The Full Feed from HuffingtonPost.com Wed 2009-11-25 12:11 EST
Geithner Singled Out In TARP Watchdog Neil Barofsky's Scathing Report On AIG Bailout
In its bailout last fall of the insurance giant AIG, a team led by current Treasury Secretary Timothy Geithner failed nearly every step of the way, according to a scathing report released Monday by a government watchdog. Instead of bargaining with AIG's numerous counterparties to resolve its billions of dollars in souring derivatives contracts, Geithner's team ended up funneling payments for those toxic derivatives to AIG's counterparties at "an amount far above their market value at the time," the report notes.
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