Ron Paul: Geithner Should Be Fired Over Bankergate

Ron Paul: Geithner Should Be Fired Over Bankergate: "Ron Paul: Geithner Should Be Fired Over Bankergate
Congressman says scandal proves need to strip Federal Reserve of its powers

Paul Joseph Watson
Prison Planet.com
Monday, January 11, 2010
Congressman Ron Paul has called for Treasury Secretary Timothy Geithner to be fired for his involvement in the AIG bailout scandal, adding that the fiasco proves the Fed should be stripped of its powers and audited.
Explosive emails released last week could see Treasury secretary Timothy Geithner become embroiled in criminal charges for his role in a cover up that exposes the monumental criminality behind the $182.3 billion bailout of American International Group Inc.
In November and December 2008, The Federal Reserve Bank of New York instructed the bailed out AIG to hide from the public details regarding payments the insurance giant made to banks, including Goldman Sachs Group Inc. and Societe Generale SA.
Using Fed secured taxpayer bailout money, AIG paid several banks 100 percent of the face value of credit-default swaps, as other financial institutions were negotiating deep discounts for the unregulated paper assets that do not have to be backed by cash.
Via his Texas Straight Talk phone update, Congressman Paul said today that Geithner had helped hide from taxpayers the fact that banks were compensated for “making some horrifically bad decisions”.
“These banks should have suffered the consequences of the huge risks they were taking,” said the Congressman. “After all, they kept plenty of rewards when times were good. Instead, the Fed found a way to socialize these major losses so these banks could survive and continue making more bad decisions, at the expense of the American people and the value of the dollar"