‘Explosive emails
released last week could see Treasury secretary Timothy Geithner become
embroiled in criminal charges for his role in a cover up that exposes
the monumental criminality behind the $182.3 billion bailout of
American International Group Inc. In
November and December 2008, The Federal Reserve Bank of New York
instructed the bailed out AIG to hide from the public details regarding
payments the insurance giant made to banks, including Goldman Sachs
Group Inc. and Societe Generale SA.
Using Fed secured
taxpayer bailout money, AIG paid several banks 100 percent of the face
value of credit-default swaps, as other financial institutions were
negotiating deep discounts for the unregulated paper assets that do not
have to be backed by cash. The decision to pay the banks in full may have cost AIG, and therefore taxpayers, at least $13 billion over the odds.’
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