No Haircuts


A harsh new report on the TARP bailout of AIG offers confirmation,
if we needed it, that Timothy Geithner and the Federal Reserve Bank
gave away the farm by handing billions in overpayments to
Wall Street firms because they asked for it. The watchdog report found
that, rather than bargain with AIG creditors like Goldman Sachs and
Merrill Lynch, Geithner caved to their demands to pay top dollar - ours
- for their toxic assets.

 "Tens of billions of dollars of government money was
funneled inexorably and directly to A.I.G.'s counterparties."


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