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. . . that I should bear witness unto the truth. John 18:33 // David E. Robinson, Publisher
. . . if the trumpet give an uncertain sound, who shall prepare himself for battle? I Corinthians 14:8

No.032

Geithner Gets a Subpoena: The Fun Will Soon Begin

The bailouts of October 2008 ended in some very rich people keeping their money. They did not wind up like the employees of Lehman Brothers, which was allowed by the Secretary of the Treasury to fail. The Federal Reserve is now in damage-control mode. Ron Paul has inflicted a lot of damage. This is only going to get worse. In October 2008, todays Treasury Secretary was the president of the New York Federal Reserve Bank. He was at the center of the crisis. Unlike the CEOs of Goldman Sachs and other major players, he has always been salaried, but he does not have the money to pay defense attorneys $500 an hour. But he may soon have to do just that. Lehman Brothers Holdings Inc. (LEHMQ) and its creditors late Thursday said they want to subpoena Treasury Secretary Timothy Geithner to question him under oath over allegations J.P. Morgan Chase & Co., (JPM) illegally siphoned billions of dollars from the collapsing investment bank in the days before it filed for the largest bankruptcy in U.S. history. In a filing accompanying Lehmans filing, made in U.S. District Court in Washington, DC, Lehmans official committee of unsecured creditors said Geithner has thus far refused to comply with an Aug. 9, 2011, subpoena, and it wants a court to force Geithner to give a deposition by a March 16 deadline, 2012. Despite being a crucial, fact witness on these issues, Secretary Geithner has refused to appear at a deposition in accordance with a valid subpoena issued by the Committee, the committees lawyers said in the filing. Geithner was president of

02/21/2012

the Federal Reserve Bank of New York at the time of the Lehman collapse. http://online.wsj.com/article/BT-CO20120216-722070.html Geithner has a problem. He will not be able to fool lawyers the way he fooled Congress about his tax returns. He will not be able to blame it all on TurboTax software. They will get him on the witness stand, at some point. He will be forced to tell the lawyers what the chain of events was in the biggest bailout in history. If he takes the Fifth Amendment, he will find himself unemployed. In any case, he is now facing legal fees that we would not wish on anyone. If the lid is ever taken off this can of worms, the public will find out about the nature of crony capitalism. With lawyers involved, and millions of dollars at stake, the lid will be taken off. Over time, the voters trust in the existing system will disappear. Then will come a political day of reckoning. It will take an economic crisis to accomplish this, but that crisis is coming.

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