Geithner Throws Hissy Fit with Federal Regulators. Gee, Think 'Trust Me' Is a Good Enough Reason for Them to Shut Up?
By Susie Madrak Wednesday Aug 05, 2009 3:00pmSomeone's sounding just a little touchy, aren't they? Yes, Tim, you and your buddies from Wall St. have done such a bang-up job, I can understand why you're upset by all these questions:
WASHINGTON -- Treasury Secretary Timothy Geithner blasted top U.S. financial regulators in an expletive-laced critique last Friday as frustration grows over the Obama administration's faltering plan to overhaul U.S. financial regulation, according to people familiar with the meeting.
The proposed regulatory revamp is one of President Barack Obama's top domestic priorities. But since it was unveiled in June, the plan has been criticized by the financial-services industry, as well as by financial regulators wary of encroachment on their turf.
Mr. Geithner told the regulators Friday that "enough is enough," said one person familiar with the meeting. Mr. Geithner said regulators had been given a chance to air their concerns, but that it was time to stop, this person said.
Among those gathered in the Treasury conference room were Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp. Chairman Sheila Bair.
Friday's roughly hour-long meeting was described as unusual, not only because of Mr. Geithner's repeated use of obscenities, but because of the aggressive posture he took with officials from federal agencies generally considered independent of the White House. Mr. Geithner reminded attendees that the administration and Congress set policy, not the regulatory agencies.
Mr. Geithner, without singling out officials, raised concerns about regulators who questioned the wisdom of giving the Federal Reserve more power to oversee the financial system. Ms. Schapiro and Ms. Bair, among others, have argued that more authority should be shared among a council of regulators.
"You are talking about tremendous regulatory power being invested in whatever this entity is going to be," Ms. Bair told the Senate Banking Committee last month. "And I think, in terms of checks and balances, it's also helpful to have multiple views being expressed and coming to a consensus."
Bair testified yesterday in front of the Senate committee on Banking, Housing and Urban Affairs and she probably caused Geithner's blood pressure to shoot through the roof. Oh well! I'm a big fan of hers and I appreciate her consistent support of workers and small business.
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And shouldn't someone hit Obama with a rolled up news paper for even considering giving the fed even more power?
and for what reasons?!
was quite clear about "who to hit" and I thought his "reason for hitting" was also clearly articulated.
Republican corporate policies are still being shoved down our throats..
Whether it is the welfare checks (of our tax money) and lack of controls over they Banking Empire they receive , the outsourcing of American jobs (including the government contracts paid for with our tax money) by the passing of the free trade bill , the destruction of our constitution / bill of rights / democracy by the arrogant bills and actions by the government , letting the Health Empire write the legislation of the new health bill or what ever we get screwed every d... time..
Geithner is another Goldman Sach's (??ex??)-employee's which is putting the finishing touches on the transferring of our wealth and power to the Global Banking Empire..
The Obama of today is not the Obama I voted for of yesterday..
It was as if I voted to continue the Bush/Cheney administration..
Emanuel and Obama are starting to look like the Cheney Bush administration.
Enough is enough and we are not receiving the campaign promises which Obama promised if elected...
Hillary had it right on the campaign trail when she stated that Obama was a person with just a speech...
Obama certainly has not put his actions where his mouth was on the campaign trail..
The republican mob at least shows it's disconnect about issues ,, no matter if they do go to far...
Democrats do not have the guts to do a d... thing about Obama/Emanuel and the democrats sellout to the Global Empires.
They are not democrat values that Obama and the democrats are passing they have become Phony in their statements and what they are actually doing "for" us... Better stated as "TO" us..
http://www.youtube.com/watch?v=plGn1UND8Kg
George Carlin said it well- You have no choice. You have owners. They own you. They own everything.
http://www.democraticunderground.com/discuss/...
And any Watchmen fan knows the rest of that quote...
It's Obama's BS Goldmanite advisors, pushing that Paul Rubin "Information Jobs" nonsense at us again... Like "Cash for Clunkers", all it does is tempt us into more debt which is the LAST thing we need to do...
We should have known when Obama selected Emanuel that Obama was no longer going to keep his promises.
For one thing Emanuel is for the middle east war , electing more republicans into the democrat party and moving to the center right..
Emanuel recruited and help elect the republican as the democrat blue dogs and took them that they could do and say what they please with no interruptions.
Now Obama instead of condemning the Attacks on the democrats by this corporate republican machine in the town hall meetings are attacking the democrats for their angry at the republican blue dogs for screwing up the health bill and other policies for the republicans...
Obama will never be elected for another term and this seems to be why Emanuel is pulling out off the plugs to get his way with the democrat party and control it's policies.
the fastest growing demographic the current and soon to be former middle class which by 2011 will likely be in dire straights.
He's not stupid
created the fastest growing demographic that will be the former middle class.
He's not stupid and he doesn't want to own his part in this shyt.
Obama put the fox in charge of the henhouse and the chickens refuse to come home to roost because of it.
No agency independent of Federal Oversight should be in charge of ANYTHING. It's the reason the Fed Reserve is the crock of shyt it is.
Is the reason we are in this pile of BS today and it looks as if these administration is following their footsteps.
The federal reserve is now run by the bank empire and Geithner as well as the person he replaced Paulson were/are employees of that empire...
No person in their right mind would GIVE someone thousands must less billions and trillion of dollars and not have rules , regulations and safety net for their returns..
