AIG, Logic, Insanity, and Tim "I Saw Nothing" Geithner

Go read:

  1. If you’re only reading one post, see FT Alphaville, which incorporates and expands upon…
  2. Tom Adams and Yves Smith’s posting at Naked Capitalism discussing the document and the reality of the situtation.
  3. the document itself is available from either The Long Room or the Huffington Post.

If the FRB of NY really believed that their only option was payment in full and not telling anyone about it, then Tim Geithner’s leadership abilities make Ben Bernanke look like Dwight Eisenhower.

BarryO is, apparently, finally trying to make clear the distinctions between TARP, TLGF, TALF, CPLF, Maiden Lane, Maiden Lane II, Maiden Lane III, etc. and the actual Stimulus Package. A good place to start: One was a huge giveaway that has led to overreported profits and high taxpayer expenses. The other was passed by Congress.

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