of the corporate elite, the very people responsible for the financial crisis in the first instance.

Judge Andrew Napolitano, appearing on Shepard Smith’s Fox News show last week, stated that he believes Geithner could face a criminal probe:

Barney Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, said the e-mail exchanges were “troubling” and that he plans to hold congressional hearings on the matter.

Watch Alex Jones breakdown “bankergate” in detail:

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Mobilize Now to Oust Bernanke as Fed Chair

Posted in economic tyranny, Economy, International Bankers, New World Order, News, The Federal Reserve with tags , , , , , , , , , , , on January 25, 2010 by truthwillrise

Webster G. Tarpley
Infowars.com
January 23, 2010

 

featured stories   Mobilize Now to Oust Bernanke as Fed Chair  
  geithner and bernanke
   Once Bernanke has been defeated,it will be time to secure the ouster of Treasury Secretary Geithner, the former head of the New York Fed and currently the most visible member of the entire Obama cabinet.
 
   

 

 

 

 

 

 

 

 

 

 

 

 

In the aftermath of the Massachusetts Senate vote last Tuesday, we now have a concrete fighting chance to block the reappointment of Wall Street puppet Ben Bernanke as the chairman of the Federal Reserve Board of Governors by preventing his Senate confirmation next week. This afternoon, Bernanke’s support was eroding hour by hour. The defections from the Bernanke camp feature Democratic senators who are up for reelection this coming November. They have read the tea leaves from Massachusetts, and they know the pitchforks are out, so their response is a mad rush to acquire economic populist and anti-Wall Street cover. The obvious way to do this is to turn against Bernanke and defeat him in the upcoming confirmation vote. Leading the charge late today were Senator Barbara Boxer of California and Russ Feingold of Wisconsin, both endangered Democrats. GOP Senator Corker of Tennessee is now waffling about whether or not he will support Bernanke. The pressure is building on self-styled Democratic economic populists like Sherrod Brown of Ohio to prove that they are worth something. What will Senator-elect Scott Brown do? If he votes for Bernanke, he will have betrayed his voters in less than a week, and will not survive his own re-election campaign in 3 years. Democratic majority leader Harry Reid, succumbing to overwhelming pressure from the Obama White House, announced late this afternoon that he will fall on his sword for Helicopter Ben, but this self-destructive pledge may not survive a weekend in Nevada, where the economic populist pitchforks are as finely honed as anywhere. It is therefore time for all responsible citizens and all persons of good will to mobilize in the days ahead to secure the defeat of Bernanke. Such an event would symbolize the turn of the tide against Wall Street in the struggle to decide who will pay for the current depression — the people or the bankers and hedge fund hyenas.

  • A d v e r t i s e m e n t
  • efoods

We stress that this is a battle which can be won. Two senators, Bunning of Kentucky and Bernie Sanders of Vermont, have placed holds on the Bernanke nomination. This means that a supermajority of 60 votes will be required to bring Helicopter Ben’s nomination to the Senate floor. As of now, no one can know whether these votes will be forthcoming. Republicans have little reason to favor Bernanke over their own careers. The Obama White House, despite its most recent efforts to re-create a populist persona for the chief executive, is foolishly supporting Bernanke — a move which undermines all other economic populist posturing Obama might engage in. Individual Democrats, especially those facing the hour of truth in November, know very well how much Bernanke and his Federal Reserve elitists are hated by Americans. For the moment, this game is therefore out of control and highly vulnerable to the application of mass-based political pressure. If Bernanke can be defeated, the Wall Street-Federal Reserve lockstep will be momentarily broken, and the path to auditing the Fed and, more importantly, nationalizing it as a bureau of the Treasury will be wide open.

Late this afternoon, pro-financier spokesmen on Bloomberg and CNBC were talking about a scenario in which Bernanke would remain no matter what as chairman of the Federal Open Market Committee, the unconstitutional body which sets interest rates in accordance with the wishes of the privately owned Federal Reserve districts, above all the New York one. In this scenario, Donald Kohn, the current Fed Vice Chairman, would take Bernanke’s place as the Chairman of the Board of Governors. Kohn, it will be remembered, is just as odious as Bernanke. About a year ago, Kohn’s impudence, arrogance and elitism were highlighted during a Senate hearing when he indignantly refused to reveal the names of the AIG derivatives counterparties who were receiving some $70 billion of US taxpayer money in return for their worthless and toxic financial derivatives. If Bernanke and Kohn should attempts to maintain their power over the Federal Reserve, meaning in practice short-term interest rates in this country, they will create laboratory conditions for a massive economic populist revolt which could well lead to the seizure and nationalization of the Federal Reserve as a bureau of the US Treasury and a public utility to provide 0% credit for production in the interests of the American people. That would put an end to almost a century of financial insurrection by the Wall Street financiers and their puppets against the Constitution — a blatant illegality which goes back to the days of Woodrow Wilson.

