{"id":190673,"date":"2009-11-03T23:09:00","date_gmt":"2009-11-04T04:09:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/11\/03\/geithner-is-not-incompetent-or-captured-by-the-street-he-is-corrupt\/"},"modified":"2009-11-03T23:09:00","modified_gmt":"2009-11-04T04:09:00","slug":"geithner-is-not-incompetent-or-captured-by-the-street-he-is-corrupt","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/11\/03\/geithner-is-not-incompetent-or-captured-by-the-street-he-is-corrupt\/","title":{"rendered":"Geithner is not Incompetent, or Captured by the Street, He is Corrupt"},"content":{"rendered":"<div style=\"border: 1px solid black; margin: 0px 10px; width: 410px; float: right; text-align: center;\"><\/p>\n<div><iframe loading=\"lazy\" src=\"http:\/\/www.msnbc.msn.com\/id\/22425001\/vp\/33586135#33586135\" scrolling=\"no\" width=\"400\" frameborder=\"0\" height=\"339\"><\/iframe><\/div>\n<p><span style=\"font-style: italic;\">Dylan Ratigan and Senator Maria Cantwell wonder why he still has a job.<br \/>I wonder why he hasn&#8217;t been <span style=\"font-weight: bold;\">arrested<\/span><\/span><\/div>\n<p>Is I mentioned earlier, small business lender CIT went bankrupt, and <a href=\"http:\/\/40yrs.blogspot.com\/2009\/11\/cit-declares-bankruptcy.html\">cost the taxpayers $2.3 billion<\/a>.<\/p>\n<p>It now appears that this happened because <a href=\"http:\/\/finance.yahoo.com\/tech-ticker\/article\/364593\/Geithner-%22Burned-Billions%22-Shafted-Taxpayers-on-CIT-Loan-Prof.-Bill-Black-Says?tickers=cit,aig,xlf,skf,gs,c,bac&amp;sec=topStories&amp;pos=9&amp;asset=&amp;ccode\">Timothy &#8220;Eddie Haskell&#8221; Geithner completely screwed the pooch on the lend of TARP money<\/a>:<\/p>\n<blockquote><p><span style=\"color: rgb(0, 0, 153);\">But here&#8217;s the bad news:  While senior debt holders will only lose 30% of their investment, we, the U.S. taxpayer, will lose the entire $2.3 billion we lent the company this summer.<\/span><\/p>\n<p><span style=\"color: rgb(0, 0, 153);\">William Black, professor at the University of Missouri-Kansas City School of Law is dumbfounded.  &#8220;We put ourselves on the hook in a completely inept way where we lose first. We lose entirely as the taxpayers.&#8221;<\/span><\/p>\n<p><span style=\"color: rgb(0, 0, 153);\">&#8230;.<\/span><\/p>\n<p><span style=\"color: rgb(0, 0, 153);\">The government was in no way obligated to lend the struggling CIT money and, in fact, initially refused to provide it bailout funds.  More importantly, being the lender of last resort, the government should have guaranteed we&#8217;d be the <\/span><i style=\"color: rgb(0, 0, 153);\">first<\/i><span style=\"color: rgb(0, 0, 153);\"> to get paid if CIT eventually filed Chapter 11. By failing to do so,  &#8220;it&#8217;s like he [Geithner] burned billions of dollars again in government money, our money, gratuitously,&#8221; says Black.<\/span><\/p><\/blockquote>\n<p>I think that this has gone beyond mere incompetence.<\/p>\n<p>Timothy Geithner is a mole for Wall Street in general, and for Goldman Sachs in particular.  First, we have him making AIG pay its swaps at 100\u00a2 on the dollar, and now this.<\/p>\n<p>This is not incompetence.  This is regulatory capture.  This is deliberate corruption to favor people who have mentored him throughout his career, and it&#8217;s happening because Geithner knows that when he leaves, he will get a senior executive position at one of those Wall Street firms for millions of dollars a year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dylan Ratigan and Senator Maria Cantwell wonder why he still has a job.I wonder why he hasn&#8217;t been arrested Is I mentioned earlier, small business lender CIT went bankrupt, and cost the taxpayers $2.3 billion. It now appears that this happened because Timothy &#8220;Eddie Haskell&#8221; Geithner completely screwed the pooch on the lend of TARP &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,985],"tags":[],"class_list":["post-190673","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190673"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190673"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190673\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}