Bloomberg exposes a dirty little secret about our Treasury Secretary… He seems to have no problem breaking the law (at least when he was a President of the NY 
Federal Reserve).
Tax cheat is bad enough, fraud with tax payers money rises to another level.
Bloomberg reports…
Jan. 7 (Bloomberg) — The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.
AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008. The e-mails were obtained by Representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.
Congressman Ron Paul Responds to this news in a Press Release Today Jan 7, 2010 
“The new details revealed today regarding AIG’s bailout in 2008 come as no surprise to those of us who believe that the American people deserve full transparency from the Federal Reserve. It also demonstrates why defenders of the Fed are so adamant about ‘independence’ by which they really mean secrecy. My strong suspicion is that secret arrangements between cronies like this are not an anomaly, but the norm. The status quo has made it entirely too easy and too tempting to behave recklessly with public funds in total secrecy. The system needs radical change, but we should start with honesty, transparency and accountability to the American people about how their money is being handled.”Paul (TX14) – Press Releases – Congressman Paul on AIG/Geithner.
But…
The Wall Street Journal Reports…
But a Treasury spokeswoman said Mr. Geithner wasn’t involved in disclosure decisions at AIG. “Secretary Geithner played no role in these decisions and indeed, by Nov. 24, he was recused from working on issues involving specific companies, including AIG,” the spokeswoman said.
“There was no effort to mislead the public,” said Thomas Baxter, general counsel of the New York Fed, on Thursday. He said it was “appropriate” for the institution to comment on AIG’s disclosures on transactions involving the New York Fed, “with the understanding that the final decision rested with AIG and its external securities counsel.”
Not Good Enough!
Call on Congress to Investigate this matter! We need the House Oversight Committee to take some action… http://oversight.house.gov/
Then we need true transparency with H.R. 1207 and S. 604.
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