Geithner’s Outburst Gets Two Thumbs Down
By We were shocked to read last night that Treasury Secretary Tim Geithner had delivered an expletive-filled tirade to a team of financial regulators.
From the Fed chairman to whom Geithner’s plan would assign more power, to the FDIC chairman the proposal conspicuously ignores, all the major financial regulators have had constructive criticism.
It was last Friday that Geithner blasted his fellow regulators….
Most blamed Larry Summers for orchestrating the thing; one suggested the president hold a press conference and wash both mens’ mouths out with soap. We pulled some of our favorite reviews:…
Dealbreaker’s Greg Michaels:
Drawing on his ongoing home selling frustrations, TG told those lucky enough to be in attendance last Friday that "enough is enough" and now is not the time to think through comprehensive financial regulatory overhaul. Apparently at this critical moment what is really needed is unwarranted blind faith in the administration.
Zerohedge’s "Tyler Durden"
On a more serious note, this begs the question: is the SecTsy finally losing it and why? Or, in a Machiavellian ploy of sinister brilliance, did Larry Summers orchestrate all of this by turning off CNBC access at the U.S. Treasury, in hopes of creating a brief but deadly Western standoff between his adversaries (all of them)?
Naked Capitalism’s Yves Smith:
Obama seems unable to recognize he has pinned the fate of his presidency on two people, Geithner and Summers, who are part of the problem. The stillborn PPIP was a terrible idea. Paulson had two efforts on variants of the "buy toxic assets" idea and failed. The stress tests were a farce…
Read entire Geithner article here.
See Also: Geithner Goes Ape On Bair, Bernanke, And Schapiro Over Regulatory Reform
