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Tuesday, July 5, 2022

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Oh, So The Fed *DID* Hide Documents?

Oh, So The Fed *DID* Hide Documents?

geithnerCourtesy of Karl Denninger at The Market Ticker

From the wire:

WASHINGTON -(Dow Jones)- The special inspector general for the government’s $ 700 billion Wall Street rescue plan is opening a pair of probes into the government’s rescue of American International Group Inc. (AIG), including efforts to slow public disclosure of all of the terms of the deal….

Additionally, Barofsky said he is reviewing the cooperation of the Federal Reserve with his staff’s attempt to conduct an audit of the AIG transactions. Some of the documents recently turned over to the Oversight panel "were not provided to the SIGTARP audit team during the course of the audit."

This is all anyone should need to call for The Fed to be fully audited now and on an ongoing, permanent, annual basis, along with seeing if there is a criminal charge we can locate that fits this (obstruction perhaps?)

Darrell Issa seems to have this one right:

The report, prepared by staff for Rep. Darrell Issa (R., Calif.), calls the central bank a "quasi-governmental agency, unaccountable to the American people." The Fed’s actions during the AIG rescue, including the effort to withhold the names of the insurer’s counterparties, "demonstrates the threat that the Federal Reserve poses to basic principles of American democracy," the report concludes.

Let’s not forget who was running the NY Fed at the time, and what job he holds now.

Oh Timmy?  TURBOTAX TIMMY!

Yeah you. 

I look forward to seeing you in the dock and while you’re in there let’s toss Bernanke in with you – I don’t believe for a second that he wasn’t both aware of and signed off on what you were up to there in New York.

FEDGATE!

 

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