Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Just as there is a distance between claiming that Giethner wanted to protect all bondholders and that he wanted to protect certain bondholders.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon May 9th, 2011 at 03:30:29 PM EST
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"US treasury secretary Timothy Geithner who, as his payment of $13 billion from government-owned AIG to Goldman Sachs showed, believes that bankers take priority over taxpayers. "

It's also interesting to note that the numbers are wrong (most of that 13B was previously posted collateral from AIG, Maiden Lane payments were $5.6B), oddly chosen since SG got significantly more and it's funny to have GS picked out in the context of another bailout of European/UK banks, and, of course, the uncomfortable fact that Maiden Lane III net balance is going to cover outstanding balance, validating the widely sneered at claim that FRB was responding to a liquidity crisis not an insolvency crisis.


How could anyone give any of that article any credence at all?

by rootless2 on Mon May 9th, 2011 at 04:40:39 PM EST
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