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Really (N.Y.) Fed up
New details have emerged about how long federal officials were aware of American International Group's bonus payments to its executives.
Published reports show that senior officials of the Federal Reserve Bank of New York knew about the AIG bonuses five months before the fireworks went off, and follow-up with the statement that the New York Fed did not raise the alarm with the Obama administration until the end of February.
That works out well. However, the big cover-up by the Obama administration begs the question of Timothy Geithner, who was appointed Treasury Secretary early in the new regime. They are trying to claim he was not among the senior New York Fed officials who knew about the bonuses.
Come on. How senior can you be if you are the head of the New York Fed? I truly believe this is just another great blunder and one of many to follow of the Obama administration.
And on top of everything else, Mr. Geithner was busy trying to get out of paying his federal taxes. Maybe this is the reason he did not know what was going on. This all galls someone who has faithfully paid all of his taxes for 53 years.
Ray Sharer, 37214
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When will the public wake up and discover we are being destroyed financially from within?
How "senior" can you be and not know what's up? Happens all the time: Kenneth Lay of Eron, those morons at Global Crossing, Waggoner of GM over 13 years didn't know the compamy's cars weren't selling, Rumsfeld said the war in Iraq would be a cake walk and last 3-6 months tops, and GW Bush didn't know how to read and comprehend the PDB's.
You Lost Sharer!
When the dust finally settles Dooley you will find out that you have lost, in more ways than one.
The "dust settled" alright,...on Nov. 5, '08. McCain would already have us bombing N. Korea and Iran, and Palin would be talking psychoticly against Russia.
Yeah and when Geitner said he "didn't know about paying taxes while he worked at the IMF" he lied. The World Bank and the IMF drill the fact that American citizens are responsible for all their taxes into them at the orientation. As a U.S. citizen working for an international agency, we are considered self-employed and responsible for our taxes. I was a "lowly secretary" and I got it, so why didn't a guy who is purported to be as smart as Geitner get it? Why? Cause he's a liar and a crook who almost go away with not paying his taxes. BUT he's O's pick and O's picks are always perfect. P.S. The president had a very expensive date this past weekend. At taxpayer's expense he took on broadway! All the while folks in the real world are wondering how to get money for food and rent.
D7, Palin is not talking psychotically thank goodness. Now if you'll stop talking psychotically, the world will be in harmony.
Didn't I read this LTE a few months back?
This is old news. Geitner found his mojo and the economy has turned.
Dooley,
We all lost, Dooley.
The government takeover of the financial industry and auto industry are more current events. Obama hiring tax cheats is old news.
Dargent7,
"The "dust settled" alright,...on Nov. 5, '08. McCain would already have us bombing N. Korea and Iran, and Palin would be talking psychoticly against Russia."
As opposed to trying diplomacy with N. Korea and getting nowhere (with 6 missles being launched within a short period of time - an new precedent, BTW) and the country being in financial difficulties with bailouts of large corporations and bankruptcy of same.
Seems to me troubles abound no matter WHO you voted for. And frankly, we don't KNOW what McCain would have done...we only know what Obama has done and can only guess what he will do.
That's right, McCain is a Maverick and there's no telling what kind of Mavericky things he would be doing.
You're correct Dragon. That takeover officially began when President Bush authorized bailout funds.
As much as Bush made a bad decision, it can't compare with the government owning more than 70% of a "new" car company. Of course, I'm sure than it won't build any profitable vehicle, only PC cars.
Gdia,
You are correct...President Bush did sign the bailout funds for the banks...and President (then Senator) Obama voted for them too. So the banks are on President Bush...but the car manufacturers are on Obama.
Bush also gave the first set of bailouts to the auto industry Chief. But of course he isn't to blame, don't be absurd.
You guys are distracted by all of this tit-for-tat like it's two teams on a football field. The truth is it's government against society. All of the political theatrics are meaningless and are simply stage-play in order to separate you from your liberty and your money.
The dems sell on the fear of hungry ignorant unhealthy children... tapping in to the hearts of society. The repubs sell on the fear of out-of-control dems... taping into the heads of society. Nobody really wants to fix anything because this dysfunctional dance is the source of all of their money and power.
The repubs had 6 - 8 years of pretty much unchecked power and all they did was compromise so they wouldn't look like meanies. Now the kook-fringe demos are in charge and are taking their 51% win as license to steam-roll all of America with their misplaced theology that reveres government over all else.
I really don’t know how to compete when we’re playing a lesser of evils game that puts the likes of McCain in the driver seat. Then you get people like Colon Powell out there saying the Republican party had drifted off the deep end. I mean, wtf? This guy had his perfect candidate… McCain… an old buddy and about the most moderate republican out there. Mr Compromise… Mr. Gang of Six… Mr Maverick who would throw his party under the bus to get his mug in front of a camera. No candidate in the Republican party could have been a better choice for Powell – so he picks the overt Socialist? And now he runs around doing the fawning talking head interviews like he’s got conservative cred.? Again, Wtf?
