Video: Jeff Greene bails on bailout question

In the media availability following today’s fiery Palm Beach Post debate between the major U.S. Senate candidates from Florida, Jeff Greene was confronted by legendary investigative reporter Jim Defede, who wanted to know if any of the money Jeff Greene earned (about $1 billion worth, actually) from his “credit default swaps” bets on the housing market were paid with TARP/bailout funds. Greene declined to engage. The audio is a bit crunchy (my camera battery ran out and I was forced to go t the Blackberry-cam. You can make out the audio, however.) Watch:

I asked Greene communications director Paul Blank afterward whether Greene would disclose which banks paid off on his CDS bets, and he said he would get back to me. The available information suggests that one of the banks was JP Morgan, which got $25 billion in TARP money which it repaid last summer. Blank explained that the CDS’ were essentially bets against the big Wall Street banks, whose side of the investment was covered by insurance underwriters a-la AIG, so it’s not clear whether the payer would be AIG (if that’s the ensurer) or the banks themselves, and its murkier still, whether the money they used to write the checks would have been TARP money. I suspect Defede is going to look into it further, though …

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One Response to Video: Jeff Greene bails on bailout question

  1. Pingback: Meek web video: Greene avoids questions : The Reid Report

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