08 February 2016

Back Loaded Bribery

I've always said that much of the corruption in politics is not the result of an explicit quid pro quo, but an understanding that, once your political career is done, if you promulgate the agenda of the malefactors of wealth, you will be taken care of.

It's a lot like being a "Made Man" in the mob.

Case in point, Timothy "Eddie Haskell" Geithner:
Former U.S. Treasury Secretary Timothy Geithner is preparing to borrow from JPMorgan Chase & Co. to help fund his new career in private equity.

Geithner, 54, secured a credit line with JPMorgan, one of the largest banks he oversaw during the financial crisis, to finance personal investments in funds started by his current employer, Warburg Pincus, according to a filing with the New York Department of State. He is borrowing money to invest in a $12 billion private equity fund that the firm raised in November, its first main fund since he joined almost two years ago, a person familiar with the situation said.


The regulatory filing doesn’t disclose the size of the loan or the financial terms, such as the interest rate. Warburg Pincus hasn’t said how much Geithner agreed to commit to the new fund, and the filing doesn’t say whether he made use of the credit line to finance it.

Mary Zimmerman, a spokeswoman for New York-based Warburg Pincus, declined to comment or make Geithner available. Officials for JPMorgan declined to comment.
This is the Timothy Geithner who claimed that he was not a banker, after being the fucking President of the Federal Reserve Bank of New York.

It now appears that he was enough of a banker to get a sweetheart loan from JP Morgan for what is probably north of $100 million.

Make no mistake.  This is a payment for his being one of them, and for running the Treasury Department for the banksters benefit.


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