Newly released AIG emails further impugn Tim Geithner

What would you think about the Federal Reserve Bank of New York telling AIG to intentionally withheld from public scrutiny that AIG was paying 100 cents on the dollar for credit default swaps at the same time that AIG was crying for a bailout from the public, thereby hiding from the public that the public was functionally bailing out Goldman Sachs and other large banks? What would you think about the fact that Tim Geithner headed the New York Federal Reserve when this was going on? Eliot Spitzer, William K. Black and Frank Partnoy sum up the issue:

Today, a Bloomberg story revealed that under Timothy Geithner's leadership, the Federal Reserve Bank of New York told AIG to withhold details from the public about its payments to banks during the crisis. This information was discovered when emails between the company and the Fed were requested by representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.
Who owns AIG? The taxpayers own 80% of it. Therefore, AIG should release the emails. Who can and should make this decision?
The taxpayer's stake in AIG is held by the A.I.G. Credit Facility Trust, whose three trustees are Jill M. Considine, a former chairman of the Depository Trust Company and a former director of the Federal Reserve Bank of New York; Chester B. Feldberg, a former New York Fed official who was chairman of Barclays Americas from 2000 to 2008; and Douglas L. Foshee, chief executive of the El Paso Corporation and chairman of the Houston branch of the Federal Reserve Bank of Dallas. We call on these three officials (interestingly all former Fed officials) to immediately release the documents we request. The value of these documents, if it were ever in doubt, was certainly proved by today's revelations. Release the emails.
See also, this earlier post on a NYT op-ed by Spitzer, Black and Partnoy.

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Will the federal government continue coddling AIG?

Fascinating Op-Ed in today's NYT, written by three former prosecutors (ELIOT SPITZER, FRANK PARTNOY and WILLIAM BLACK) who are demanding that AIG be forced to release voluminous emails in its possession that would allow the public to understand the economic meltdown that cost taxpayers hundreds of billions of dollars, including 180 billion dollars to AIG. I agree entirely. There is no reason for delay. It's time to turn AIG inside out, that much is clear. The only thing that is unclear is whether the politicians in Washington DC can muster up the courage to represent the taxpayers rather than the big banks. Here's an excerpt from the Op-Ed piece:

aig-emails

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Powerful images from the White House

Sometimes, when I see videos of President Barack Obama, I think of how important it might be for Americans to see photos and videos of highly-accomplished African-American role models. For decades, television has too often portrayed African-Americans as dysfunctional, lazy or violent criminals. The onslaught of these abnormal images has been terrible and relentless. I assume that these media caricatures have damaged and even destroyed some lives by encouraging young African-Americans to think that they are worth less because their physical appearance is different than those TV characters who are more often portrayed to be capable or admirable. There was a time in my life when I didn't believe that media images could be so powerful. It's not that my attitude completely changed on one particular day, but I do recall one especially memorable day. In 2001, my wife (Anne) and I traveled to China to adopt our second daughter (our first daughter is also Chinese). While we were staying in a hotel in Changsha, Hunan Province, I decided to carry my new 9-month old daughter to a nearby department store to get some baby supplies. At that department store, I was surprised to see so many Caucasian mannequins. I took a photo of one of these displays. Back at the hotel, I asked two English-speaking Chinese tour guides why there were so many Caucasian mannequins, rather than Chinese mannequins. They both told me, without hesitation, that Chinese women think that Anglo women are more beautiful. I was incredulous when I heard this. But after it sunk in, it became a sad idea, indeed. I had just adopted my second daughter from China. She was a startlingly beautiful little baby. Back in Changsha, hoped that it would never occur to my daughter that she was not "pretty" because she was not Anglo.

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Al Jazeera takes a look at Kentucky voter attitudes regarding race

This is a fascinating video, which I learned of at Daily Kos. Now that we've dragged some of those wacko preachers out into the limelight, maybe it's time to focus those cameras on the bigots.  Sunshine is great disinfectant. [youtube]http://www.youtube.com/watch?v=M8J9laUNgL4&eurl=http://www.dailykos.com/storyonly/2008/5/22/142132/498/133/520573[/youtube]

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Obama on the meaning of “We the People”

Barack Obama has challenged Americans to rise above trite cartoonish conceptions of race. [youtube]http://www.youtube.com/watch?v=pWe7wTVbLUU[/youtube] The full text of Obama's thought-provoking and impassioned speech can be read here. Are Americans ready for a candidate who dares to challenge them? Are they ready for a candidate who speaks comfortably of the complexities…

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