People forget that Geithner was the head regulator of the banking system –the governor of the New York Fed –during the years this thing swelled up –right there under his nose in the New York banking system. And don’t forget harry markopolos, testifying his stunned disbelief that SEC and FNRA did not know what bernie Madoff was doing. he doesn’t believe they didn’t know, and i don’t believe Geithner didn’t know. these things are MUCH bigger than elephants in living rooms like the NY Fed and the SEC. defenders keep saying the SEC was too weak and small –jeez, it has 3,700 employees, and under their noses despite Markopolos’ professeionally resytrained and persistance officially-channeled highly documented written complaints, a rogue financier was able to run a several-billion dollar-per-year ponzi, for TWENTY YEARS?

and Citi, JPM, and BAC right there asshole to elbow with the New York Fed were amassing 15 TRILLION DOLLARS of CDSs betting against each other who’d fold first, even tho all three knew –know –that there was no one BUT the PUBLIC TREASURY to pay off the inevitable –and the New York FED didn’t know ?

Bullshit.