Yet More House Finance Hearing Geithner Liveblog
If I understand the rules Barney Frank laid down on Tuesday, the members who waited patiently but never got a chance to ask questions on Tuesday (people like Alan Grayson) get to go first.
You can follow along at CSPAN3 or the committee stream.
Frank: When Geithner and Bernanke here on Tuesday, these members were here when they had to leave:
French Execs Shoot Their Gun; Our AIG Employees Accuse US of Extortion
The words extortion and blackmail are
"Reasonable grounds to conclude"
It took a month longer for BushCo to invoke state secrets in the al-Haramain suit than they did in the ACLU suit. In the interim period, they appear to have redefined the program, so as to admit they didn't have proof that al-Haramain was "associated with al Qaeda."
Declining Justice: DOJ Lets Statute Run On Bush Criminality
On March 10, 2009 Emptywheel noted that the five year statute of limitation on the initial criminal wiretapping acts by the Bush/Cheney Administration in the al-Haramain case were expiring. Now the final statute of limitations on the criminal wiretaps of al-Haramain has expired as of 12 pm last night.
Again on the al-Haramain Stuff
The WaPo has a front page article blaring about Obama's horrible record on state secrets.
I agree with the article that Obama's record on state secrets has been worse than disappointing. But I'm really tired of reporting that misses key facts about the case. Here's the theme of the WaPo article.
The first signs [that Obama is "forsaking" campaign rhetoric about openness] have come just weeks into the new administration, in a
Brad Miller Asks More Questions about Goldman Sachs
Brad Miller (D-NC) asks the complement to the question I asked last night: Where's the guy who doesn't know shit about Wall Street to assess these bailouts?
Brad Miller asks, doesn't Edward Liddy's past board membership on Goldman Sachs create the appearance of conflict of interest--not to mention someone without the sufficient distance to approach this problem fairly?
Geithner doesn't seem too troubled about any potential conflict of interest.
Brad Sherman Predicts This Will Work Out Badly
Brad Sherman predicts this is not going to work out well for the taxpayer. First, he predicts we're going to fail to do anything to reel in Wall Street:
What I fear here is that we are doing a kabuki theater in three acts:
The first act, Washington tells the American people, "we understand your anger at Wall Street."
In the second act, we nitpick to death any proposal that actually adversely affects
Joe Baca: When Was It Broken?
Congressman Baca asked Ben Bernanke a very simple question about AIG: "When was it broken?" That question has a very simple answer: "1999." But Bernanke didn't want to admit that the deregulation passed in 1999 brought about the mess at AIG and elsewhere.
Michael Capuano: Why Are We Using the FDIC in the Bailout? And Why Do We Trust Ratings Agencies?
Michael Capuano (D-MA) did the best job grilling Geithner and Bernanke about Geithner's new bailout plan today. He challenged Geither's claim that this leverages private investment at a 6 to 1 ratio, arguing that with the FDIC funding, it's actually 13 to 1.
He then asks how much toxic assets are out there, noting that there are more than a trillion dollars of toxic assets out there.
Manzulllo: Why Do Americans Who Lost Their Retirement Have to Pay AIG?
Congressman Donald Manzullo (R-IL) read this line in Tim Geithner's opening statement to the House Financial Services Committee today.
AIG directly guarantees over $30 billion of 401(k) and pension plan investments and is a leading provider of retirement services for teachers and educational institutions.
And this line in Ben Bernanke's opening statement.
Workers whose 401(k) plans had purchased $40 billion of insurance from AIG against the risk that their stable value funds would
Geithner: There Is No Plan B
Gresham Barrett (R-SC) asked Tim Geithner "the $64 trillion question"--basically, what is Plan B.
Geithner's response? Don't worry. It'll work. That wasn't acceptable when President Bush had no Plan B in Iraq, and it's not acceptable here.
Maxine Waters: Is Goldman Sachs Going to Manage Our Toxic Waste?
Maxine Waters got into one key area of distrust on the bailouts: the ubiquity of Goldman Sachs in bailout plans.
Tim Geithner sure didn't seem all that interested in Waters' questions on the bailout.
Geithner and Bernanke Visit Financial Services Liveblog (Thread the Third)
Hearing is on CSPAN3 and the committee thread. In addition to Geithner and Bernanke, the head of the NY Fed, William Dudley, is also here.
For my liveblog on the statements, go here (it's mostly an excerpt of their statements).
For the first set of member questions, go here.
Geithner and Bernanke Visit Financial Services Liveblog (Member Questions)
Hearing is on CSPAN3 and the committee thread. In addition to Geithner and Bernanke, the head of the NY Fed, William Dudley, is also here.
For my liveblog on the statements, go here (it's mostly an excerpt of their statements).
Frank: Begin with Bernanke. First an announcement. We have a lot of members here, important hearing.
Geithner and Bernanke Visit Financial Services Liveblog
A few days ago, this hearing might have focused on why we need to bribe the banksters to clean up their mess. Now, it will undoubtedly focus on why we're socializing risk some more. We'll also have William Dudley, the new head of the NY Fed. The Honorable Timothy F. Geithner, Secretary, U.S.
Where's the Guy Who Doesn't Know $hit about Wall Street?
To manage the auto bailout, Obama picked someone who doesn't know shit about the industry. To manage the Wall Street bailout, Obama picked a crowd that was deeply involved in all the crappy decisions that got us into this mess. I may not love the choice of Rattner to lead the auto task force. But he may help us to avoid the rigid ideology of the Wall Street bailout team.
Cheney's Assassination Squads and Iran-Contra and Findings
Sy Hersh's recent discussion at University of Minnesota revealed the edges of the way Dick Cheney worked. By reading Hersh's work in conjunction with a recent CRS report, it suggests more about how and why Cheney did what he did.
The Fed and Bonuses
The WSJ makes clear that Treasury specifically avoided discussing bonuses when negotiating new aid for AIG, at a time when they were forcing the UAW to renegotiate compensation.
The Clarion Call Of Gideon's Trumpet
In eight days, on March 18, will fall the 46th anniversary of momentous day in American jurisprudence, the day the decision in Gideon v. Wainright was rendered. Prior to Gideon, criminal defendants in the United States had a right to be represented by counsel, but not the right to have counsel appointed if they could not afford their own attorney. But what the Supreme Court gave in Gideon is under attack, and it destroying the due process guarantee in the American criminal system.