Jan. 9 (Bloomberg) -- Timothy Geithner, the former Federal Reserve Bank of New York president, wasn’t aware of efforts to limit American International Group Inc.’s bailout disclosures because the regulator’s top lawyer didn’t think the issue merited his attention, the attorney told lawmakers.
“Matters relating to AIG securities law disclosures were not brought to the attention of Mr. Geithner,” Thomas Baxter, general counsel of the New York Fed, said yesterday in a letter to Representative Darrell Issa, a California Republican, and Edolphus Towns, Democrat of New York. “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.” Geithner, who helped orchestrate the bailout of AIG when he led the New York Fed, is now Treasury Department secretary.
Geithner and Baxter were asked yesterday to testify before the House Oversight and Government Reform Committee about e- mails from the New York Fed in 2008, when Geithner led the regulator, asking AIG to withhold data about payments to banks. Firms including Goldman Sachs Group Inc. and Societe Generale SA were fully reimbursed on swap guarantees from AIG, prompting Issa to call its rescue a “backdoor bailout” of banks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQe5GHcCSKWo&pos=6,” Thomas Baxter, general counsel of the New York Fed, said yesterday in a letter to Representative Darrell Issa, a California Republican, and Edolphus Towns, Democrat of New York. “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.” Geithner, who helped orchestrate the bailout of AIG when he led the New York Fed, is now Treasury Department secretary.
Geithner and Baxter were asked yesterday to testify before the House Oversight and Government Reform Committee about e- mails from the New York Fed in 2008, when Geithner led the regulator, asking AIG to withhold data about payments to banks. Firms including Goldman Sachs Group Inc. and Societe Generale SA were fully reimbursed on swap guarantees from AIG, prompting Issa to call its rescue a “backdoor bailout” of banks.
Read on.
2 comments:
I was hoping the "I didn't know, I don't recall" was left behind with the Bushies gone...
I hope the Law makers read the documents and listen to the tapes before the hearing is live on TV. Tim Geithner wasn't allowed at the meetings and Hank Paulson made the decisions. But I noticed how many Americans read the headlines and nothing else as they rush to judgement. You would think these guys learned their lesson when they attacked Eric Holder with decisions Janet Reno made. Now I noticed the GOP and their supporters are saying Bush never had a terrorist attack on his watch, and Obama started the two Wars. Yes it was Clinton who was President when 9/11 hit and what you saw didn't happen when Bush was in office. Many Americans believe it and as long as Republican Leaders and the Media/Press report it people think it true. What does that say about Americans?
Post a Comment