Archive for the ‘Tim Geithner’ Category
Posted by Larry Doyle on January 27th, 2010 12:25 PM |
Many eyes are focused on the grilling of Treasury Secretary Geithner on the Hill. Have we learned anything new? Not really. Geithner is maintaining that he and others within the New York Fed and the Federal Reserve operated within the best interests of the American taxpayer because they were working to save the system. Numerous Congressmen are drilling Geithner on his actions to pay creditors 100 cents on the dollar.
Having watched this debate this morning, in my opinion we will not receive any real clarity or clear cut winners. I do find it laughable that Geithner asserts that the Treasury has promoted unprecedented levels of transparency under his leadership. Neil Barofsky, head of SIGTARP, and Elizabeth Warren, the TARP watchdog, have highlighted the extensive lack of transparency by Treasury under Geithner. (more…)
Tags: AIG bailout, commodities market, copper market, Tim geithner grilling by Congress, Tim Geithner in front of Congress January 26 2010, what is driving copper lower, what is driving the commodity market
Posted in AIG, China, General, Tim Geithner, commodities, copper | 4 Comments »
Posted by Larry Doyle on January 21st, 2010 8:54 AM |
One year into his presidency, Barack Obama is losing support from many corners. The American public is clearly sending Obama specifically and Washington at large a strong message of disapproval. Obama’s liberal base of support within the Democratic Party is growing increasingly disenchanted. Individual supporters such as The New York Times’ Paul Krugman are backing away from Obama.
Obama and team have nobody to blame but themselves. They were elected to bring real change to Washington. The American public defined that change as embracing real truth, transparency, and integrity. To this point, Obama has fallen woefully short on all these fronts and proven himself to be ‘just another politician.’
Obama has tried to scale Mt. Everest when in fact the American public and economy were merely and are still trying to get back to sea level. As Obama looks to regroup and reconnect with the American public, what will he do? (more…)
Tags: America wants transparency in washington, Barack Obama, did Tim geithner sell his house, fire the messenger Tim geithner, is Obama just another politician, Krugman writes he wasnt the one we've been waiting for, liberal base disenchanted with Obama, Obama Administration, Obama administration mistakes es, Obama cabinet, Obama embraces Volcker plan, Obama plan to curtail proprietary trading on Wall Street, obama Presidency, Obama promotes Paul Volcker, Obama prop trading plan, Obama's financial team Geithner Summers Bernanke Schapiro, Obama's plans for Wall Street, Paul krugman backs away from Obama, truth transparency and integrity in washington, tts message to Obama, what will Obama do?, will Obama can Geithner, will Obama fire Tim Geithner?, will Obama reinstitute Glass-Steagall, will Obama replace geithner with Paul Volcker
Posted in Barack Obama, General, Paul Volcker, Tim Geithner | 4 Comments »
Posted by Larry Doyle on January 7th, 2010 9:31 AM |
Tim Geithner, then head of the New York Fed, blinked and screwed the American taxpayer out of billions of dollars in the process. How so?
Geithner and his cronies in Washington have misrepresented–if not outright lied–about the payments to both domestic and foreign banks in settling exposures to then failing AIG. While politicians and pundits alike will reference the precarious nature of the time and heat of the moment to defend Geithner and his cronies, the simple fact is the settlement of the AIG swaps at 100 cents on the dollar was nothing short of one of the greatest heists in our country’s history.
This heist transferred multiple billions of dollars from the American taxpayer to the likes of Goldman Sachs, JP Morgan, Societe Generale, and many more domestic and foreign banks as well. (more…)
Tags: AIG, AIG payment to Societe Generale, AIG swaps, AIG swaps settlement 100 cents on dollar, Darrell Issa, Darrell Issa Tim Geithner AIG, Geithner's new york fed Told AIG to Limit swaps disclosures January 7 2009, Goldman Sachs, JP Morgan, Lloyd Blankfein Goldman Sachs, payments to banks, settlement of AIG swaps, Societe Generale, Tim Geithner, Wall street owns Washington
Posted in AIG, General, Tim Geithner | 21 Comments »
Posted by Larry Doyle on December 31st, 2009 11:34 AM |
Blank checks are the antithesis of good public policy.
America can not allow the passage of time to lessen the outrage over the Obama administration’s Christmas Eve bonus to the financial sinkholes known as Freddie Mac and Fannie Mae. Platitudes and posturing aside, the American taxpayer is being set up as never before.
A blank check may serve to cover a host of past financial and legislative failures promoted by the likes of Barney Frank, Chris Dodd, John Kerry et al, but who is monitoring and verifying the legitimate and proper use of these funds? Are we to blindly trust Treasury Secretary Geithner, White House economic adviser Larry Summers, and their respective staffs in this process? Are you kidding me? America needs to voice its outrage long and hard. In that spirit, I called yesterday to Audit Freddie and Fannie.
