Posted by AzBlueMeanie:

A brutal report issued last Monday by a government watchdog holds Timothy Geithner — then the head of the Federal Reserve Bank of New York and now the nation’s Treasury Secretary — responsible for over payments that put billions of extra tax dollars in the coffers of major Wall Street firms, most notably Goldman Sachs. Geithner Singled Out In TARP Watchdog Neil Barofsky’s Scathing Report On AIG Bailout:

The authoritative new narrative describes how, while bailing out insurance giant AIG last fall, a team led by Geithner failed nearly every step of the way.

Instead of bargaining with AIG’s numerous counter-parties to resolve its billions of dollars in souring derivatives contracts, Geithner’s team ended up paying top dollar for toxic assets — “an amount far above their market value at the time,” the report notes.

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