iOS app Android app More  Jane Hamsher  Jane Hamsher  Posted
March 23, 2009 | 11:39 AM (EST)  Why Does Timothy Geithner's
Plan Make Countrywide's Stanford Kurland Even Richer?  Timothy
Geithner's new plan, like all his other plans, seems designed to
shovel billions into the coffers of the very same bankers who
got rich on the mortgage bubble. When the public gets a glimpse
of the tip of this giant iceberg, as they did with the AIG
bonuses, they're dismissed as angry rubes who Just Don't
Understand How Things Work. But his latest scheme is proof that
they are absolutely right.  Despite Geithner's contention that
banks are simply "burdened with bad lending decisions," most
Americans understand at this point that there was serious fraud
involved in the inflation of the mortgage bubble. The Justice
Department and the FBI are currently investigating Countrywide
for accounting fraud, insider trading and consciously lending
money to people they knew couldn't afford to repay it.
Meanwhile, AIG is suing Countrywide be