Tim ‘TurboTax’ Geithner
waived all penalties after Tim ‘TurboTax’ Geithner used the TurboTax defense.
According to the Columbia Journalism Review, Germany’s Deutsche Bank paid ‘TurboTax’ Tim $200,000 for his June 2013 speech. Deutsche Bank’s Wall Street office helped create the CDO (collateralized debt obligations) racket and they were rewarded a $8.5 billion backdoor bailout from U.S. taxpayers thanks to ‘TurboTax’ Geithner.
Since Deutsche Bank would have been a creditor in a bankruptcy filing by American International Group (AIG), AIG paid Deutsche Bank $8.5 billion through the backdoor after AIG was bailed out. Treasury Secretary ‘TurboTax’ Tim forced AIG to conceal the details of its bailout from SEC and the public.
Ironically, the Senate confirmed ‘TurboTax’ Tim as the 75th United States Secretary of the Treasury on January 26th, 2009. ‘TurboTax’ Tim, a central banker who was the 9th President of the Federal Reserve Bank of New York from 2003 to 2009, was given the authority to bailout Wall Street Banks without Congressional approval. ‘TurboTax’ Tim was responsible for spending $350 billion of the $700 billion Troubled Asset Relief Program (TARP) approved by the Bush administration for the Financial crisis of 2007–2008.
As of Jul 3rd, 2013, 927 Bailout (TARP) Recipients have received $606 billion total and $366 billion has been returned. According to the GAO, banks received $16.1 trillion Emergency Bailout Loans from the federal reserve between the onset of the financial crisis in 2007 and Jul 21st, 2010.
Republicans were outraged at ‘TurboTax’ Tim’s alleged ignorance of the AIG Bonus plan*. Rep. Darrell Issa of California and Rep. Connie Mack called for Geithner’s resignation due to ‘TurboTax’ Tim’s failure in blocking the $165 million in bonuses paid to executives at American International Group (AIG) in its troubled Financial Services division after receiving more than $170 billion in federal bailout aid.
*According to CNN, Geithner claimed he knew nothing of the AIG bonuses until March 10, 2009 yet, AIG CEO Edward Liddy claims that Federal Reserve Chairman Ben Bernanke knew about the bonuses for three months and ‘TurboTax’ Tim knew of the bonus payments on March 4th, one week before Geithner said he first heard of the bonuses. According to TIME, the New York Federal Reserve informed the Treasury that the AIG bonus payments were imminent on Feb. 28th, 2009, 10 days before the Treasury claims they knew about the bonus plan and three days before the Obama Administration launched another $30 billion infusion into AIG.
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