Treasury Secretary, Tim Geithner is GRILLED by congress (Video)

Again, when is this guy going to bounce from the Obama Administration....



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Obama Administration, GET RID OF TIM GEITHNER (Video)

He needs to go. Period. How long is Barack Obama going to keep Wall Street's best friend around? What he did to protect AIG is criminal. He has to go. Read it all here.

From the Ed Show:



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Getting fired by a president means nothing if you are a former GM CEO

Again, it means nothing. It was proverbial lip service, obviously, because the man is still getting a pay check.

Seven weeks after the Treasury Department announced that it was ousting General Motors chief G. Richard Wagoner Jr. in the federal bailout of the company, he is still technically on GM's payroll.

Wagoner's removal has been held up because senior Treasury officials have yet to decide whether he should get the $20 million severance package that the company had promised him.

The delay is one of many hitches that have slowed a host of important policy actions in the four months since Timothy F. Geithner became Treasury secretary. While Geithner has taken dramatic steps to address flashpoints in the economy, the work of carrying out those policies has bogged down because critical decisions about how to do so aren't being made, interviews with a broad range of federal officials show.

Government officials, inside the Treasury and out, say the unresolved issues are piling up in part because of vacancies in the department's top ranks. But some of the officials also cite the Treasury's ad-hoc management, which is dominated by a small band of Geithner's counselors who coordinate rescue initiatives but lack formal authority to make decisions. Heavy involvement by the White House in Treasury affairs has further muddied the picture of who is responsible for key issues, the officials add.

In other words, they don't know what the hell they are doing. Sorry, but if you make a decision to fire someone, that decision should be final. Meaning, all discussion and decisions of any bonus should have been made, prior to any firing. So, now we have a fired CEO, getting a pay check and the firing did not mean anything.

At least that is what we minions in the nosebleed section think.

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Bernanke, Paulson I guess forgot to CYA: Bank of America spills the beans....

Ben Bernanke and former Treasury Secretary Hank Paulson pressed Bank of America, Chief Executive, Kenneth Lewis not to reveal the purchase of Merrill Lynch. In other words, trying to keep the real exposure of the economy under wraps.

Scandalous.

Bank of America Corp Chief Executive Kenneth Lewis testified under oath that U.S. Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressured the bank to not discuss its plan to buy Merrill Lynch & Co, the Wall Street Journal said.

In a testimony before New York's attorney general Andrew Cuomo in February, Lewis told prosecutors that he believed Paulson and Bernanke were instructing him to keep silent about deepening financial difficulties at Merrill, which BofA acquired in January.

Lewis testified that the government wanted him to remain silent while the two sides negotiated government funding to help BofA absorb Merrill and its losses, the paper said, citing transcripts of the testimony.

A representative of Cuomo questioned Lewis about his failure to disclose Merrill's fourth-quarter losses, which eventually totaled $15.84 billion, according to the paper.

Lewis said he was told by Bernanke and Paulson that the BofA-Merrill deal needed to be completed, otherwise it would "impose a big risk to the financial system" of the United States as a whole, according to the paper.

This is another reason why the public is highly skeptical of Wall Street and the continuation of dumping money in these banks.

If this is true and note this statement was taken under oath, Bernanke should be told to empty his office and leave to greener pastures.

for real.

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