Treasury Secretary and former chairman of New York Federal Reserve Bank, Timothy Geithner is under fire for his decision to withhold details of the Federal Bailout. A House committee is preparing to question Geithner regarding the decisions of nondisclosure revealed in emails to bailed out insurer American International Group Inc.
The House Oversight Committee along with many legislators are calling on Geithner to explain his role in the bailout deals with major banks such as Goldman, Deutche Bank and AIG. The hearing will concern the success and failures of AIG and its business partners during this time.
Yesterday the Federal Reserve tried to insist that the secrecy surrounding details of the bailout was meant to insulate the public from a more catastrophic crash than what has and continues to be endured. The present rebound of the stock market is being employed as evidence that whatever decisions were made during this time were somehow valid.
The New York Fed and Treasury claim Geithner was unaware of the e-mails pressuring AIG for increased secrecy.
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