The answer to 1984... is 1776

Monday, January 11, 2010

The Scandal that is rocking CANADA, sort of: BANKSTER-GATE

By: The Northwest Herald
complete account of AIG scandal can be seen in previous post below.
Sort of’, because, for the most part, the general public is unaware of the AIG Scandal involving high-powered AIG execs receiving millions in bonus’ instead of bailing out the people, one figure we saw, that all American mortgages could have been paid off in one fell swoop with the 700 billion but instead the gov’t backdoor bailout involving Timothy Giethner, saw the banks and financial institutions across the world not to mention the central bank receiving over 200 billion dollars. The scandal now reaches into the white house and… Canada? Thanks to the leaked E-mails being dubbed; Geithner-gate.
We knew that after the October 2008, hundreds and thousands of investment banks were bailed out of their dismal financial situation to the tune of 700 Billion. See list of banks here.
Timothy Geithner, former head of the NY Federal reserve, who now serves as Treasury Secretary to Obama. Told AIG to withhold the records of where the bailout money was going.  The coverage from Bloomberg News has all the gory details, including a non-denial denial that Treasury Secretary Timothy Geithner, who was then chairman of the New York Fed, had anything to do with the cover-up.
Why you ask?
Because if the people ever found out that the bailout money went to Timmy’s friends at AIG and numerous other counterparties, including Ben-“inglorious-bastard”-Bernanke, there would be a revolt.
How is Canada involved?
Take a look at the screen shot below.
This is a snapshot of the amount of money AIG gave to… get read for it.
Over 900 million dollars went to the Bank of Montreal, and there is little information as to exactly who received it.
Here in Canada our stimulus pkg was in around 40 billion dollars.

On November 24, 2008, American Congressman Ron Paul wrote,
"In bailing out failing companies, they are confiscating money from productive members of the economy and giving it to failing ones. By sustaining companies with obsolete or unsustainable business models, the government prevents their resources from being liquidated and made available to other companies that can put them to better, more productive use. An essential element of a healthy free market, is that both success and failure must be permitted to happen when they are earned. But instead with a bailout, the rewards are reversed – the proceeds from successful entities are given to failing ones. How this is supposed to be good for our economy is beyond me.... It won’t work. It can’t work... It is obvious to most Americans that we need to reject corporate cronyism, and allow the natural regulations and incentives of the free market to pick the winners and losers in our economy, not the whims of bureaucrats and politicians."

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