In the same vein, I am heartened by initiatives launched yesterday by Rep. Dennis Kucinich (D-OH), and Reps. Scott Garrett (R-NJ) and Spencer Bachus (R-AL) to pursue an investigation of this blank check.
The Wall Street Journal reports, Lawmakers Want Probe Into Treasury Aid for Fannie, Freddie: >>> (more…)
Tags: audit Freddie and fannie, Barney Frank, Chris Dodd, Dennis Kucinich, Freddie and fannie's blank check, House Financial Services Committee, House Oversight and Government Reform panel, I want to roll the dice, John Kerry, Larry Summers, Scott Garrett, Spencer Bachus, sub-prime lending comment by Barney Frank, Tim Geithner, toxic assets on Wall Street, transferring losses from Wall Street to taxpayers, trust but verify
Posted in Barney Frank, Fannie Mae, Freddie Mac, Larry Summers, Tim Geithner | 9 Comments »
Posted by Larry Doyle on November 25th, 2009 8:51 AM |
Is Treasury Secretary Geithner on the hot seat? With populist anger rising in the land, will Geithner be Obama’s sacrificial lamb to appease the masses? Why is Geithner in the line of fire?
1. the economy.
2. perception that he is the chair of the “Wall Street-Washington Incest Club.”
3. the disregard for our currency.
4. does not command full respect in the international community.
Geithner is getting hit with volleys from both sides of the aisle. Is the tepid support provided by the White House an indication that Tim is being readied to be fed to the wolves or simply an unwillingness to acknowledge the topic?
The fact is, the economy is not going to improve anytime soon. Obama’s approval ratings have declined along with the economy. Obama has already indicated his support for Ben Bernanke’s return as Fed chair. While the administration would prefer the topic of Geithner’s fate to go away, it is picking up momentum. Bloomberg discussed Geithner’s potential dismissal this morning.
Who would be Geithner’s likely replacement? JP Morgan’s CEO Jamie Dimon. (more…)
Tags: geither lacks gravitas, Jamie Dimon, obama approval ratings decline may lead to him firing tim geithner, populist rage may cause geithner's firing, Secretary Dimon, Tim Geithner, weak dollar may lead to geithner's firing, weak economy may caue geithner to be fired, why would geithner be fired, Will geithner be fired
Posted in General, Jamie Dimon, Tim Geithner | 7 Comments »
Posted by Larry Doyle on November 19th, 2009 2:23 PM |
Do you get the sense that Americans are increasingly fed up with the incestuous nature of the Wall Street-Washington relationship? How so? The gloves came off from both sides of the aisle today in the midst of Congressional testimony from Treasury Secretary Geithner to the Joint Economic Committee.
Despite what you may think about the policy and programs of the Obama administration, the sentiments shared by selected Congressmen are clearly reflective of the mood in the nation today.
No jobs on Main Street combined with massive bonuses on Wall Street is a surefire recipe for an enraged electorate. Washington can spin it however they want and attempt to deflect blame to the prior administration, but real leaders and real leadership are defined by the saying embraced by Harry Truman, “The buck stops here.”
Leaders who accept credit but redirect blame aren’t leaders.
LD
Tags: Brady calls on Geithner to resign, geithner congressional testimony november 19 2009, Geithner resign, Geithner testimony to JEC november 19 2009, resign geithner, the buck stops here, will Geithner resign
Posted in General, Tim Geithner, Wall Street, Washington D.C. | 6 Comments »
Posted by Larry Doyle on November 18th, 2009 9:35 AM |
Do you have any confidence that Washington even knows how to properly address our massive and growing fiscal deficit? Rahm Emanuel, Tim Geithner and others understand that from a political standpoint they need to start talking about deficit control, but will that talk lead to action?
Do you think Congressional leaders, specifically Harry Reid and Nancy Pelosi, have the character and fortitude to ‘tighten the belt?’
The first real test for this crowd is already upon us. How so? The TARP, with a $700 billion commitment, expires on December 31, 2009. Of that $700 billion, $400 billion has actually been spent. Why wasn’t the other $300 billion spent? Well, don’t forget that Obama’s Stimulus Bill totaled $770 billion and assorted other programs implemented by Treasury have run into the trillions. As a result, Geithner did not immediately need to allocate those funds.
The question begs as to what will happen to that $300 billion. While Emanuel and Geithner are starting to ‘talk’ the fiscal discipline ‘talk,’ will they ‘walk the walk?’ (more…)
Tags: allocating TARP funds, Deficit, deficit control, Fannie Mae, FDIC, FHA, fiscal discipline, Freddie Mac, GMAC, Harry Reid, insurance companies, Nancy Pelosi, Rahm Emanuel, richard trumka, Senator John Thune, stimulus bill, talk of fiscal deficit, TARP, TARP funds, TARP renewal, Treasury, walking around money
Posted in Deficit, General, Tim Geithner | 3 Comments »
Posted by Larry Doyle on October 29th, 2009 9:52 AM |
FDIC Head Sheila Bair
“Too big to fail.”
Do you think the American public is sufficiently sickened by that phrase? No doubt.
