AIG Bailout Trial and Whoppers, Um, Crisis Revisionist History

``In the AIG bailout case, Greenberg is forcing a reexamination of a critical piece of the bailout, the manner in which AIG's credit default swaps contracts on toxic CODs were paid out in full. Neil Barofsky, as the Special Inspector General for the TARP questioned this action. The lame defense by Geithner, who was head of the New York Fed, was that the Fed lacked the authority to break the CDS contracts. Um, when counterparties need the dough you are about to hand to them to survive, matters like that are negotiable. The continued pretense otherwise is an insult to the public's intelligence.''