Its an oldy, but goody. Financial service industry shill (aka our current Treasury Secretary) attempts to explain why it was ok to negotiate with the creditors of GM (which included the pension and many American businesses that produce real things), but had to pay the creditor of AIG 100% on the dollar. The justification is mind numbing.
Warren was punished for her performance though as Geithner strongly opposed her to lead the Consumer Financial Protection Bureau. She is now running for the senate.
If you aren’t an avid reader of this blog, I’m not a fan of Timothy Geithner – he has done more damage to this economy than any Treasury Secretary in our nation’s history.
Scott Dauenhauer, CFP, MSFP, AIF