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(Washington Post)   GOP tries to pin the London-based LIBOR scandal on Geithner's time at the NY FED. Geithner: "That's how you guys were able to bail out AIG." OH SNAP   (washingtonpost.com) divider line 25
    More: Followup, Treasury Secretary Timothy F. Geithner, Libor, AIG, GOP, bail out AIG, rescue, New York Fed, financial security  
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2222 clicks; posted to Business » on 25 Jul 2012 at 1:07 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-25 01:09:17 PM
The LIBOR scandal guys that Romney is meeting with while in London to raise huge amounts of cash?

Those guys?
 
2012-07-25 01:10:07 PM
Insta-green. Bring on the popcorn.
 
2012-07-25 01:13:25 PM
Can someone explain? I read neither an "Oh" nor a "Snap" in TFA.
 
2012-07-25 01:17:09 PM

Dr Dreidel: Can someone explain? I read neither an "Oh" nor a "Snap" in TFA.


the only OH SNAP i see is that Geithner is lying (again)
 
2012-07-25 01:20:16 PM

hackhix: Dr Dreidel: Can someone explain? I read neither an "Oh" nor a "Snap" in TFA.

the only OH SNAP i see is that Geithner is lying (again)


About what? Which of his quotes from this article are lies?
 
2012-07-25 01:28:36 PM

Dr Dreidel: Can someone explain? I read neither an "Oh" nor a "Snap" in TFA.


Subby infers, I presume, that when Geithner was referring to choices the Fed had to make in a diadvatageous market, he was talking about raising cash in the form of bonds that were quite possibly tied to LIBOR in order to bail out AIG and their ilk.

In a crisis, beggars can't be choosers.
 
2012-07-25 01:29:21 PM
Yes, why would an American treasury secretary not regulate a rate set by the UK markets? It's like he's not even TRYING to regulate what England does.
 
2012-07-25 01:30:32 PM
So is this the Anglo-Saxon heritage Romney says he's all about?
 
2012-07-25 01:39:02 PM

Aarontology: So is this the Anglo-Saxon heritage Romney says he's all about?


Well, Geithner is white.
 
2012-07-25 01:39:02 PM
he farking called them out on it!
 
2012-07-25 01:44:09 PM
Can someone explain to me in non-derp how Geithner's time at the NY Fed had any impact on what happened between a bunch of bankers in London.
 
2012-07-25 01:48:40 PM
Larry Kudlow says the REAL victims are the bankers in London.

/i'm not making this up
 
2012-07-25 01:49:07 PM

Mrtraveler01: Can someone explain to me in non-derp how Geithner's time at the NY Fed had any impact on what happened between a bunch of bankers in London.


he figured out what they were up to, called them up and told them he knew, they told him to piss off, he filed complaints with the SEC, CFTC and Treasury. now the GOP is trying to accuse him of being complicit in the scandal because he knew and didn't do anything about it.

DIAF GOP.
 
2012-07-25 01:55:10 PM

Mrtraveler01: Can someone explain to me in non-derp how Geithner's time at the NY Fed had any impact on what happened between a bunch of bankers in London.


Everyone - and I do mean everyone - knew the banks were under reporting their rates, and Timmy was about the only one that even tried to bring the subject up to someone. So clearly, he is the one responsible.
 
2012-07-25 01:59:10 PM
problems with the London interbank offered rate, which is a benchmark for hundreds of trillions of credit cards, mortgages, student loans and financial securities.

That's a lot of farking credit cards!! No wonder we have such a debt problem.
 
2012-07-25 02:13:47 PM

doublesecretprobation: Mrtraveler01: Can someone explain to me in non-derp how Geithner's time at the NY Fed had any impact on what happened between a bunch of bankers in London.

he figured out what they were up to, called them up and told them he knew, they told him to piss off, he filed complaints with the SEC, CFTC and Treasury. now the GOP is trying to accuse him of being complicit in the scandal because he knew and didn't do anything about it.

DIAF GOP.


That'll do it. Wrap this thread up before skinnyhead gets here.
 
2012-07-25 02:18:45 PM

doublesecretprobation: Mrtraveler01: Can someone explain to me in non-derp how Geithner's time at the NY Fed had any impact on what happened between a bunch of bankers in London.

he figured out what they were up to, called them up and told them he knew, they told him to piss off, he filed complaints with the SEC, CFTC and Treasury. now the GOP is trying to accuse him of being complicit in the scandal because he knew and didn't do anything about it.

DIAF GOP.


And we're done. The GOP, desperate to paint someone other than their recalcitrant, greedy partisan asses with blame for this financial meltdown prior to the election, are hoping Geithner will serve as a whipping boy. Geithner has already demonstrated that he did what he was supposed to do, when he was supposed to do it, and so that just isn't going to fly.
 
2012-07-25 03:05:44 PM
Good farking Christ, people, is there anything that one side won't try to pin on the other? LIBOR, Batman shootings, tornadoes, motorcycle accidents, binge drinking, Tyler Perry...

People are accountable for their own actions. Period.
 
2012-07-25 03:11:45 PM

Harvey Manfrenjensenjen: Good farking Christ, people, is there anything that one side won't try to pin on the other? LIBOR, Batman shootings, tornadoes, motorcycle accidents, binge drinking, Tyler Perry...

