So over the weekend, the world learned that Tiny Turbo Tax Timmy Geither had accepted a job with private equity giant firm Warburg Pincus. The news was about as much of a surprise as a lie popping out of Barack Obama’s mouth every time he opens it. Nevertheless, the move is particularly hilarious in light of a profile article of Geithner in New York magazine from January of this year, in which the king of cronyism tried to distance himself from Wall Street. Here’s the money-shot paragraph from the piece:
Another fiction that has plagued Geithner is the idea that he is a creature of Wall Street, specifically that he worked for Goldman Sachs. He isn’t sure where it came from—probably just confusion with his predecessor, Hank Paulson, who was the former CEO—but “once it hardened, it was very hard to overcome.” Indeed, he has not really overcome it at all. I can write, right here, in all caps, TIM GEITHNER HAS NEVER WORKED ON WALL STREET, and still someone will comment on our website that he is a bankster who should just go back to Goldman Sachs. Geithner says it’s “extremely unlikely” he will take a job in the world of finance, but the idea that he is somehow, secretly, working hand in hand with that community persists, and every once in a while someone pulls out records of his phone calls and meetings with CEOs as evidence. Geithner is not really sure what to say about that. “I’m the secretary of the Treasury.” He laughs. “How am I supposed to run a financial rescue if I don’t take phone calls from people?”
At least he is making up for lost time. Those conspiracy theorists making stuff up again…
Full article here.
In Liberty,
Mike
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Why Does the Media Ignore Timothy Geithner’s Disastrous Leadership of the NY Fed?
By William K. Black
(Cross posted at Benzinga.com)
Remember nine months ago when Timothy Geithner assured us that it was “extremely unlikely” he would take a position on Wall Street?
The media meme when Geithner announced that he was stepping down as Treasury Secretary and taking a position as a “senior fellow” with the Council on Foreign Relations (CFR) was what a superior human he was for not taking a job with Wall Street. The “extremely unlikely” (to no one’s surprise) was announced nine months later. The private equity firm Warburg Pincus has hired Geithner as its President.
“The unusually low-key announcement — made with little fanfare on a Saturday morning — is Mr. Geithner’s first foray into the private sector in 25 years, after serving in the Treasury Department, the International Monetary Fund and the Federal Reserve Bank of New York.”
The IMF and the NY Fed are far more private than public and they both exist primarily to serve banks. They NY Fed is owned by the private banks it supposedly examines and supervises and the banks elect bankers to act as the NY Fed’s directors (including until very recently the supposed “public interest” directors). They are not subject to U.S. government caps on pay, and in the case of the IMF the employees have their pay increased to compensate for the U.S. taxes they are supposed to pay (which Geithner did not pay for many years). Geithner’s disastrous “public service” at the NY Fed and the IMF made him a multi-millionaire at great cost to the public.
http://neweconomicperspectives.org/2013/11/media-ignore-timothy-geithners-disastrous-leadership-ny-fed.html#more-6924
The true fiction is the notion that any of these sociopaths are not pathological liars. And yet the people continue to get duped. They’re like Charlie Brown and Lucy and the football.
When will the masses wake up to it?
Of course too many are invested in the state to want to overturn it or at least beat it back down to a benign size (if that’s even a valid statement at all as the concept is inherently evil).
“End The FED” demo in Dallas today