Downgrading The US Credit Rating Will Cost S&P $1.5 Billion

Deceiving and lying to the American people is OK:

Welcome to the Recovery (New York Times, by Timothy Geithner, August 2, 2010)

More:

‘Stress Test’ Reviewed: Tim Geithner Is ‘A Grifter, A Petty Con Artist’

Timothy Geithner in January 2013: ‘Extremely Unlikely Will Take A Job In The World Of Finance’

Timothy Geithner Heads To Private Equity Firm Warburg Pincus, Will Hold Titles Of President And Managing Director

Timothy Geithner Joins The Council of Foreign Relations As ‘Tireless And Creative Practitioner And Thinker’

Matt Taibbi: Geithner Is ‘The Architect Of Too Big To Fail’ (Video)


geithner the mole

Downgrading The US Will Cost S&P $1.5 Billion (ZeroHedge, Jan 20, 2015):

Remember when S&P forgot for a second that it lives in a world of pretend free speech, and where telling the truth would promptly result in a lawsuit by none other than the US government under false pretenses (and from which Buffett darling Moody’s was excluded) after it downgraded the US from AAA to AA+ in the summer of 2011? A downgrade which as Bloomberg previously reported led to this exchange with then Treasury Secretary Tim Geithner: “S&P’s conduct would be looked at very carefully,” Geithner told McGraw according to the filing. “Such behavior would not occur, he said, without a response from the government.”

Well, S&P will never make the same mistake again, because according to Reuters, it will cost it $1.5 billion to settle with the government and put the whole “downgrade” episode in the past.

  • S&P SAID IN SETTLEMNT TALKS WITH WITH DOJ,STATES: RTRS
  • S&P SAID IN SETTLEMNT TALKS FOR $1.5B: REUTERS
  • SEC SAID TO BAN S&P FROM RATING PART OF CMBS MARKET FOR A YEAR
  • S&P SETTLEMENT WITH SEC SAID TO INCLUDE $60 MILLION FINE
  • S&P SETTLEMENT ON CMBS SAID TO BE ANNOUNCED AS SOON AS TOMORROW

And let that be a lesson to anyone else who thinks the First Amendment is anything but window dressing.

‘Stress Test’ Reviewed: Tim Geithner Is ‘A Grifter, A Petty Con Artist’

Geithner-Obama

“Stress Test” Reviewed: Tim Geithner Is “A Grifter, A Petty Con Artist” (Liberty Blitzkrieg, June 5, 2014):

Geithner is at heart a grifter, a petty con artist with the right manners and breeding to lie at the top echelons of American finance at a moment when the government and financial services industry needed someone to be the face of their multi-trillion dollar three card monte. He’s going to make his money, now that he’s done living his life of fantastic power after his upbringing of remarkable mysterious privilege. After reading this book and documenting lie after lie after lie, I’m convinced that there’s more here than just a self-serving corrupt official. There’s an entire culture, of figures at Treasury, the Federal Reserve, in the entire Democratic Party elite structure, and in the world of journalism, a culture in which Geithner is seen as some sort of role model.

– From Matt Stoller’s fantastic article published yesterday, The Con-Artist Wing of the Democratic Party

Timothy Geithner is likely to go down in American history as one of the most dangerous, destructive cronies to have ever wielded government power. The man is so completely and totally full of shit it’s almost impossible not to notice.

The last thing I’d ever want to do in my free time is read a lengthy book filled with Geithner lies and propaganda, so I owe a large debt of gratitude to former Congressional staffer Matt Stoller for doing it for me. Stoller simply tears Geither apart limb from limb, detailing obvious lies about the financial crisis, and even more interestingly, Geithner’s bizarre bio, replete with mysterious and inexplicable promotions into positions of power.

So without further ado, here are some excerpts from this excellent article.

