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