New York attorney general Andrew Cuomo is about to charge Lehman’s accountants, Ernst & Young, with fraud for allowing Lehman to cook its books using the infamous “Repo 105″ shell game. This comes only weeks after a Lehman retirement fund sued Leh…
Posts Tagged ‘Tim Geithner’
New York Sues Accounting Giant Ernst & Young for Fraud in Connection with Lehman’s Repo 105, But the ENTIRE American Economy is a Ponzi Scheme
December 20th, 2010 |
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The Fraud Started At the Very Top: With Government Leaders
November 2nd, 2010 |
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The government’s entire strategy now – as during the S&L crisis – is to cover up how bad things are.But it is not only a matter of covering up fraud that has already happened. The government also created an environment which greatly encouraged fr…
Almost there
May 21st, 2010 |
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The Senate votes for financial reform, but some important issues remain unresolved
FINANCIAL reform is coming to America. On May 20th, after more than three weeks of often rancorous debate, the Senate approved the biggest overhaul of the financial system since the Great Depression, by 59 votes to 39. Its bill must now be reconciled with one passed by the House of Representatives in December. The result will be Barack Obama’s second big legislative victory of the year, after the passage of health-care reform in March.
Tim Geithner, Mr Obama’s treasury secretary, praised Chris Dodd and Harry Reid, the Democratic senators who steered the 1,500-page Restoring American Financial Stability Act to a successful vote, for their “tremendous leadership”. The administration has reason to be pleased, since the bill largely mirrors the reform blueprint it had been pushing. …
Congressman Grayson Now Backs Sanders Amendment
May 7th, 2010 |
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Congressman Grayson’s office sent me the following announcement:Rep. Alan Grayson Applauds Upcoming Partial Victory in Senate “There is deep bipartisan support for a full audit of the Federal Reserve, in both the House and the Senate. The Sanders …
General Motors repays government loan
April 22nd, 2010 |
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General Motors has repaid $4.7 billion in government loans issued last year, clearing its remaining debt under the Treasury Department’s rescue plan to contain the fallout from the economic downturn.
The Treasury Department said Wednesday that General Motors had completed repaying its total government debt of $6.7 billion five years ahead of the loan’s maturity date [...]
“Never Even a Whisper” at Fed’s Open Market Committee Meetings
April 13th, 2010 |
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Ben Bernanke, William Dudley and Donald L Kohn are on the Fed’s Open Market Committee (FOMC).They are also on the board of directors of the Bank for International Settlements (BIS) – often called the “central banks’ central bank”. And Kohn is an alter…
Bending, not bowing
April 7th, 2010 |
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The Chinese case for a stronger, suppler currency
CHINA’S trade with America is notoriously skewed. But diplomatic exchanges between the two countries are more finely balanced. On April 3rd Tim Geithner, America’s treasury secretary, tactfully postponed a report due this month that might have condemned China for manipulating its currency, keeping it weak to favour its exporters. Mr Geithner, who made an unscheduled trip to Beijing this week, said he would rather press America’s case at its regular “Strategic and Economic Dialogue” with China in May and at the G20 summit in Canada in June. The delay puts America’s diplomatic account with China briefly in surplus. What will China offer to clear the balance?
The immediate quid pro quo is the presence of China’s president, Hu Jintao, at a summit on nuclear proliferation in Washington, DC, on April 12th-13th. There is also talk of allowing the yuan to wobble a little more in daily trading with the dollar. In time it is expected to resume the slow crawl upwards that ended in July 2008. …
Geithner: Pickpocketing Trillions from the People to Give to the Oligarchy Was “Deeply Unfair”, But We … Um … Had To
April 1st, 2010 |
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Tim Geithner told the Today Show that:It’s “deeply unfair” that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans.Geithner also argued that President Barack O…
Geithner: Taxpayers Are Likely to Face “Very Substantial” Losses From Government’s Takeover of Fannie and Freddie
March 23rd, 2010 |
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Tim Geithner told the House Financial Services Committee today that txpayers are likely to face “very substantial” losses from the government’s takeover of home mortgage giants Fannie Mae and Freddie Mac.As Shahien Nasiripour notes:Taxpayers have pumpe…
Lehman Fraudulently Cooked Its Books, Accounting Giant Ernst & Young Helped, Geithner and Bernanke Winked and Slapped Them on the Back
March 12th, 2010 |
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As William K. Black said a year ago, the government’s entire strategy now – as in the S&L crisis – is to cover up how bad things are (“the entire strategy is to keep people from getting the facts”).Paul Krugman and others pointed out that Geithne…
Geithner: ‘We Saved the Economy, But We Kind of Lost the Public Doing It’ | Me: We Can Save the Economy, But Only If We Kind of Lose Geithner
March 8th, 2010 |
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Tim Geithner claims:We saved the economy but kind of lost the public doing it.Simon Johnson wrote: a more accurate essay entitled:They Saved The Big Banks But Kind Of Lost The Economy Doing It.My take on it is pretty straightforward:We can save the eco…
No Wonder the Economy Isn’t Improving
March 3rd, 2010 |
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I’ve read countless news headlines recently about how economists are “surprised” over an “unexpectedly bad” economic indicator.But it’s not surprising at all. It’s no mystery.The government hasn’t taken the necessary actions, and has instead been doi…
What Do Rising Sovereign Credit Default Swaps Mean?
February 8th, 2010 |
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Here are the CDS of Greece, Portugal, Spain and the U.S.:[click here for full image]Rolfe Winkler argues that – in the short-run – the PIIGS countries (Portugal, Ireland, Italy, Greece and Spain) will slash their budgets and get bailed out by the EU.S…
Government Is Trying to Make Bailouts for the Giant Banks PERMANENT
October 28th, 2009 |
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On September 25th, I wrote:Paul Volcker and senior Harvard economist Jeffrey Miron both testified to Congress this week that the government is trying to make bailouts for the giant banks permanent.Writing Wednesday in The Hill, Congressman Brad Sherma…
Tavakoli: “We Should Impose a 95% Excess Profits Tax—Or Windfall Profits Tax—On Certain Financial Institutions… Enriching Themselves” at Our Expense
October 20th, 2009 |
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The following is an advanced copy of an essay by Janet Tavakoli to be released tomorrow. Reprinted with permission of Tavakoli Structured Finance.Warren Buffett’s Wall Street WarBy Janet TavakoliOctober 20, 2009In a January 2009 interview with NBC 
The Ongoing Cover Up of the Truth Behind the Financial Crisis May Lead to Another Crash
October 15th, 2009 |
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William K. Black – professor of economics and law, and the senior regulator during the S & L crisis – says that that the government’s entire strategy now – as during the S&L crisis – is to cover up how bad things are (“the entire strategy is t…