Geithner Update: Grab Yer Ankles and Say “Uncle Sam”

Geithner Update: Grab Yer Ankles and Say “Uncle Sam”

by Mike Whitney / March 25th, 2009 (5)

Timothy Geithner refuses to take underwater banks into receivership and resolve them, but has no problem turning the FDIC into a hedge fund. That’s right; under Geithner’s “Public Private Investment Partnership” (PPIP) FDIC chief Sheila Bair will assume the mantle of Bernie Madoff and oversee the establishment of Hedge Fund USA, a behemoth government-owned operation that will enlist the talents of five or six Wall Street managers to conduct auctions for toxic home loans and other repellent securities. The new program, which will provide lavish subsidies to investors, marks the first time that a standing government has transformed itself into …
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http://www.dissidentvoice.org/2009/03/geithner-update-grab-yer-ankles-and-say-%E2%80%9Cuncle-sam%E2%80%9D/