Enough Is Enough: Time To Fire Geithner

Geithner is a true scumbag and that should have been quite apparent in the way that he released the news that the Treasury was removing the bailout limitations on FNM and FRE on Chrstmas Eve, when no one was around to see the news as it hit the wires.  It was also done strategically like this in order to avoid the Congressional approval that would have been required had the decision been implemented just 8 days later in the new year.  But Geithner should have never been given the job of Treasury Secretary in the first place after it was revealed he was a habitual tax cheater.  Shame on Obama for not withdrawing his nomination of Geithner and shame on Congress for confirming the appointment.

NOW it appears as if Tim Geithner intentionally told AIG to violate SEC laws by instructing them, as then-Chairman of the NY Fed, to withhold information from the public about the details of the close to $200 billion taxpayer bailout of AIG.  From Bloomberg News:

The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show (Here's the link:   Time To Dump Geithner)

We already know that Geithner paid out 100 cents on the dollar, using Taxpayer money, to the banks involved, knowing full well that market value was, at most, 30-40 cents on the dollar and likely a lot less.  But even more stunning is the email evidence showing that Geithner instructed AIG to hide these fetails from public - details which AIG was going to originally disclose:

AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008.

Enough is enough, Barack.  Time to start cleaning up your first-year catastrophe and try to start doing the right thing for the people who gave you the benefit of huge doubt and voted for your platform of change and reform.  As it stands now, the only difference between Obama and his predecessor is that Bush never made any attempt to lie about the fact that he was going to screw the Taxpayer for the benefit of Big Corporate America.

Geithner should be terminated immediately and investigated for tax fraud and violating SEC laws.  The evidence is clear and unambiguous.  This should also lead to a full investigation of Geithner's background.  It's probably too late for Obama to save his chances of being re-elected, but at least he can start laying the groundwork for the future of this country by upholding his campaign platform promises and embarking on real Change and reform.