Tuesday, March 17, 2009

Transparency is prevailing! Will there be any accountability?

For regulars here, you know that for several months now, I've repeatedly tried to demonstrate that Treasury Secretary Tim Geithner is opposed to transparency. He's a typical Washington politician... he thinks he's smarter than you and me. For examples of his opposition to transparency, see here, here, here, here, here, here and here.

Anyway... I now understand why Geithner and The Insiders have been so vehemently opposed to transparency.

Today, details of where the bailout money went began getting disclosed. AIG offered the first bit of info...

From Bloomberg's Hugh Son and Robert Schmidt:

Banks got $22.4 billion in collateral, $27.1 billion in payments from a U.S. entity to retire credit-default swaps and $43.7 billion tied to the securities-lending program, AIG said in a statement. Goldman Sachs Group Inc. led beneficiaries, with $12.9 billion...

Henry Paulson, former CEO of New York-based Goldman Sachs, made the decision to save AIG while he was Treasury Secretary.

What is happening? Does anyone in Washington have any sense of reality?

Tim White

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