Secret banking cabals that control the global economy is a key
topic of conspiracy theorists. After the congressional hearing into
the bailout of AIG, you have to wonder if it's true.
The hearing described a secretive group deploying billions of
dollars to favored banks.
The Federal Reserve Bank of New York, most influential in the
federal-reserve system -- it's decision to buy out, for $30
billion, contracts AIG sold on toxic debt to Goldman Sachs,
Merrill Lynch & Co., and others, was a back-door bailout for
the banks, which received 100 cents on the dollar for the
contracts.
#### Treasury Secretary Tim Geithner was head of New York Fed at
time of the AIG bailout.
The House Committee on Oversight and Government Reform focused
on the New York Fed’s cover-up of buyout details and who
benefited.
#### The New York Fed is a QUASI-governmental institution that
isn’t subject to citizen intrusions such as information
requests.
#### Representative Marcy Kaptur said : “People think the
president of the New York Fed works for the U.S. government. But in
fact he works for the PRIVATE banks that elected him.”
The New York Fed, a QUASI-governmental body, was able to push
the Securities and Exchange Commission around, an executive-branch
agency, in the AIG bailout deserves a congressional hearing
itself.