Source - http://www.corpwatch.org/article.php?id=14995 SUMMARY

CHRONOLOGY

1988: Blackstone forms BlackRock as mortgage investment subsidiary. Its CEO is Peter Peterson, also CEO of the Council on Foreign Relations, for which Henry Kissinger, Brent Scowcroft, and Robert Rubin are officers.
1986: East Asian International economic specialist, Timothy Geithner joins Kissinger and Associates, a major Chinese Financial lobbying firm with strong ties to the Kingdom of Saudi Arabia. At the time both Kissinger and Brent Scowcroft are partners, as well as international economist Alan Stoga. It is not clear whether Geithner worked with Stoga at this time, but his expertise in China would be welcome in its China Joint Venture.
1986-1989: Kissinger Associates, Stoga and consultant ambassador Sergio Correa discuss a merger between BCCI and Kissinger Associates. Correa acts as a front man for BCCI in acquisition explorations as a paid retained consultant to both BCCI, and separately to Kissinger Associates. toga arranges contacts between BCCI Saudi linked executives Gaith Pharaon and Abol Helmy. It is not known whether Geithner worked on these transactions.
c. 1989: BCCI is indicted and Kissinger Associates ends discussions.
Geithner leaves Kissinger Associates and begins work as a civil servant in the Treasury Department. He is confirmed as Asst. Sec. for International Affairs in Treasury working for Secretary Rubin of the Clinton Administration.[Senior executive at Goldman Sachs and later Citibank a Saudi controlled foreign bank]. Rubin also serves as an officer of the CFR managed by Peter Peterson CEO of Blackstone. 1992 BlackRock is spinoff Blackstone and becomes independent.
2001: Geithner joins International Monetary Fund IMF.
2003: Blackstone CEO Peter Peterson names Geithner as President of the New York Federal Reserve Bank. 2007 Peterson’s Blackstone sells 3 Billion dollar stake in Blackstone to the People’s Republic of China. 2007 Rubin ‘s Citibank receives billions in bailout loans in exchange for mortgage collateral.
March 2008: Blackrock creates firm to buy distressed mortgage securities.
April 3, 2008: Blackstone mentioned as advisor to Bear Stearns valuation, later amended to be Blackrock, founded by Blackstone.
REFERENCES
Bernanke Defends Fed's Role in Bear Stearns Deal http://www.pbs.org/newshour/updates/business/jan-june08/fed_04-03.html BCCI AND KISSINGER ASSOCIATES, Congressional Report, 1992, http://www.fas.org/irp/congress/1992_rpt/bcci/20kiss.htm Blackstone?
BlackRock? Whoever
http://blogs.wsj.com/economics/2008/04/03/blackstone-blackrock-whoever/?mod=WSJBlog BlackRock set to profit from Mortgage Distress Bailout, The new company has been formed by BlackRock, Highfields, and a management team of mortgage industry led by Stanford Kurland, Private National Mortgage Acceptance Company's (PennyMac) chairman and CEO. PennyMac will raise capital from private investors, acquire loans from financial institutions seeking to reduce its mortgage exposures, and seek to create value for both borrowers and investors through distinctive loan servicing. http://www.banking-business-review.com/article_news.asp?guid=17D0DB88-3917-44F6-AFF3-1D1AECC10E77 New York Fed Names Timothy F. Geithner President
http://aconstantineblacklist.blogspot.com/2009/02/project-anthrax-cover-up.html
1 comment:
The story of BCCI is quite the clusterfuck. The founder of BCCI, Abedi, had relationships with pretty much anyone who was anyone in the world, all the way from the highly-placed bin-Laden family and their associates in Saudi Arabia to our own dear Jimmy Carter and the Ford Family. It's quite a fascinating story.
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