All opponents of the illegal, unconstitutional, and failed Federal Reserve system must now realize that this is the hour of action. It is time for every serious intelligent person to send two e-mails and place two phone calls to the Washington and local offices of their senators demanding that they stop Bernanke. Obama should also be warned that Bernanke is an insult to the American people. Those who have been complaining about the Fed for decades now have a real chance to do something about it. These chances are very rare, but this is the best one in many, many decades. Even Paul Adolph Volcker, who had been responsible for an obscene 22% prime rate three decades ago, had an easier time getting reconfirmed than Bernanke. Once Bernanke has been defeated, it will be time to secure the ouster of Treasury Secretary Geithner, the former head of the New York Fed and currently the most visible member of the entire Obama cabinet. The basic outlines of a criminal indictment for Geithner on tax fraud and securities fraud can be culled from virtually any daily newspaper. Geithner ought to be accompanied on his trip home by White House economic czar Larry Summers, the woman-hating former president of Harvard who managed to destroy about a third of the Harvard endowment as a result of his fanatical devotion to the riskiest of financial derivatives. This and more will be within our reach if Bernanke can be checkmated over the next week or two.

Research related links

  1. Bernanke says deficit is the price of growth
  2. Bernanke Foes Seek to Curtail Fed
  3. Bernanke Begins ‘Thorough Review’ of Fed Disclosure
  4. Bernanke Discards Monetary History With Bear Stearns Bailout
  5. Bernanke Tells Obama Banks Need More Money
  6. High-stakes duel between Rep. Paul and Bernanke intensifies
  7. Bernanke Not Obama to Make “Trillion Dollar Decision”
  8. Time Magazine Names Federal Reserve Chairman Ben Bernanke As Person Of The Year
  9. Reconfirm Bernanke?
  10. Bernanke in denial about looming crisis 2005-2007
  11. Bernanke Says Recession Over. Should You Care?
  12. U.S. Eyes Two-Part Bailout for Banks

Tim Geithner Will Be Fired After The November Elections

Posted in Business, economic tyranny, Economy, Fiat Currency, International Bankers, Stupid Government Tricks, The Federal Reserve with tags , , , , on January 15, 2010 by truthwillrise

John Carney
The Business Insider
Sunday, January 10th, 2010

Tim Geithner is in a lot of hot water.

But he won’t quit or be forced to leave office until after the mid-term elections.

We would like to see Geithner go now. He has badly bungled the financial rescue and failed to lead on financial regulation reform. He is now so discredited on Capitol Hill that there is little chance he can be effective as Treasury Secretary.

But there’s little chance this will happen. The Obama administration cannot afford to show weakness. If it caved to Congressional critics of Geithner, lawmakers would be further emboldened to chip away at the president’s authority. Senate Republicans would likely turn the confirmation hearing of Geithner’s replacement into a brawl—one that would not reflect well on the White House or Democrat Congressional leadership.

There’s also little political upside to getting rid of Geithner now. It will not save Congressional Democrats any seats in the mid-term election. Obama’s popularity ratings won’t rise.  None of the administration’s priorities will be furthered by firing Geithner.

Full article here

Why the Fed Likes Independence

Posted in Attack on Freedom, Business, economic tyranny, Economy, News, Ron Paul, The Constitution, The Federal Reserve, Thoughts, Truth/Freedom, Tyranny, Unconstitutional with tags , , , , , , , on January 15, 2010 by truthwillrise

Why the Fed Likes Independence

By Ron Paul 01/12/2010

Dr. Ron Paul is a Republican member of Congress from Texas.

