Wednesday, January 27, 2010

Geithner – Written Testimony For AIG Hearing Is Released

If you like BS in heavy doses, you'll find it here.

In addition to pulling a trick out of Henry Paulson's bag and claiming that the financial world was coming to an end (although he mentions a number of questionable situations that could have been handled differently, including Lehman and Washington Mutual) to support the bailout of AIG, he then passes the buck, on the attempted cover-up of the details of the AIG bailout, to Christine Cummings a Fed lifer, who has been there since 1979.

According to Geithner he stopped managing the NY Fed on a day-to-day basis in late November, 2008 and that First Vice President Cummings was in charge, with the implication that it was her or a lower level Fed employee that was at the heart of the cover-up attempt.

Geithner doesn't leave fingerprints via emails where it can be conclusively determined he is in on the discussion about the cover-up, so like his earlier tax problem where he "forgot" to pay taxes, those so inclined can look the other way--and will probably do so.

Geithner has a real good chance of surviving this unless he has a Youtube moment.

(Thanks to Rayne Woo for the heads up on the transcript.)

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