The Other McCain

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AIG Trouble for ‘TurboTax’ Geithner

Posted on | January 26, 2010 | 3 Comments

There’s blood in the water, and Congress wants answers:

Shares of American International Group Inc. slid Tuesday, a day ahead of a Congressional hearing on bailout money that was given to the troubled insurer.
Treasury Secretary Timothy Geithner is scheduled to testify Wednesday before a House committee about funds intended for AIG that were then routed to other banks.
In 2008, the Federal Reserve Board, through Geithner as head of the Federal Reserve Bank of New York, pledged $85 billion to prop up the ailing insurer.
That was one month after AIG, based in New York, had revealed billions in losses from credit default swaps.

And guess who else testifies tomorrow? SIGTARP:

Neil Barofsky, special inspector general for the $700 billion bailout, is set to tell the House Oversight Committee on Wednesday that he has initiated an investigation into whether the New York Fed instructed AIG not to disclose more than a dozen controversial counterparty transactions to the Securities and Exchange Commission. . . .
After the audit was released in November, House Oversight Committee Ranking Member Darrell Issa, R-Calif., asked Barofsky for copies of correspondence between the New York Fed and AIG. But Barofsky told Issa that he couldn’t hand over a copy of the records because the New York Fed told him not to share them. . . . (Emphasis added)

Who told you that Barofsky was the IG to watch? Who told you that Geithner was the Obama administration official most likely to take the fall?

Category: Inspectors General, Scandal, Timothy Geithner

Comments

3 Responses to “AIG Trouble for ‘TurboTax’ Geithner”

  1. Dan Collins
    January 26th, 2010 @ 8:25 pm

    Sure. That’s why it was important to get him onboard instead of Daschle. That’s why it’s important to get Bernanke reconfirmed, so they can pitch him overboard at the right time.

  2. Dan Collins
    January 26th, 2010 @ 3:25 pm

    Sure. That’s why it was important to get him onboard instead of Daschle. That’s why it’s important to get Bernanke reconfirmed, so they can pitch him overboard at the right time.

  3. VIDEO: Judge Napolitano on ‘TurboTax’ Geithner and the AIG Scandal : The Other McCain
    January 27th, 2010 @ 7:43 am

    […] A very interesting way to debunk that “neoconservative” smear against Fox News, eh?Giethner and TARP inspector general Neil Barofsky will testify on Capitol Hill today. Bush’s Treasury Secretary Hank Paulson will cover for Geithner, who in turn will deny […]