And we apologize that we can't have a good video embed of such an important video (below), but that comes with the territory of a blog that is doing the work that billions of dollars of "major media" 'news' papers & big networks REFUSE to cover, much less investigate forcefully, energetically, & relentlessly...
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TREASURY SECRETARY Geithner WHITEWASHES, covers-up, and denies MASSIVE TAXPAYER "bailout" GIVE-AWAYS to wealthy, failed, financially fraudulent banks & hedge funds....
(to follow along with this post, right-click below link, and open in a new window)
http://www.youtube.com/user/TheYoungTurks#p/u/12/YvjJ6VzJH8s
At 2:00 into this November 19, 2009 TYT video
(excerpted from the Congressman DeFazio full-length video of our below, previous post),
The Young Turks news show host Cenk Uygur highlights Congressman DeFazio explanation of how the Obama "Democratic" administration and Tim Geithner's Treasury Dept. have made mega- hedge-fund "investment bank" Goldman Sachs' pure, gambling, "derivative" losses whole - at taxpayer expense, BILLIONS upon billions of taxpayer-extorted "bailout" dollars for which American taxpayers, and their Congress, can NOT get even a BASIC ACCOUNTING of those billions of dollars of "TARP" bailout funds.
at 1:40 into this TYT video, Congressman DeFazio explains:And at 10:01 in to the TYT video is the real bombshell: Treasury Secretary Geithner tried to ram through a $50 trillion, FIFTY TRILLION dollar LOOPHOLE to allow the mega-banks & hedge funds to mask, whitewash, COVER UP, hide, _FOREIGN DERIVATIVE_ losses.
"If you look back at the AIG scandal, Goldman, and others, who GOT THEIR BETS PAID OFF, IN FULL, instead of saying 'well, you bet you lost,' THEY GOT PAID BACK IN FULL in taxpayer money, through AIG, Geithner CHANNELED THE MONEY."
"Geithner would not even answer my question, 'Were those naked credit default swaps by Goldman, or were they a counter-party?' I think they were NAKED CREDIT DEFAULT SWAPS, they were BETS, they should NOT have gotten their money back." [and certainly not billions of dollars at taxpayer expense, with NO oversight or receipts, much less paybacks.]
As TYT explains, this "loophole" wasn't even a "regulation" loophole, it was merely a loophole ruling intended to allow banks & hedge funds to NOT EVEN DISCLOSE their outstanding derivative risks, exposure, and losses - knowing full well that the Geithner/Obama/Emanuel administration would CONTINUE to MAKE those morally bankrupt Hedge Funds' financially bankrupt LOSSES WHOLE, AT TAXPAYER EXPENSE !!
That isn't "billions" of dollars - that is potentially TRILLIONS of dollars the insane Geithner/Emanuel/Summers/GS cabal want to force US taxpayers to potentially make whole, without even a lousy receipt or even a tossed-off "thank you"!
(When T-Sec. Geithner appears before Congress, he PATS HIMSELF on the back for "having saved" the American economy from Great Depression-eque catastrophe... as the host of the full DeFazio interview notices, not only does Geithner pretend that his role as NY Fed Bank President during the Bush administration had NO responsibility in the creation of that very looming crisis he now claims credit for averting, but, worse, Geithner gives American taxpayers _ZERO_ credit for putting up those TRILLIONS of bailout dollars that "saved" Mr. Geithner's own precious banks & financial industry! Mr. Geithner really does see himself as the OVERSEER of slave plantation USA: the SLAVES have NO voice in how their tax dollars are spent, and should just shut-up and bow meekley to their masters & financial overlords!)
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