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   The case against Geithner   
   Ratigan: Whose side is the Treasury Secretary on banks or   
   taxpayers?   
   By Dylan Ratigan   
   MSNBC   
      
   As we sit here today, Wall Street continues to exploit a policy of   
   government-sponsored giveaways and secrecy to pay themselves billions.   
   Record-setting bonuses due to banks like Goldman Sachs as early next   
   week.   
   Yet instead of acting as our cop, Treasury Secretary Tim Geithner has   
   become central to what may be a cover-up of the greatest theft in U.S.   
   history.   
   Here is the evidence.   
      
    COUNT 1: The AIG e-mails:   
   Recently-released e-mails show Geithner's New York Federal Reserve Bank   
   directing AIG to keep details of the 100-cents-on-the-dollar bailout   
   secret in 2008 a reversal of the traditional role of government, which   
   is to force companies to become more transparent, not less.   
      
    A Treasury spokeswoman says: "Secretary Geithner played no role in   
   these decisions and indeed, by November 24, he was recused from working   
   on issues involving specific companies, including AIG."   
      
   Friday, the White House also defended the Treasury Secretary: Gibbs:   
   These decisions did not rise to his level at the fed.   
      
   CNN's Ed Henry: How do you know that he wasn't involved? He was the   
   leader of the New York Fed.   
      
   Gibbs: Right, but he wasn't on the emails that have been talked about   
   and wasn't party to the decision that was being made. He wasn't party to   
   a decision to hide $62 billion dollar payouts to firms that became   
   insolvent during his 5-year watch at the New York Fed?   
      
    Congressman Darrell Issa speculates that perhaps Geithner wasn't on the   
   e-mails in question because his people felt so strongly they already   
   knew their boss's intentions that they didn't feel the need to bother   
   him with the details.   
      
    COUNT 2: He wasn't even a regulator! In Geithner's own words during   
   confirmation hearings in March: "First of all, I've never been a   
   regulator...I'm not a regulator."   
   According to the New York fed bank's Web site, that was your job!!   
   Quoting from the Fed's website: "As part of our core mission, we   
   supervise and regulate financial institutions in the Second District."   
   That district of course is the epicenter for bailed out banks and   
   billion dollar bonuses.   
      
    Count 3: "The Christmas Eve Taxpayer Massacre." As you were wrapping   
   those last presents, Geithner's Treasury Department lifted the $400   
   billion cap on taxpayer responsibility for potential losses for Fannie   
   Mae and Freddie Mac. The new cap? Unlimited taxpayer funds! Interesting   
   timing, Christmas Eve, Tim?   
   Still no word on recovering the hundreds of millions paid to the CEOs   
   who created this mess.   
      
    COUNT 4: He's too cozy with certain banks. Remember those call logs   
   when he first started 80 contacts with Goldman Sachs, JP Morgan, and   
   CitiGroup CEOs in just 7 months!   
   But Bank of America's CEO only got three calls. Apparently Bank of   
   America is not one of Geithner's favorites, especially when you consider   
   that there are still many unanswered questions about Tim Geithner's role   
   in threatening to fire Bank of America management if they didn't go   
   through with a deal to buy Merrill lynch.   
      
    COUNT 5: TARP Special Investigator Neil Barofsky's report says   
   Geithner's New York Fed overpaid the big banks through AIG by billions   
   of dollars. Geithner says it had to be done. Maybe so, maybe not, but   
   this takes us to our final point.   
   Since then, the Treasury Secretary has yet to really prove whose side   
   he's on â€" the Wall Street big wigs or the American taxpayer?   
      
     Here's the litmus test: Mr. Geithner, show us the past ten years   
   of AIG e-mails or step down so that we can get somebody who will. A   
   crime has been committed against the American taxpayer and right now you   
   are standing at the door of the crime scene refusing to let anyone in.   
      
    Show us you're not involved Mr. Geithner, prove the White House correct   
   in defending you. All we are asking for is the transparency promised by   
   the president you serve.   
      
   The Dylan Ratigan Show airs Monday through Friday from 4 p.m. ET to 5   
   p.m. ET on msnbc.   
   Â© 2011 msnbc.com   
      
      
      
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