Last week it was revealed that when Treasury Secretary Tim Geithner was Chairman of the New

York Federal Reserve, he urged AIG officials not to disclose to the Securities Exchange

Commission relevant details of agreements with banks to bail out Goldman Sachs. Apparently he

felt at the time that regulators and the public would be angry that taxpayer money was used to fully

compensate bankers who made some horrifically bad investment decisions. These banks should

have suffered the consequences of the huge risks they were taking. After all, they kept plenty of

rewards when times were good. Instead, the Fed found a way to socialize these major losses so

these banks could survive and continue making more bad decisions, at the expense of the American

people and the value of the dollar.

Geithner claims that they had to take politically unpopular actions to save the economy from

collapse. Half of that is right – it was politically unpopular, but it is extremely premature at best, to

claim the economy has been saved. It was just reported that 85,000 more jobs in December.

Unemployment stands at 10 percent officially, and 22 percent according to more traditional

calculations. It is hard to argue that this sort of government waste has done anything but harm to

our economy. Raiding Main Street to bail out Wall Street is a foolish idea. Main Street productivity

and the strength of the dollar is the bedrock of the economy. You cannot gut this foundation without

eventually toppling everything else. This is what too many policy makers either don’t understand or

refuse to face. Or even worse, perhaps they do understand, but don’t care!

In any case, this revelation makes precisely my point about the need for Fed transparency. This

claim that the Fed should have “independence” is a canard. They very much enjoy their comfortable

pattern of bailing out friends and devaluing the currency with no oversight and no accountability.

Geithner specifically asked officials at AIG not to disclose to the SEC or to the public particulars

about this special deal for his friends. We only know these details now because AIG was eventually

forthcoming when Congress demanded some answers.

We should be getting this information, and information on all such dealings, straight from the Fed.

The Fed should be accountable to Congress because it is a creature of Congress. The Constitution

gives Congress the authority to oversee the integrity of the monetary unit. We have unwisely and

unconstitutionally delegated this authority to the Federal Reserve, which has in turn devalued our

dollar by 95 percent and counting. When the Federal Reserve engages in harmful policies,

Congress is still ultimately responsible. If the Fed is not made accountable through a GAO audit at

least, it will continue to be accountable to no one, and that is unacceptable.

 

Geithner expects to be praised and thanked for his actions instead of rebuked and fired. He

expects to be given more power to engage in “experimental” monetary policy in the future. But he

has just given us a very good idea of what the Fed and Treasury would do with more power, what

they consider good monetary policy, and why they like their so-called independence.

US court skeptical of Fed push for bailout secrecy

Posted in Attack on Freedom, economic tyranny, Economy, International Bankers, New World Order, News, Stupid Government Tricks, The Constitution, The Federal Reserve, Truth/Freedom, Tyranny, Unconstitutional with tags , , , , , , , on January 15, 2010 by truthwillrise

* Press seeks details of Fed bailout programs

 Fed says disclosure could hurt banks, financial system

* Bloomberg says disclosure breeds confidence

* News Corp’s Fox News also opposes Fed

By Kristina Cooke and Jonathan Stempel

NEW YORK, Jan 11 (Reuters) – A federal appeals court on Monday appeared skeptical of U.S. Federal Reserve efforts to prevent the press and the public from learning the names of participants in emergency lending programs designed to support and bail out the financial system.

The central bank has argued that disclosure would cause “competitive and reputational harm” to participants, perhaps triggering bank runs, and impede its ability “to effectively manage the current, and any future, financial crisis.”

Bloomberg News and News Corp’s (NWSA.O) Fox News Network LLC had sought details of the Fed’s actions under the federal Freedom of Information Act, or FOIA, which requires government agencies to make documents available to the public.

A release of data could give the public, including bank shareholders, a better sense of how the Fed was moving to prop up the financial system during what is widely considered the worst financial crisis since the Great Depression.

In a 1-3/4 hour oral argument, a panel of the U.S. Second Circuit Court of Appeals in Manhattan questioned the Fed argument that if potential participants knew they might be named, they might choose not to borrow rather than face a possible “stigma” for seeming to be in trouble.

This, the Fed had argued, could harm the broader financial system.

“I’m having a little trouble with it being a stigma outside of, basically, a day,” Circuit Judge Peter Hall told Matthew Collette, a lawyer representing the Fed.

“You’re talking of a crisis of a moment, or maybe a few days, or a week,” Chief Judge Dennis Jacobs added.

Collette said that if banks were dissuaded from borrowing out of fear their names would be disclosed, it could harm their businesses and force them into unwanted activities, perhaps including fire sales of assets or firings of employees.