Read more‘Stress Test’ Reviewed: Tim Geithner Is ‘A Grifter, A Petty Con Artist’

Geithner Confirms Mafia-Linked Berlusconi’s Forced Ouster, But Says US Did Not ‘Have Blood On Our Hands’

Geithner Confirms Mafia-Linked Berlusconi’s Forced Ouster, But Says US Did Not “Have Blood On Our Hands” (ZeroHedge, May 14, 2014):

Silvio Berlusconi – ironically nicknamed “The Teflon Don” – has been found to have done business with the Sicilian Mafia for nearly two decades, according to Italy’s Supreme Court of Cassation in Rome. Having attacked the “biased judges” who called his actions “a continuous crime,” Berlusconi wriggled out from under this result since the link to the Cosa Nostra was, as The Independent reports, via his conduit and former senator Marcello Dell’Utri who was sentenced to 7 years for mafia association. While this confirms as fact yet another conspiracy theory, the bigger story was the confirmation of a broad-based bloodless coup to ouster the Italian Prime Minister at the peak of the credit crisis. “At one point that fall, a few European officials approached us with a scheme to try to force Italian Prime Minister Silvio Berlusconi out of power,” Tim Geithner writes in his new book, and after telling the President about “this surprising invitation,” they decided not to get involved (publicly): “We can’t have his blood on our hands.”

Conpsiracy “Fact” #1: Berlusconi linked to the Mafia

As The Independent reports,

Silvio Berlusconi – Italy’s former Prime Minister and one of the world’s most recognisable politicians – did business with the mafia for nearly two decades.

Read moreGeithner Confirms Mafia-Linked Berlusconi’s Forced Ouster, But Says US Did Not ‘Have Blood On Our Hands’

Timothy Geithner Admits ‘Too Big To Fail’ Hasn’t Gone Anywhere (And That’s The Way He Likes It)

001-timothy-geithner-cfr

Tim Geithner Admits “Too Big To Fail” Hasn’t Gone Anywhere (And That’s The Way He Likes It) (Liberty Blitzkrieg, May 9, 2014):

But it is now clear that Geithner never believed his own talking points. To him, too-big-to-fail and the so-called moral hazard, or safety net, that it would create can’t really ever be fully taken away. During his lecture to Summers’s class, one student asked a question about “resolution authority,” a provision of the reform laws that is supposed to let the government wind down a complex financial institution without creating a domino effect. The question prompted Geithner onto a tangent about too-big-to-fail. “Does it still exist?” he said. “Yeah, of course it does.” Ending too-big-to-fail was “like Moby-Dick for economists or regulators. It’s not just quixotic, it’s misguided.”– From The New York Times Magazine article, What Timothy Geithner Really Thinks

Never in a million years did I think I’d ever use an article by Andrew Ross Sorkin as the basis of a blog post, but here we are. While probably entirely unintentional, his article serves to further solidify as accurate the prevailing notion across America that former head of the New York Federal Reserve and Obama’s first Treasury Secretary, Timothy Geithner, is nothing more than an addled, crony, bureaucratic banker cabin boy.

There are so many choice nuggets in this article, all of which make Geithner look worse and worse as you read on. It’s almost as if he is some sort of lab created, android bankster butler sent back to earth from the future in order to ensure Wall Street bonuses never experience a downtick. It’s truly remarkable. Early in the article, we learn a little bit about Timmy’s family history, and how, shocker, it overlaps quite nicely with Obama’s own family history.

The following lines from this day forth should be forever referred to as “the paragraph that launched a thousand conspiracy blogs.” We learn that:

Read moreTimothy Geithner Admits ‘Too Big To Fail’ Hasn’t Gone Anywhere (And That’s The Way He Likes It)

What If There’s A Recession In 2014?

Flashback:

Gold is a Crap Investment – Unless …

Inflation, Hyperinflation and Real Estate (Price Collaps)


revolver
What the Fed is looking at.

What If There’s A Recession in 2014? (Gonzalo Lira, Dec 16, 2013):

If policymakers were gunfighters, they’d be out of bullets: They have run out of effective policy tools to improve the economy.

