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President Obama must hold Geithner accountable. He must determine what did Geithner know, and when did he know it.
Remind me again what the stated justification was for Obama to appoint Geithner Treasury Secretary? Can we say fox in the henhouse?

The brainless should not be in banking -- Willem Buiter
by Carrie (migeru at eurotrib dot com) on Tue Mar 16th, 2010 at 06:16:56 AM EST
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Can we say Fox Industrial Chicken Harvesting Inc?

It's becoming less and less clear who exactly appointed whom. See also:

Senator Kaufman Makes A Stand Against The Criminality Exposed By The Lehman Examiner Report, Questions The Core Principles Of US Democracy | zero hedge

One person, however, who refuses to let it go, is Senator Ted Kaufman, whose determined support for an overhaul of market structure we have followed over the past year. The Senator now moves on to yet another pressing issue: the disclosures of unprecedented impropriety conducted by virtually every person of responsibility within the Lehman organization, as well as associated firms like Ernst & Young, and regulators who were asleep at the wheel during the moment of greatest stress for the American financial system. Kaufman calls for a "a thorough investigation, both civil and criminal, to identify every last person who had knowledge that Lehman was misleading the public about its troubled balance sheet - and that means everyone from the Lehman executives, to its board of directors, to its accounting firm, Ernst & Young. Moreover, if the foreign bank counterparties who purchased the now infamous "Repo 105s" were complicit in the scheme, they should be held accountable as well."

So what happens now?

by ThatBritGuy (thatbritguy (at) googlemail.com) on Tue Mar 16th, 2010 at 09:46:22 AM EST
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Kaufman calls for a "a thorough investigation, both civil and criminal, to identify every last person who had knowledge that Lehman was misleading the public about its troubled balance sheet - and that means everyone from the Lehman executives, to its board of directors, to its accounting firm, Ernst & Young. Moreover, if the foreign bank counterparties who purchased the now infamous "Repo 105s" were complicit in the scheme, they should be held accountable as well."

Funny the (New York) Fed is not mentioned...

The brainless should not be in banking -- Willem Buiter

by Carrie (migeru at eurotrib dot com) on Tue Mar 16th, 2010 at 09:49:39 AM EST
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I noticed that too.

I wonder how the audit bill is doing.

by ThatBritGuy (thatbritguy (at) googlemail.com) on Tue Mar 16th, 2010 at 10:03:31 AM EST
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Noting how the Catholic church seems to pass off the repeated manifestations of priestly kiddy-fiddling as "a couple of bad apples, nothing institutional whatsoever, move along", I'm sure that we'll find that there were no systemic problems whatsoever, but it was just " a couple of bad apples".

Over and over again.

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Mar 16th, 2010 at 11:00:51 AM EST
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