“The stigma is very real,” Collette said. “This is a problem in which there will be an assumption, potentially, that this bank is in trouble.”

BREEDING CONFIDENCE

Bloomberg brought its case to force the Fed to release records of actions it took to shore up the financial system starting in late 2007, including the March 2008 sale of Bear Stearns Cos to JPMorgan Chase & Co.

Emergency lending programs have more than doubled the Fed’s balance sheet to am amount in excess of $2.2 trillion, especially following the Sept. 15, 2008, collapse of Lehman Brothers Holdings Inc (LEHMQ.PK).

FOIA “breeds confidence in our public institutions, which quite frankly is something that is sorely needed right now,” said Thomas Golden, a lawyer for Bloomberg.

Bloomberg had won its case in Manhattan district court in August. Chief District Judge Loretta Preska ruled that the Fed failed to show that disclosing names could lead to a “downward spiral of financial instability.”

Fox News, in contrast, lost its case in the same court the prior month. Judge Alvin Hellerstein said “the national economy is not so out of danger, and the frailty of banks so different now … as to make the board’s concern academic.”

An appeals court panel typically takes several weeks or months to rule. Its ruling may be appealed to the full court or to the U.S. Supreme Court.

The Clearing House Association LLC, an industry-owned group of banks, supported the Fed’s position.

This group includes the ABN Amro Bank NV unit of Royal Bank of Scotland Group Plc (RBS.L), Bank of America Corp (BAC.N), Bank of New York Mellon Corp (BK.N), Citigroup Inc (C.N), Deutsche Bank AG (DBKGn.DE), HSBC Holdings Plc (HSBA.L), JPMorgan Chase & Co (JPM.N), UBS AG (UBSN.VX), US Bancorp (USB.N) and Wells Fargo & Co (WFC.N).

“The press would like a blanket rule and change nearly 100 years of central banking policy in this country,” said Robert Giuffra, a lawyer for the Clearing House. “The problem is, you can’t set a blanket rule.” He urged the court to step back and leave it to Congress to set disclosure rules.

The Bloomberg case is Bloomberg LP v. Board of Governors of the Federal Reserve System et al, U.S. Second Circuit Court of Appeals, No. 09-4083. The Fox News case in the same court is Fox News Network LLC v. Board of Governors of the Federal Reserve System et al, No. 09-3795. (Reporting by Kristina Cooke and Jonathan Stempel; Additional reporting by Chris Sanders; Editing by Steve Orlofsky)

1/7/2010 Judge Napolitano On Why Timothy Geithner Could Face Criminal Charges Over AIG Coverup

Posted in Business, economic tyranny, Economy, International Bankers, New World Order, News, Shadow Government, The Federal Reserve with tags , , , , , , on January 15, 2010 by truthwillrise

/7/2010 Judge Napolitano explains why Timothy Geithner could face criminal charges over AIG coverup.
Reposted from: http://www.youtube.com/watch?v=haHYGp…

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Fall of the Republic HQ full length version

Posted in Alex Jones, Attack on Freedom, economic tyranny, False Flag Terror, Fiat Currency, International Bankers, New World Order, News, Police State/Martial Law, Ron Paul, Shadow Government, The Constitution, The Federal Reserve, Truth/Freedom, Tyranny, Unconstitutional with tags , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , on December 5, 2009 by truthwillrise

Order the DVD at: http://infowars-shop.stores.yahoo.net…
Fall Of The Republic documents how an offshore corporate cartel is bankrupting the US economy by design. Leaders are now declaring that world government has arrived and that the dollar will be replaced by a new global currency.

President Obama has brazenly violated Article 1 Section 9 of the US Constitution by seating himself at the head of United Nations’ Security Council, thus becoming the first US president to chair the world body.

A scientific dictatorship is in its final stages of completion, and laws protecting basic human rights are being abolished worldwide; an iron curtain of high-tech tyranny is now descending over the planet.

A worldwide regime controlled by an unelected corporate elite is implementing a planetary carbon tax system that will dominate all human activity and establish a system of neo-feudal slavery.

The image makers have carefully packaged Obama as the world’s savior; he is the Trojan Horse manufactured to pacify the people just long enough for the globalists to complete their master plan.

This film reveals the architecture of the New World Order and what the power elite have in store for humanity. More importantly it communicates how We The People can retake control of our government, turn the criminal tide and bring the tyrants to justice.
A film by Alex Jones.