So the question is simple: If there is a recession in 2014, and policymakers are out of bullets, how will it play out across the American economy?

Recently, Deutsche Bank’s Jim Reid very astutely pointed out that the current “expansion” of the U.S. economy is on its fifth year—the seventh longest in history.

We are due for a recession.

Read moreWhat If There’s A Recession In 2014?

Timothy Geithner in January 2013: ‘Extremely Unlikely Will Take A Job In The World Of Finance’

Tim Geithner in January 2013: “Extremely Unlikely Will Take a Job in the World of Finance” (Liberty Blitzkrieg, Nov 18, 2013):

So over the weekend, the world learned that Tiny Turbo Tax Timmy Geither had accepted a job with private equity giant firm Warburg Pincus. The news was about as much of a surprise as a lie popping out of Barack Obama’s mouth every time he opens it. Nevertheless, the move is particularly hilarious in light of a profile article of Geithner in New York magazine from January of this year, in which the king of cronyism tried to distance himself from Wall Street.

Here’s the money-shot paragraph from the piece:

Another fiction that has plagued Geithner is the idea that he is a creature of Wall Street, specifically that he worked for Goldman Sachs. He isn’t sure where it came from—probably just confusion with his predecessor, Hank Paulson, who was the former CEO—but “once it hardened, it was very hard to overcome.” Indeed, he has not really overcome it at all. I can write, right here, in all caps, TIM GEITHNER HAS NEVER WORKED ON WALL STREET, and still someone will comment on our website that he is a bankster who should just go back to Goldman Sachs. Geithner says it’s “extremely unlikely” he will take a job in the world of finance, but the idea that he is somehow, secretly, working hand in hand with that community persists, and every once in a while someone pulls out records of his phone calls and meetings with CEOs as evidence. Geithner is not really sure what to say about that. “I’m the secretary of the Treasury.” He laughs. “How am I supposed to run a financial rescue if I don’t take phone calls from people?”

At least he is making up for lost time. Those conspiracy theorists making stuff up again…

Read moreTimothy Geithner in January 2013: ‘Extremely Unlikely Will Take A Job In The World Of Finance’

Timothy Geithner Heads To Private Equity Firm Warburg Pincus, Will Hold Titles Of President And Managing Director

Timothy Geithner heads to private equity firm Warburg Pincus (Politico, Nov 16, 2013):

Former Treasury Secretary Timothy Geithner, a trusted lieutenant to President Barack Obama who played a leading role in the government’s response to the financial crisis, will join private-equity firm Warburg Pincus LLC in March.

On Saturday, the firm, which is headquartered in New York, announced Geithner will hold the titles of president and managing director.

Read moreTimothy Geithner Heads To Private Equity Firm Warburg Pincus, Will Hold Titles Of President And Managing Director

Timothy Geithner Admits: ‘I Never Had A Real Job’ (Video)

Geithner Admits: “I Never Had A Real Job” (The Daily Bail, Feb 8, 2013):

UPDATEGeithner Joins CFR As Distinguished Fellow (CFR Press Release)

For once, Turbo told the truth on a weekend talk show.  Sort of.  We could add that Geithner never paid taxes like a real taxpayer either.  Geithner’s ongoing attempt to distance himself from Wall Street’s decade of fraud is laughable.  As President of the New York Fed, Geithner was criminally negligent in his role as Wall Street’s chief regulator.

Timmaaayy tells the truth.

“I find that the charge that — the myth that I worked in Wall Street all my life, somewhat amusing.  But it is part of a narrative that hardened.  People came to view the judgments we were making through the prism of a myth … it’s actually very damaging.  It’s completely false, of course, and it, you know, should have been corrected a long time ago.  What I say is that I never had a real job.”

Flashback – Geithner with Fareed Zakaria – WSJ

This is worth watching:

Max Keiser on Geithner’s AIG Crime