It's been a while since I've posted a video on my blog. This is a great one! Congresswoman Maxine Water is in rare form grilling Geithner on the Goldman Sachs role in the bailout. Has she been reading my blog? I couldn't have done it better myself. It's great to get Tim Geithner on the record.
What I don't understand is how Treasury Secretary Geithner could deny that GS CEO Lloyd Blankfein was present during discussions regarding the demise of Lehman Brothers and the propping up of AIG which are the events that led Paulson and Bernanke to come rushing in a panic to Congress for the original $700 billion in bailout money. As we now know that was just a downpayment from the taxpayers to the Wall St. bankers to keep their gigantic Ponzi scheme running a little while longer.
Representative Waters even got in a good lick on Geithner's chief of staff Mark Patterson who is an ex-lobbyist for Goldman Sachs. As I said its good to get this information on the Congressional Record. Perhaps Dennis Kucinich can pick it up from here and dig deeper into the topic of Goldman Sachs' abuses of the government bailout.
What we really need is a special prosecutor to handle this issue. I can absolutely sympathize with the congresswoman's concern over the amount of time she has to ask questions. I've been watching a number of congressional hearings lately and I have noticed how these officials will burn up time by offering up longwinded answers to simple questions. They know that once a congressperson's 5 minutes are up then it's the next representatives turn. By sucking up the time in this way they avoid having to answer any substantial questions. I saw Bernanke do this recently. Most congresspeople are too polite to interrupt an answer, but not Maxine! Some times you just have to play a little rough and dirty.
Next up I'd like to see Maxine Waters grilling ex-Treas-Sec "Hank" Paulson on some of these same topics. It's a shame that other members of Congress don't have the integrity to follow up on this line of questions regarding the role of Goldman Sachs in the bailout. Still, at least it's good to know that there are some members of Congress looking out for the interests of the American People.
Good work Ms. Waters! We thank you. And please, keep it up!
- Welcome to the Wall St. jungle - This contains information about the AIG money that was passed on to GS, and the meeting that GS CEO Blankfein attended to arrange the AIG bailout.
- SIGTARP is the new sheriff in town - This is about the Special Inspector General which is part of the TARP plan and could lead an investigation on Goldman Sachs. The problem is that Neil Barofsky who was appointed to this post by Bush has shown no inclination to do so.
- The Goldman Sachs "secret handshake" - This gets into detail about Mark Patterson, the ex-lobbyist for GS that is now Geithner's chief of staff. It also covers some of the other GS connections in government and at the Federal Reserve.