The Geithner Treasury Scam
The US Treasury is responsible for collecting
taxes and paying the bills of the US government. Government deficits require
the Treasury to sell bonds promising future payment. The financial collapse of
2008 due to government backed mortgage loans forced increased government borrowing
to keep the failed banks in business. Treasury Secretary Tim Geithner
introduced a scam with the Treasury lending to his banking buddies at a low
rate then ensuring investments with a guaranteed loss limited to 5%! Taxpayers
were left holding the bag.