Gibbs: AIG Bailout ‘Did Not Rise to [Geithner’s] Level’
Here’s White House spokesman Robert Gibbs, responding today to questions about Tim Geithner’s role in the New York Fed’s 2008 decision to censor AIG payments to other Wall Street firms:
Secretary Geithner was not involved in any of these e-mails. These decisions did not rise to his level at the Fed. These are e-mails and decisions made by officials at a independent regulatory agency.
To which the most relevant response is: huh? The federal government had recently bailed out AIG to the tune of $180 billion; AIG was funneling that cash to other (already bailed out) Wall Street giants; the New York Fed was telling AIG not to disclose those payments; and that decision didn’t rise to the level of the Fed chairman?
Looking forward to Congress’ response if Geithner himself chooses that line of argument later this month. (Assuming, of course, that he doesn’t duck today’s request to testify before the House.)