How will our ‘wizards in Washington’ handle this monstrous issue going forward? Is there any doubt that the industry itself should be held accountable to provide the necessary capital to unwind firms deemed ‘too big to fail?’ Of course not. However, the execution of that policy is where the rubber meets the road and where we learn who in Washington is truly working for the American public and who is working for the financial industry. How so? Let’s navigate. (more…)
Tags: Bair Breaks With Obama Urges Preepaying Costs to Unwind Firms, FCRF, FDIC, Financial Company Resolution Fund, Sheila Bair, systemic regulator, systemic risk, Tim Geithner, too big to fail, unwinding firms too big to fail
Posted in Bank Failure, Banking Institutions, General, Sheila Bair, Tim Geithner, regulation | 4 Comments »
Posted by Larry Doyle on August 14th, 2009 8:23 AM |
Treasury Secretary Geithner has adapted to Washington very quickly. How so? His willingness and ability to distort and conceal the truth is consistent with much of what emanates from our nation’s capital. I literally gagged upon reading the extremely superficial commentary in today’s Wall Street Journal, Geithner Sees Good Vital Signs:
U.S. Treasury Secretary Timothy Geithner said the Obama administration wouldn’t allow Wall Street to return to such old habits as taking on excessive risk, and that plans to overhaul financial-market regulation were on track.
Does Secretary Geithner think that people do not monitor these issues? His statements in this article are the equivalent of a Wall Street bond salesman’s assertion ”trust me on this,” while jamming an overpriced security down his client’s throat. My response, “challenge!!” Let’s navigate.
Geithner asserts:
“I don’t think the financial system is reverting to past practice, and we won’t let that happen,” Mr. Geithner said. “The big banks are running with much less leverage now, much more conservative liquidity cushions, there’s been a significant shrinking of their balance sheets, getting rid of bad assets (LD’s highlight) and cleaning up. And the weakest parts of the system don’t exist anymore.”
Sense on Cents challenge: the system is chock full of toxic assets. The new-issue securitization market for consumer assets remains largely dormant and the TALF and PPIP programs are largely a joke. I submit “PPIP: A Virtual Odd Lot“ (July 7, 2009).
The Wall Street Journal continues: (more…)
Tags: Geithner adapts to Washington practice of distortiing the truth, Geithner addresses financial regulatory reform, Geithner addresses need for better regulatory oversight, Geithner conceals the truth, Geithner has never publicly addressed FINRA, Geithner has not addressed regulatory reform for rating agencies, Geithner promotes Federal reserve as uber-regulator, Geithner says trust me, Geithner says Wall Street risk is addressed, Geithner Sees Good Vital Signs, Geithner talks about financial regulatory reform, Geithner talks about regulation for credit cards and mortgages, Geithner talks about regulation for derivatives, Harry Markopolos, has Wall Street cleaned up toxic assets, has Wall street returned to business as usual, how are TALF and PPIP doing, Obama and team have lost momentum for financial regulatory reform, Toxic Assets, Wall street owns Washington, why doesn't Geithner speak to Harry Markopolos, why has Wall Street rebounded
Posted in General, Tim Geithner, Wall Street, regulation | No Comments »
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Trust Tim Geithner, Larry Summers, Barney Frank?
Posted by Larry Doyle on December 31st, 2009 11:34 AM |
Blank checks are the antithesis of good public policy.
America can not allow the passage of time to lessen the outrage over the Obama administration’s Christmas Eve bonus to the financial sinkholes known as Freddie Mac and Fannie Mae. Platitudes and posturing aside, the American taxpayer is being set up as never before.
A blank check may serve to cover a host of past financial and legislative failures promoted by the likes of Barney Frank, Chris Dodd, John Kerry et al, but who is monitoring and verifying the legitimate and proper use of these funds? Are we to blindly trust Treasury Secretary Geithner, White House economic adviser Larry Summers, and their respective staffs in this process? Are you kidding me? America needs to voice its outrage long and hard. In that spirit, I called yesterday to Audit Freddie and Fannie.
In the same vein, I am heartened by initiatives launched yesterday by Rep. Dennis Kucinich (D-OH), and Reps. Scott Garrett (R-NJ) and Spencer Bachus (R-AL) to pursue an investigation of this blank check.
The Wall Street Journal reports, Lawmakers Want Probe Into Treasury Aid for Fannie, Freddie: >>> (more…)
Tags: audit Freddie and fannie, Barney Frank, Chris Dodd, Dennis Kucinich, Freddie and fannie's blank check, House Financial Services Committee, House Oversight and Government Reform panel, I want to roll the dice, John Kerry, Larry Summers, Scott Garrett, Spencer Bachus, sub-prime lending comment by Barney Frank, Tim Geithner, toxic assets on Wall Street, transferring losses from Wall Street to taxpayers, trust but verify
Posted in Barney Frank, Fannie Mae, Freddie Mac, Larry Summers, Tim Geithner | 9 Comments »