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Ear to the Ground

Geithner’s Record of Failure

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Posted on Jan 14, 2009
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Forget that business with the maid whose work papers expired. The real scandal with Timothy Geithner, Barack Obama’s choice to head the Treasury Department, is his history of lax regulation—at least where his friends at Citigroup were concerned. ProPublica did some digging and found that Geithner’s New York Fed “eased the reins as the company blew billions on subprime mortgages and other risky deals that ultimately forced the biggest bank rescue in U.S. history.”


ProPublica:

As president of the New York Federal Reserve Bank, Timothy Geithner often preached that gargantuan financial firms like Citigroup should be held to the highest regulatory standards to make sure they couldn’t take on too much risk.

But when it came to supervising Citigroup in recent years, the record shows that the New York Fed eased the reins as the company blew billions on subprime mortgages and other risky deals that ultimately forced the biggest bank rescue in U.S. history.

Now, the 47-year-old Geithner heads to the Senate in coming days as President-elect Barack Obama’s nominee for Treasury secretary. He’s won accolades for his expertise and work ethic, but there’s been little attention to his record as a Fed watchdog.

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By Drilling Executive, January 15, 2009 at 4:18 pm Link to this comment
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Its a common mistake but can be avoided if you are careful enough. thanks for the post

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By Drilling Executive, January 15, 2009 at 4:15 pm Link to this comment
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Geithner is one of the key architects of the TARP and it’s proving to be a failure. All ready the banks are coming back for more.

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By dihey, January 15, 2009 at 4:08 pm Link to this comment

Geithner is a minuscule sideshow compared to the foreign policy saga aired by Hillary Clinton during her testimony in the Senate confirmation hearings.

Von Clausewitz meant with his famous statement “war is the continuation of diplomacy by other means” that states are likely to go to war if they cannot get what they demand at the negotiating table.

In this context, the Obama/Clinton tack of “clever diplomacy” does not mean an end to the numerous wars fought by our country since the Declaration of Independence. There will be continued and possibly even new wars during the Obama Presidency especially if it lasts 8 years. The maintenance of our imperiled “standard of living” demands interference around the globe.

To me her crucial statement was “everything will remain on the table”. It is the mantra of the post-Bushian neo-imperialists.

So, Truthdig, forget about Geithner and focus on the huge deception that is being perpetrated on us by the Obama team. It is that they intend to do nothing different in foreign affairs from what has been done without success before by other Presidents. From all I learned of Hillary’s answers in the Senate this will be a continuation of the super-dumb foreign policy of President Bill Clinton. Once it was Mexico and the Caribbean. Now it is the whole world.

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By Folktruther, January 15, 2009 at 2:36 pm Link to this comment

In a NYTimes editorial today, it is reported that Geither systemtically and massiviely cheated on his personal income tax. Since the Treasurer heads the IRS, it places Obama with Bush in having theiving Zionist neo-liberals heading the departments they are supposed to be regulating. 

Obama called such ‘mistakes’ ‘innoncent’ since Geither is rich and the rich hate to waste their money on taxes.  And the Dem congress is so corrupt they will probably approve him anyway.

And after all, Obama is merely continuing the counter revolution intiated by Bush, of which lawlessness is an integral part.  But he may be the only president who dissipates the good will of the American people even before he takes office.

Brilliant, eh, Cyrena?

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By jr., January 15, 2009 at 1:51 pm Link to this comment

KDelphi,
I’m sure i don’t need to tell you but, sadly, as long as the disgruntled masses are all talk and no action the criminals in professional’s offices will continue getting away with criminal acts, if for no other reason because they can.  But let us remember they are developing the ray gun for just such “non-conformists”.

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By Eric L. Prentis, January 15, 2009 at 10:11 am Link to this comment

Timothy F. Geithner seems to follow Leona Hemsley’s philosophy, “We don’t pay taxes. Only the little people pay taxes.” Geithner is a tax scofflaw and should not be trusted as President-elect Obama’s Treasury secretary, enough is enough.

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By Blackspeare, January 15, 2009 at 9:17 am Link to this comment

Gee, the way Geithner was trying to avoid paying taxes you’d think he was of Jewish persuasion!  And if that’s the case then its understandable.

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By Hulk2008, January 15, 2009 at 8:32 am Link to this comment

Hey, folks, We of the unwashed masses just don’t understand what hard work it is to deal with large piles of money.  Who among them has the spare time or attention span to pay taxes? That’s for us underlings. All those guys who drove the economy into the ditch ... along with the ones who claim to have the chains to pull it out ... are all said to have “great work ethics”.  The US has become a de facto caste system.  The favored WILL decide what the minions are allowed to have and do and they spend half their time patting each other on the back for being so skillful and accomplished.  It’s like pro atheletes and actors:  When they aren’t scooping up unbelievable sums of cash, they are having awards dinners.  Most of them earned their station the old-fasioned way:  they inherited it.

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By KDelphi, January 14, 2009 at 10:47 pm Link to this comment

Sigh…along with Summers, we do NOT need this crap!

jr—Yes, I’ve made mistakes! Years ago I messed up on my taxes. I paid it all back with very high penalties. The IRS had calculated wrong—but I still paid interest. Most rich people dont.

I had a friend, in law school, find out what they would do if I just “skipped the interest”—he said that , his prof said I would go to jail,and , he wasnt kidding.

Paul Krugamn—what wrong with that?? Too liberal…

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By JimW, January 14, 2009 at 9:33 pm Link to this comment
(Unregistered commenter)

Time for poetic justice: wealthy corprate banker Timothy Geithner will have to turn into Timmy the housekeeper and pay off his taxes doing the menial chores his maid did.

Just make him take off his shiny Italian shoes and silk socks and keep him barefoot in the kitchen, mopping hte floor in his pinstriped suit,  until every cent is paid.

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By Birch, January 14, 2009 at 8:47 pm Link to this comment

Geithner is one of the key architects of the TARP and it’s proving to be a failure. All ready the banks are coming back for more. Why continue with this guy?

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By jr., January 14, 2009 at 8:37 pm Link to this comment

In defense of his treasury pick obama asked, “have you not ever made a mistake?”.  Here we go again with another “simple human error” excuse maker.  I have but one question to ask of mr. obama, Do you condone gross negligence?  Professionals in office should be held to a higher standard, and those making excuses for professionals in professional’s offices, are doing nothing more than making way for sinister practices.

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