Geitner Works for the Banks

[et]

I found this commentary interesting.  It seems right on target (about Geitner) to me:
http://www.ritholtz.com/blog/2009/01/who-is-the-treasury-secretarys-boss/

[et]

Now that we have some time to digest the pitiful crumbs of a plan Mr. Geitner has presented, perhaps he should reflect on this:

http://oxdown.firedoglake.com/diary/3652

[et]

The latest news on Geithner and his wonderful plan:
http://oxdown.firedoglake.com/diary/4219

[et]

--And he came pretty close to admitting it today:
http://rawstory.com/news/2008/Obama_Treasury_Department_pushed_for_language_0319.html

[destiny]

Geitner has got to go! 

[et]

A new NYT profile confirms what we have been saying in even greater detail:
http://www.nytimes.com/2009/04/27/business/27geithner.html?_r=1&hp

[et]

The latest evidence of complicity and/or stupidity.

Mr. Obama, tear down this Treasury.


http://emptywheel.firedoglake.com/2009/05/13/geithner-knew-about-the-bonuses-all-along/

[Mike]

51% of New Yorkers want Spitzer back.  Wonder how many Americans like me would like to see him in Geitners place?

[destiny]

I'll vote for spitzer!

[et]

Geitner Works for Derivative Dealers too:

http://firedoglake.com/2009/05/17/pretending-to-regulate-derivatives/

[et]

Since this thread started, Mr. Geithner and Mr. Obama continue to work for the banks. Just yesterday, Timmie was telling Congress that financial disaster was diverted through TARP and the banks too big to fail were more important that anything because we absolutely have to believe in them and only them, otherwise nothing else works. The good Financial Engineers might find a better offer elsewhere. 

This man never fails to disappoint me.  As if the entire world's market knowledge were living and working within the bounds of Wall Street.  Like they don't use Blackberries and conduct a global business.  Like they can't work for any one of a hundred obscure subsidiaries Citibank or Bank of America and live in Bahrain or London or Singapore.  Geithner is taunting the American public with these tales of horror and fear, and Obama is abetting him.

So here he is on "salary caps"...with Obama's full concurrence. 

http://www.huffingtonpost.com/2009/06/09/obama-admin-to-issue-new-_n_213457.html


By the way, Elizabeth Warren also pointed out to Congress the other day that the Stress Tests were not representative of the facts of our current economy. They cheated.  They used Rosy Scenario data compared to today, and so if they are to do any good, you need to keep running them to the keep the banks aware and solvent.  I think she got 15 words out on NPR--which is a victory of sorts.

[destiny]

Paul Solman does a nice job explaining the "stress tests" and how they are passing them.  http://www.pbs.org/newshour/economy/

[et]

What Solman's explanation did for me was cause me to conclude: 
Our government uses our tax dollars to assure banks and bank investors that they nothing to fear from customers who might walk away from them.

This does not make market sense.  If your customer is not interested in your services, it is up to the banks to change their behavior, not the customer.

[et]

And when Solman gets to the explanation of SIVs and how they affect the capital cushion, one is reminded of the purpose in 1934 of Glass-Stegall law:

http://firedoglake.com/2009/06/10/pecora-in-perspective-everything-old-is-new-again-the-pecora-commission-redux/

[et]

Outrage Reminder.

You have undoubtedly heard what it takes to be "condemned to repeat"  history.

You undoubtedly heard the one about "stupid is forever".

Then there is the "stupid is as stupid does" from Gump's Mama.

So while we are all looking at the death of Michael Jackson and the faint-hearted efforts to find a way to public healthcare, it is good to bve reminded that there is hand slipping into our wallets and celebration on K-Street.  Something about foxes and henhouses.  The foxes are winning.

http://firedoglake.com/2009/06/28/it’s-not-gambling-if-the-casino-has-access-to-the-us-treasury/