I really don’t know what it will take to get things back in line. Another ’92 back-lash to Clinton’s over-exuberance? Another ’80 land-slide like what tamped down Carter? Who knows but it will not come from this ever-compromising Oprah generation of whipped Repubs we’ve got now.
Gdia,
Ok...so if it was such a bad idea, why is Obama continuing the practise? Oh, and I can blame both Obama and Bush for this mess. Problem is, neither one was or is worried about cleaning it up.
Good for you Chief...I knew you had it in you.
The market tanked on anticipation of the Obama and his promises of 'fairness' in the form of higher income and capital gains taxes. Then it really took a dive after he got elected and it became obvious he really believed the proletariat pap he'd been spewing on the campaign trail.
The small steps toward recovery in the market (forgetting the double-digit unemployment we are still suffering) is because US T-Bills are no longer a sound investment and the investors have to put their money somewhere.
Here we go, same old rants by the nutjob...
Gdia,
Point is, it was a stupid thing to start...and I have no problem saying that.
But it's an even MORE stupid thing to continue...particularly during an economic downturn.
SidVicious: Back in the game? Your 3 month hiatus did wonders for that sparkeling personality of yours. Aren't you the one who said you didn't get jobs " 'cause the interviewer was black"?
sorry... '94 not '92
GM was just thrown OUT of the stock market! Selling at 0.75 cents a share...101 year old American Co. Problem was they couldn't read the market and built crap that fell apart. Japan's Toyota, Honda, Mazda are toasting sake.
C'mon GD... you can do better than an ad hominem attack against the messenger.
The message, and the messenger are nuts Ben. If the shoe fits...
Quick, look!! Ten stones in a row...
GM's overly generous defined benefits health care and retirement packages that were extorted by the labor unions are what put it under. The poor quality, etc... were a result of having severely limited resources with which to compete with the leaner foreign completion.
uh oh... stone thing again.
Dargent7,
Maybe they are...but considering how much money they have invested in this country, I seriously doubt that. Remember that there will be a lot of people who will not be buying cars because they are out of work now.
Slacker, I put them there to screw with Ben...or did I?
BTW, as I understand it, if you own GM stock, you're basically out in the cold...but if you own GM bonds, you will most likely get all of your money back.
Gida,
Are you speaking metaphysically about the stones?
Obama's early promises to double the Caps gains taxes, re-write NAFTA and enforce a more progressive/punnitive income tax had no effect on the market as it became more and more clear he would win?
What do you think people with money do when they hear crap like that? Do you think they go out and buy that dream house they've always wanted or do they wait it out to see what's going to happen? Do they buy a new Lexus or do they stretch out the old one for a year or two more?
Your Cure is the Cause, GD.
yep, you like to mess with Ben. Or maybe your a believer..eh?
Bush told us GM needed a bailout, so let's not rewrite history.
Republicans won't admit to one of the biggest problems US auto makers have, their underwriting workers' health care benefits. Until US auto makers play on a level field with foreign competitors, they won't make better cars for less money.
Of course I'm a believer...I couldn't leave her if I tried...
By the grace of God, my 'stones' are perfectly aligned this morning.
Holy crap! They're planning to shoot another one??? So what is this...7 in about 2 weeks? They've never done THAT before!
North Korea Puts Another Taepodong-2 On The Launchpad
http://closingvelocity.typepad.com/closing_velocity/2009/06/north-korea-puts-another-taepodong2-on-the-launchpad.html
The auto unions could have helped early on by making concessions to Bush, that they are now making to Obama.
Screw the country politics first.
Gdia,
Thanks for that Monkeys rerun! LOL
Ben, you're living in a fantasy. No one can afford their dreamhouse or the Lexus...they're financing things they can't afford and living paycheck to paycheck.
That's the new American dream.
Not a problem Chief!! lol
Slacker,
Bottom line is, now the economy is tanking and it's going to stay in the tank for some time to come...worse, the money the government's been printing will make inflation hit the roof. And the blame is on both sides.
Forget getting the banks and the car industry to get better leadership...I want better leadership in my GOVERNMENT!
ten stones - lol!
Gdia,
Come now...there are those who could afford a Lexus or their dreamhouse. You know there are those who HAVE money (those called the rich)...but they aren't going to spend it because they want to keep the lifestyle they have. So they will just hunker down and keep what they have...won't bother them in the least.
But those of us who depend on their spending to make a living will go belly-up.
Blanket,
Well at least Gdia HAS stones! LOL
The people you want to soak for the cost of our bloated government could. The problem is that when the Obama takes their money directly it removes incentive for them to produce in the first place. It's a delicate balance keeping people who work because they choose to work (the high earners in society) working.
gd, are you getting stoned immaculate?