Geithner, Like Rubin, Part of Financial Crisis

"Where was Geithner in Turmoil?" from the New York Times reports that newly minted Treasury Secretary Timothy Geithner, who was hailed by President-elect Barack Obama, hasn't gotten a total endorsement by the finance community - basically as with Robert Rubin, being complicit in the market meltdown and using the taxpayers to cover up their messes.

"Timothy Geithner: Obama's Teflon Treasury Secretary"

But Mr. Geithner’s involvement in several ultimately ill-fated efforts to buttress the American financial system is the very reason some Wall Street C.E.O.’s — a number of whom spoke on the condition of anonymity for fear of piquing the man who regulates them — question whether he’s up to the challenge.

“We have only two things to say about Tim Geithner, who we do not know: A.I.G. and Lehman Brothers,” said Christopher Whalen of Institutional Risk Analytics. “Throw in the Bear Stearns/Maiden Lane fiasco for good measure,” he said.

“All of these ‘rescues’ are a disaster for the taxpayer, for the financial markets and also for the Federal Reserve System as an organization. Geithner, in our view, deserves retirement, not promotion.”

Ouch.

“He was in the room at every turn of the crisis,” said another executive who participated in several such confidential meetings with Mr. Geithner. “You can look at that both ways.”

"Citi's Taxpayer Parachute" from the Wall Street Journal

Comments

[Greentitan]

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[Jason]

With the Treasury Secretary on his spending spree he surely isn’t trying to get a good return on the tax payers’ investment. The bailout was to buy up bad mortgage debt but it never did. What is the purpose of the fund? Paulson’s has warrants on many banks and they average 1 – 3 percent when enacted. Yet the cash investment is about 20 percent of the market cap. Maybe the next Treasury Secretary will be less erratic.

http://nomedals.blogspot.com

[Ray Ames]

Geithner is a BILDERBERGER !!

[Ray Ames]

Geithner is a BILDERBERGER !!