Bankstergate

What does this all mean? Why did Goldman Sachs and a French bank alledgedly"secretly" receive 100 cents on the dollar for "toxic assets" where others received mere pennies? Judge Napolitano & Ron Paul explain.

Rep Issa Seeks e-mails Showing NY Fed Link to AIG

Rep. Darrell Issa (R-Calif.) on Monday asked the Federal Reserve Bank of New York to turn over "all e-mails, documents, and other records and communications" regarding payments that bailed-out insurance giant American International Group made to numerous trading partners.

The request followed the release last week of e-mails, obtained by Issa, that detailed the New York Fed's role in advising AIG to limit its disclosures about billions of dollars in counterparty payments during the height of the financial crisis. The e-mails highlighted lingering questions about the government's handling of the AIG bailout and prompted Rep. Edolphus Towns (D-N.Y.), chairman of the House oversight committee, to schedule a hearing later this month.

Towns is seeking testimony from New York Fed General Counsel Thomas C. Baxter Jr. and from Treasury Secretary Timothy F. Geithner, who headed the New York Fed at the time. Baxter has asserted that Geithner "played no role in, and had no knowledge of, the disclosure deliberations and communications referenced in those e-mails."