One of the extreme-first indications President Obama was more creative-mouth than actual action was the announced appointment in December 2008 of those two knuckle-headed financial assholes Timmy Geithner and Larry Summers to his incoming administration — a move putting conniving foxes in charge ofÂ an already-looted hen house.
Wall Street, and its gun-toting ‘tarded’ cousin, the NRA — corrupt, horrifying institutions that love to dominate.
(Illustration found here).
Obama named Summers director of the White House United States National Economic Council while Geithner was tapped as Treasury Secretary.
Summers left his post in December 2010 — he was one of the top assholes who led the way into the 2008 financial meltdown which the world most-likely will never recover.
In 1999, he was a key in repealing provisions in the 1933 Glassâ€“Steagall Act, blubbering at the time: “Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century.”
Yeah, right, asshole!
How did that shit play out?
If Summers is a financial asshole, Geithner is a monetary weasel.
On Wednesday, Geithner testified before the US House Financial Services Committee on the massive new banking scandal, the so-called LIBOR blow-out — LIBOR is an acronym for the London Interbank Offered Rate, which is the interest that the biggest banks in London pay when borrowing money from each other.
Most humans didn’t even know such a piece of shit existed until recently.
Ezra Klein explained in a nutshell: Once you find out how this scandal worked, you’re going to be kind of shocked that we ever permitted the financial system to function in this way.”
And LIBOR effects/affects everything from home mortages to student loans.
Supposedly, this graft-rate had been going on for years.
And Geithner knew about it at least in 2008, and apparently said nothing — one must remember little Timmy was head of the New York Fed in the fall of 2008.
This week, Geithner continued to whine.
Rep. Randy Neugebauer, a Republican from Texas, said he thought the New York Fed had an obligation to make a criminal referral to the Justice Department once it learned that Barclays was committing fraud.
â€œIt is a little puzzling to meâ€ why such a referral was not made, Neugebauer told Geithner at a hearing of the House Financial Services Committee.
Geithner said he was not told of the Barclaysâ€™ employeeâ€™s admission.
â€œI do not believe I was made aware of that specific conversation,â€ Geithner said.
Geithner defended the New York Fedâ€™s actions in the Libor case, saying he alerted top regulators in Washington. Geithner said he acted after receiving a range of general reports that banks were actually filing false Libor reports.
â€œAt the New York Fedâ€¦I believe we did [the] necessary appropriate thing very early in the process,â€ Geithner said
â€œWeâ€¦did the appropriate thing at an early stage and went and briefed the relevant authorities with enforcement authority and responsibility for fraud and manipulation so they would have ability to choose whether to act on those concerns,â€ Geithner said.
A story in the Washington Post on Wednesday, quoting two unidentified people with knowledge of the matter, said that regulators never heard an appeal from the New York Fed to investigate possible wrongdoing over Libor.
Officials at the Commodity Futures Trading Commission and the Justice Department worked largely without the Fedâ€™s help to build a case against Barclays, according to the report.
Geithner said, Geithner said, bla-bla-bla…
And thisÂ via Bloomberg and a review of â€œBailoutâ€ by Neil Barofsky:
Barofsky, who had hunted down Colombian drug lords and predatory lenders as a federal prosecutor, took his independence seriously.
Though he worked inside the Treasury Building — he was allotted a barren â€œsuiteâ€ of rooms reeking of a â€œmusky, socklike odorâ€ — his mandate was to root out waste, fraud and abuse in the Troubled Asset Relief Program.
His assignment put him on a collision course with Treasury secretaries Henry M. Paulson Jr. and Timothy F. Geithner, who were feverishly shoveling billions of TARP dollars at banks well before Barofsky reported for duty on Dec. 15, 2008.
The last thing Treasury wanted, judging from this account, was a nosy cop scaring bankers away from TARP funds.
In one memorable scene, Geithner explodes in expletives when Barofsky presses his case for requiring banks to report how they were using the money.
He was â€œdropping f-bombs on me,â€ we read.
Well, you little asshole weasel, somebody needs to drop a full-fledged FUCK on your ass — Timmy is reportedly leaving public service at the end of this year, whether Obama wins re-election of not — and we say good riddance to a wanker.