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reason.com - 10/27/2009

Geithner Backstairs Intrigue Awarded $13 Billion Directly to Goldman Sachs, Merrill Lynch (RIP), Société Générale and Deutsche Bank

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Here's something Goldman Sachs, Treasury Secretary Tim Geithner, Federal Reserve Chairman Ben Bernanke, American International Group's former CFO, and Goldman's former chairman have all declined to comment on: While negotiating how much loss large banks would have to take on  ...

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THIS SEEMS LIKE NEWS: Geithner Backstairs Intrigue Awarded $13 Billion Directly to Goldman Sachs, M…
Instapundit — ... THIS SEEMS LIKE NEWS: Geithner Backstairs Intrigue Awarded $13 Billion Directly to Goldman Sachs, Merrill Lynch (RIP), Société Générale and Deutsche Bank. “While negotiating how much loss large banks would have to take on credit default swaps with the bankrupt insurer AIG, the New York Fed, then under Geithner, rejected a 40 cents-on-the-dollar deal in the works and made taxpayers pay at least $13 billion to ensure the banks suffered no losses.” ...

Hooo Boy: Geithner Sweetheart Deal Paid Beggar-Banks $13 Billion to Insulate Them Completely from Losses
Ace of Spades HQ — Hooo Boy: Geithner Sweetheart Deal Paid Beggar-Banks $13 Billion to Insulate Them Completely from Losses 40 cents on the dollar? Nah. How about 100 cents on the dollar? That seems fair, eh? It's just taxpayer money. Taxpayers are just lousy with taxpayer money. Geithner’s team circulated a draft term sheet outlining how the New York Fed wanted to deal with the swaps -- insurance-like contracts that backed soured collateralized-debt obligations. CDOs are bundles of debt including subprime mortgages and corporate loans sold to investors by banks. Part of a sentence in the ...

Geithner’s Sweetheart Deal for Banks
Blogs For Victory — When we really pull the lid off this Administration, we’re going to be astounded at how corrupt it is: Here’s something Goldman Sachs, Treasury Secretary Tim Geithner, Federal Reserve Chairman Ben Bernanke, American International Group’s former CFO, and Goldman’s former chairman have all declined to comment on: While negotiating how much loss large banks would have to take on credit default swaps with the bankrupt insurer AIG, the New York Fed, then under Geithner, rejected a 40 cents-on-the-dollar deal in the works and made ...

Corruption, Panic and Incompetence Fueled Geithner's Backstairs Intrigue
Hit & Run — ... Reason readers learned a few weeks ago about then-President of the Federal Reserve Bank of New York Tim Geithner's role in crafting a full-payment deal for big banks that had credit-default swaps with the failed AIG insurance company. As Radley Balko ...