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Secret Banking Cabal Emerges From AIG Shadows
Key Excerpts from Article on Website of Bloomberg News
Posted: February 7th, 2010
http://www.bloomberg.com/apps/news?pid=20601039&sid=aaIuE.W8...
The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists. After this weeks congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all. Wednesdays hearing described a secretive group deploying billions of dollars to favored banks, operating with little oversight by the public or elected officials. Were talking about the Federal Reserve Bank of New York, whose role as the most influential part of the federal-reserve system -- apart from the matter of AIGs bailout -- deserves further congressional scrutiny. The New York Fed is in the hot seat for its decision in November 2008 to buy out, for about $30 billion, insurance contracts AIG sold on toxic debt securities to banks. Treasury Secretary Timothy Geithner was head of the New York Fed at the time of the AIG moves. The hearing revealed some of the inner workings of the New York Fed and the outsized role it plays in banking. This insight is especially valuable given that the New York Fed is a quasi-governmental institution that isnt subject to citizen intrusions such as freedom of information requests, unlike the Federal Reserve. This impenetrability comes in handy since the bank is the preferred vehicle for many of the Feds bailout programs. Its as though the New York Fed was a black-ops outfit for the nations central bank.
Note: For lots more from reliable sources on the secret deliberations by the highest levels of government and private elites in their attempts to bail out the biggest financial corporations, click here.
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