The Geithner-Goldman Connection

Editor's Note: The first line says it all- "We are so inured to tales of business corruption that even a devastating expos in The Wall Street Journal no longer shocks us." Wall Street has become so corrupt that it's like living in Mexico, where you expect that the "leaders" we elect to be on the take. Can you say baaaahhhh?

The Geithner-Goldman connection
by Robert Scheer

We are so inured to tales of business corruption that even a devastating expos in The Wall Street Journal no longer shocks us. The fact that the chairman of the New York Federal Reserve Bank made millions off his secret purchase of Goldman Sachs stock, "in violation of Federal Reserve policy," as the WSJ put it, at a time when the N.Y. Fed was ostensibly overseeing the antics of the Wall Street firm, has barely registered a blip of outrage.

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In addition to that capital injection, which at least carries some expectation of being repaid, Goldman received an additional $8.1 billion that will not have to be returned to taxpayers. This is a result of the bailout engineered by then-N.Y. Fed president Geithner of AIG, which listed Goldman as its top insured credit-swap customer.

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