People are accountable for their own actions. Period.


A power struggle. The last gasps of an ideology that just might die because of changing demographics. Conservatism won't die, but a white aristocratic power base will.
 
2012-07-25 03:14:28 PM

Dr Dreidel: Can someone explain? I read neither an "Oh" nor a "Snap" in TFA.


Basically, the scandal is that Barclay's (and allegedly the other large banks) formed a cartel to underprice LIBOR (a very important index based on the rates that large banks called each other). They happened to be doing this at the same time the Fed was trying to lower interest rates. So, in other words, the scandal was making the Fed's moves more effective (by pushing the other major basic rate down). Low rates shift money from lender to debtors and in this case debtors included all the banks+AIG that required a bailout, so their behavior effectively increased the strength of the bailout.
 
2012-07-25 03:21:24 PM

FormlessOne: doublesecretprobation: Mrtraveler01: Can someone explain to me in non-derp how Geithner's time at the NY Fed had any impact on what happened between a bunch of bankers in London.

he figured out what they were up to, called them up and told them he knew, they told him to piss off, he filed complaints with the SEC, CFTC and Treasury. now the GOP is trying to accuse him of being complicit in the scandal because he knew and didn't do anything about it.

DIAF GOP.

And we're done. The GOP, desperate to paint someone other than their recalcitrant, greedy partisan asses with blame for this financial meltdown prior to the election, are hoping Geithner will serve as a whipping boy. Geithner has already demonstrated that he did what he was supposed to do, when he was supposed to do it, and so that just isn't going to fly.


Exactly. GOPers are desperately trying to shoot the messenger here. There was a wide spread belief in the summer of 2008 that LIBOR was no longer a real number since none of the reporting banks could actually borrow at LIBOR. Geitner reported to a number of regulatory bodies which triggered investigations. Some of these investigations uncovered evidence of tampering which is what the current debate is about.
 
2012-07-25 03:25:16 PM

doublesecretprobation: Mrtraveler01: Can someone explain to me in non-derp how Geithner's time at the NY Fed had any impact on what happened between a bunch of bankers in London.

he figured out what they were up to, called them up and told them he knew, they told him to piss off, he filed complaints with the SEC, CFTC and Treasury. now the GOP is trying to accuse him of being complicit in the scandal because he knew and didn't do anything about it.

DIAF GOP.


nelsonal: Dr Dreidel: Can someone explain? I read neither an "Oh" nor a "Snap" in TFA.

Basically, the scandal is that Barclay's (and allegedly the other large banks) formed a cartel to underprice LIBOR (a very important index based on the rates that large banks called each other). They happened to be doing this at the same time the Fed was trying to lower interest rates. So, in other words, the scandal was making the Fed's moves more effective (by pushing the other major basic rate down). Low rates shift money from lender to debtors and in this case debtors included all the banks+AIG that required a bailout, so their behavior effectively increased the strength of the bailout.


Thanks. I figured this was something on the order of "Oh, Reginald...I disagree!" but it's good to know there was an actual snap there.
 
2012-07-25 06:08:24 PM

thurstonxhowell: hackhix: Dr Dreidel: Can someone explain? I read neither an "Oh" nor a "Snap" in TFA.

the only OH SNAP i see is that Geithner is lying (again)

About what? Which of his quotes from this article are lies?


Uh, dude? You won't get an answer. that was what you call a "drive-by".
i18.photobucket.com
 
2012-07-26 01:48:52 AM

hackhix: Dr Dreidel: Can someone explain? I read neither an "Oh" nor a "Snap" in TFA.

the only OH SNAP i see is that Geithner is lying (again)


You get tagged "troll" for that.
 
2012-07-26 05:49:07 PM

Dr Dreidel: doublesecretprobation: Mrtraveler01: Can someone explain to me in non-derp how Geithner's time at the NY Fed had any impact on what happened between a bunch of bankers in London.

he figured out what they were up to, called them up and told them he knew, they told him to piss off, he filed complaints with the SEC, CFTC and Treasury. now the GOP is trying to accuse him of being complicit in the scandal because he knew and didn't do anything about it.

DIAF GOP.

nelsonal: Dr Dreidel: Can someone explain? I read neither an "Oh" nor a "Snap" in TFA.

Basically, the scandal is that Barclay's (and allegedly the other large banks) formed a cartel to underprice LIBOR (a very important index based on the rates that large banks called each other). They happened to be doing this at the same time the Fed was trying to lower interest rates. So, in other words, the scandal was making the Fed's moves more effective (by pushing the other major basic rate down). Low rates shift money from lender to debtors and in this case debtors included all the banks+AIG that required a bailout, so their behavior effectively increased the strength of the bailout.

Thanks. I figured this was something on the order of "Oh, Reginald...I disagree!" but it's good to know there was an actual snap there.


Yeah, there's no snap.

"you guys"?, subby? As if Geithner wasn't front and center with the bailout of AIG?

He knew what was going on with LIBOR, and the reason he didn't do anything about it was because a) he had bigger fish to fry, and b) he knew it isn't really that material relative to the financial crisis.
 
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