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Archive for the ‘Tim Geithner’ Category

Sheila Bair Recommends Geithner’s Book, Warns of Future Bailouts. Instant Classic

Posted by Larry Doyle on May 20th, 2014 6:24 AM |

Hell hath no fury like a woman scorned.

Those watching the Wall Street-Washington regulatory battles over the years are well aware that there is no love lost between former Treasury Secretary Tim Geithner and former FDIC chair Sheila Bair. While Tim is now out making the rounds promoting his new book, Stress Test, Bair takes the opportunity to offer some faint praise but also some glancing and direct hits.

In what I would qualify as deftly slipping  a punch, Bair actually recommends Geithner’s book. In doing so, though, she then proceeds to lay Tim and his cohorts out with a serious warning we all should heed. (more…)

Message for Tim Geithner On the Release of Stress Test

Posted by Larry Doyle on May 13th, 2014 10:10 AM |

Dear Tim,

Congratulations on the release of your book. I assure you that I will read it and review it here at my blog.

Given your positions formerly as head of the New York Federal Reserve and Secretary of Treasury, you will certainly receive enormous media attention and exposure in touting your book and your take on dealing with the crisis of 2008. To wit, I see just this morning that The Wall Street Journal is running your editorial entitled The Paradox of Financial Crises.

Tim, let’s cut the bull$hit.  (more…)

Geithner: “We Saved The Economy, Lost The Country”

Posted by Larry Doyle on February 26th, 2014 7:01 AM |

Given the steady stream of platitudes put forth by many past and present political and financial figures in and around Washington, I find myself typically dismissing much of what is said as simply “more of the same.” In the process, I usually scan headlines and quickly move on to review news or issues that I find more meaningful.

Yesterday I paused, though, upon seeing a headline in The Wall Street Journal that caused me to want to look a little deeper. The headline, Geither: ‘We Saved The Economy . . . We Lost The Country.’  This I had to read.     (more…)

Sense on Cents Endorses Elizabeth Warren for Consumer Financial Protection Agency

Posted by Larry Doyle on July 17th, 2010 11:20 AM |

Elizabeth Warren

Truth, transparency, and integrity!

If our nation is to have any chance to recover from the throes of the worst economic crisis since the 1930s, it had better start elevating and embracing these aforementioned virtues. Time and time again, when we review business practices and political decisions at the center of our crisis, we have seen a glaring lack of these prized virtues. Why and how were these principles compromised? The pursuit of short term profit. Regrettably, this pursuit came at the expense — if not total violation — of these principles. The ultimate long term costs are now being borne by the nation as a whole.

Sense on Cents abhors those who would compromise these core values. Similarly, Sense on Cents embraces those who cherish these values. To that end, I strongly endorse Elizabeth Warren to head the Consumer Financial Protection Agency. (more…)

News and Midday Market Moves, Copper Selling Off Hard

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…)

Will Obama Whack Geithner and Anoint Volcker?

Posted by Larry Doyle on January 21st, 2010 8:54 AM |

Geithner, Obama, Volcker

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…)

How Tim Geithner Screwed the American Taxpayer

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…)

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…)

How Many Days Does Tim Geithner Have Left?

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…)

Geithner and Congress Take the Gloves Off

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.


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