CFR Corporate Members Get Lion’s Share of Bailout Funds
Thomas R. Eddlem - 23 March 2009
Newspapers are fixated upon $160 million in bonuses given to American International Group (AIG) executives. And it’s nice to know where the millions are going (note: the bonuses could have been cancelled had the federal government let the company go bankrupt, as officials should have). But where are the trillions in TARP, TALC and Federal Reserve Bank bailout funds going?
The man in charge of administering the bailouts is Treasury Secretary Timothy Geithner, who served as a staff member of the New York City-based Council on Foreign Relations before being hired in 2003 to head the New York City branch of the Federal Reserve Bank (Fed). As the vice chairman of the Fed’s Open Market Committee, Geithner is probably a poor choice to get the nation out of it’s current economic mess. He served as Alan Greenspan’s number two man at the Fed, so Geithner is as responsible as anyone for facilitating the severity of the real estate and financial bubble and its subsequent collapse. After all, the Fed was the driving force behind the asset bubble, inflating the bubble larger and larger through artificially low interest rates and an inflationary easy-money policy.
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April 30th, 2009 at 2:44 pm
its is interesting how many people do not blame greenspan and his policies for the hurt inflicted on the US economy… you hit it right on the head… i just remember when he was around and everyone was applauding him for keeping interest rates at an all time low…. yippee… i can refinance, take another mortgage and blah blah blah… what a bunch of hype… someone had to pay for it eventually.. and that someone is the american people… I say do not send the bailout money to the corporations… send it directly to the consumers in the form of vouchers… Vouchers we can use to pay off our mortgages…. stop forclosures… banks get their money anyway…. and everyone is happy….