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• 08 Mar 09
  

  shadiahm
  • 

    • 

      shadiahm on 2009-03-08

      This, along with the earlier comment about Geitner being a back-room conciliator type, suggest that he's another Obama. They're even the same age!
  • “The key to all our problems is the zombie banks,” Mason
    says. “We’re giving them money, which is not going to solve
    anything. We’re repeating the mistakes of Japan, which wasted a
    decade by not moving decisively against its zombie banks.”
  • 10 more annotations...
  • • “He’s not change, as Obama promised, but just the same old
      stuff,” says Kotok, who manages $1 billion in Vineland, New
      Jersey. Geithner declined to comment for this article.
    • Geithner failed to use his power to
      force the firms to build adequate capital cushions and risk
      controls, says Allan Meltzer, a professor at Carnegie Mellon
      University in Pittsburgh who monitors the Federal Reserve.
    • “If
      they didn’t see the problems beforehand, we don’t have the right
      people. If they did see them but didn’t care to do anything,
      then again we have the wrong people.”

    • Geithner is too cautious and too protective of Wall Street
      to take over big banks, says Paul Miller, banking analyst at
      Friedman, Billings, Ramsey Group Inc. in Arlington, Virginia.
      

      
      

      “His philosophy is don’t wipe out the shareholders because
      they’ll never come back,” Miller says. “But the only way to
      get to the problem is to dilute shareholders away. These guys
      are unwilling to take these big steps.”
      

    • The Wall Street boom was spurred partly by the anti-
      regulatory moves of Bill Clinton’s administration. In 1998, then
      Treasury Secretary Rubin and his deputy Summers fended off a
      proposal by Brooksley Born, who headed the Commodity Futures
      Trading Commission, to regulate over-the-counter derivatives. A
      year later, both men advocated that Congress repeal the 1933
      Glass-Steagall Act, which had separated the activities of
      investment and commercial banks. Nine days before Congress
      acted, Rubin joined Citigroup as chairman of the executive
      committee.
    • the
      Fed could have bought Lehman’s troubled assets as it did with
      Bear Stearns. “Certainly for them to say there was nothing they
      could do is simply false,” he says. “It was a big mistake.”
    • Timothy Franz Geithner has public service in his
      bloodlines. His maternal grandfather, Charles Moore, served as a
      speechwriter for Republican President Dwight Eisenhower in the
      late 1950s. Jonathan Moore, an uncle who worked as a state
      department diplomat, advised Republican presidential hopefuls
      Nelson Rockefeller and George Romney, in the late 1960s.

      • 

        shadiahm on 2009-03-08

        I knew Obama is about as left-wing as Dwight Eisenhower! That's how insane, how far to the loony-right wing this nation has gone when a president with the policies of an Eisenhower is accused of being a socialist!
    • Before he
      turned six in the mid-1960s through high school, Geithner
      learned to negotiate his way through different cultures in
      present-day Zimbabwe, India and Thailand.
    • “He was always the natural mediator,” Rudelson says. “He
      had this amazing ability to listen to people, no matter how
      extreme their views might be.”
    • The big question is to what extent will the mistakes
      help Geithner figure out the right things to do in his new job.
      He has some important skills, such as listening to different
      viewpoints. Let’s hope he can use those to come up with better
      solutions.”
• 05 Mar 09
  

  Dirk Bennett

  business

  • In Geithner We Trust Eludes Treasury as Market Fails to Recover
• 02 Mar 09
  

  Celia Brickerd

  bloomberg.com

• 

  vday2007

  Good history leading to Geithner's position as Secretary of Treasury.

  business

• 

  Mark Fichman

  us

• 

  Rohn Wood

  Feb. 25 (Bloomberg) -- It was 2004 and Tim Geithner, president of the Federal Reserve Bank of New York, had a message for the Federal Open Market Committee in Washington. He told his 18 colleagues gathered around the long mahogany table that a clearinghouse was needed to monitor risks in the burgeoning $5 trillion market for credit-default swaps -- the over-the-counter derivatives that would later spin out of control and help take down Wall Street.

  economy treasury The Fed

• 01 Mar 09
  

  W21st NYC

  Credit Crisis reactionary

• 

  jimiflix

  General

• 

  dcrupain
• 

  pluv2el

  business sport

• 

  Martin Kenner

  Financial Crisis US central banks

Public Stiky Notes

• 
  shadiahm on 2009-03-08
  This, along with the earlier comment about Geitner being a back-room conciliator type, suggest that he's another Obama. They're even the same age!
• 
  shadiahm on 2009-03-08
  I knew Obama is about as left-wing as Dwight Eisenhower! That's how insane, how far to the loony-right wing this nation has gone when a president with the policies of an Eisenhower is accused of being a socialist!

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