Will Eric Holder prosecute Tim Geithner if he covers up “Stress Test” Results?on April 6, 2009 at 5:40 am and modified on April 10, 2009. at 3:36 am
While I realize that public declarations of this would be premature, I hope Eric Holder would criminally prosecute Treasury Secretary Tim Geithner if Geithner attempts to squash the reporting the results of the Treasury’s “stress tests”
It is not just the matter of public trust and fairness, it is the SEC law.
And on transparency:
“I think serious efforts will be made to respect the confidential nature of the test and its results,” [Ludwig] said, but added that “there is a real danger that the results of the stress test are uncovered and this roils the markets.”
The results of the stress test should be made public – at least for any bank taking TARP money. This would build confidence in the process, otherwise serious doubts will remain.
The “stress tests” are part of the Treasury’s efforts to launder money from the US government to bankers and Wall Street speculators. However, as the “stress tests” themselves will be conducted by career civil servants, the raw analysis (if not the Treasury’s final spin) may well be objective.
I expect Treasury Secretary Tim Geithner to attempt to lean on banks to prohibit them from fulfilling their lawful duties of publicly reporting the details of these material events. I hope Attoreny General Eric Holder will make that right.
Update: The Federal Reserve prohibits banks from publishing their stress-test results. Will Eric Holder prosecute Ben Bernanke?