Tuesday, November 25, 2008

Andrew Ross Sorkin asks "Where was Geithner in turmoil"?

Andrew Ross Sorkin has an interesting article in today's International Herald Tribune in which he points out Secretary of Treasury nominee Timothy Geithner's involvement in the recent disastrous bailouts.

But Geithner's involvement in several ultimately ill-fated efforts to buttress the American financial system is the very reason some Wall Street CEO'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: AIG and Lehman Brothers," said Christopher Whalen of Institutional Risk Analytics. "Throw in the Bear Stearns/Maiden Lane fiasco for good measure," he said, referring to the site of the New York Federal Reserve, where many rescue discussions took place.

"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."

You can read the rest of the article here.

Barack Obama.

Change you can count on !

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