The American citizens have been suckers for over the past 10 plus years to give a government agency , Private banking empire or any organization this much power..
The building of these Global Empires were crated to get around the monopoly laws and to build their Global Power and dominates over the world...
If you just listen to anyone of these arrogant a.. h.... speak AT us , you can see the arrogant in their tones , expressions and actions...
Try October
was good enough to go to war when it was about WMD.
Aug. 5 (Bloomberg) -- Goldman Sachs Group Inc. made more than $100 million (per day) in trading revenue on a record 46 separate days during the second quarter, breaking the previous high of 34 set in the prior three months.
average persons while they stare at a stack of bills on the kitchen table sifting for the unemployment check and wondering why their house is now worth half what is was when they bought it.
Isn't at all worrying about his mortgage and fabulous window treatments adorning every corner of his sun-kissed 'cuisine', never mind the trophy-wed bride caring a corn kernel, coveting- all the while- a young and courteously paid-for pool boy, with the most curious of bulges. Indeed!!
The banks just want to continue their free ride. Just stop them. Please.
Take back the ability to print money and default on all of them, set up new banks run by the government and say screw you to the fed. Let them die out playing with money we don't use anymore.
It seems to me a 'Jubilee' is in order. A general country-wide default and ending of all debts. Otherwise these guys will own us until they drive us back into the dark ages.
California only has to default, get rid of the lawyers, banks and other leeches that are sucking the life out of it, and tell the people to do the same, and print new money themselves.
DONE.
It's all fictional paper money not even related to real currency (gold) anymore, just get rid of this extra baggage and build a new society with free healthcare included.
I've always thought Tim as a bit light in th' loafers? "Well?"
bottom dwellers or soon to be bottom dwellers anytime soon.
Not willingly or out of a sense of compassion for the people who's lives they destroyed anyway.
Didna work for Jimmy Carter
For long.
...really cares much for Geithner anyway.
If Obama had any sense, he'd sack Geithner and put Bair in charge. She seems to know what she's talking about.
'Course, she probably doesn't fit in with the Goldman-Sachs crowd at the Treasury Dept. lunch room.
Weren't all of these regulators somewhat responsible for the financial mess? A lot of them were there from previous administrations right? This looks a lot like a turf battle.
I don't like Geithner and Summers, and I like Bair. The only thing that bugs me is if Richard "Dick" Shelby is in favor of something, it probably is a terrible idea.
rummaging through the remains.
http://www.youtube.com/watch?v=wHh2V1qPZFY&fe...
I thought his speech in Indiana a marvelous inspiration earlier today- though we shall ultimately judge his speeches through their own results- I've quite a bent for the man. No one has motivated me as much in quite a long time!...
You inject your perception into what you think you want to hear.
expresses interest in lower class occupations making her parents squirm with embarrassment and discomfort.
I suppose (in spite of any of our individual hopes and/or cynical observations) the outcome will ultimately remain to be later criticized! (Hopefully, not quite so cheaply, and 'hang-nailedly'!)
All right Timmy, tired of hearing the concerns of regulators? Fine, bring back Glass-Steagall.
I've been wondering what the heck's been going on with ol' Tim. His 3 day love fest on PBS recently assured me that, at a minimum, he anus was as clean as could be licked. Eff you Geithner.
renting it for a measly $7500 a month. Not enough to make the mortgage payment.
Paul Rubin wouldn't hear of it! The Goldmanites might have to work for a living!
...appointed to treasury secretary...
it's like having...a "watchdog guard your sausage factory at night"
It's like getting growled at by your dog as you try to pick up your sandwich he's eating that he just stole off the table. It makes you pissed...
Usually when someone resorts to using expletives in a business discussion, there is a very strong probability this person has a personal stake in it. For this reason, postpone any decision on granting the Federal Reserve any more regulatory power. Let's see just how much Geithner sweats.
If the financial industry would have listened to Ms. Bair, things would not be near as bad as they are now.
http://www.youtube.com/watch?v=tQfDNh0nP-g&fe...
... just as it can be, to put one, two or three dogs down.
Though quite often... if done properly, synergistic cooperation can bear efficient results with less waste.
In this particular scenario, I sense a little job insecurity amongst the bureaucratic deadwood. As well as the ominous fear of losing the prestigious personal power, influence and fame that resides in such said position(s). I believe if and only if, we can get immediate answers to the financial facts through just transparency...
...the less tentacles in-between the source and end-user the better. It's the fundamental principal and first step in any type of successful troubleshooting scheme, to set aside components to get at the source of the problem.
I can understand the concerns, considering past performance and would only embrace this idea after all the stipulations were on paper. I'm all for streamlining government, who wouldn't be?
S. 604: Federal Reserve Sunshine Act of 2009
[ http://www.govtrack.us/congress/bill.xpd?bill... ]
H.R. 1207: Federal Reserve Transparency Act of 2009
[ http://www.govtrack.us/congress/bill.xpd?bill... ]
These wall street crooks and criminals can't ever be trusted again and absolutely need oversight.
To be honest, in many countries they would be hung or shot. China would, Japan you'd kill yourself, and India you would be stoned to death.
Corporate largess and outright theft is destroying the country if not the world.
Place the crime of breaking banking legislation up there with treason and murder and I am betting they would stop playing fast and lose with other peoples lives (life saving etc..), since their own would now be on the line.
Factory manager killed as labour unrest hits China
Globalism has a price. We haven't paid as much as people in other countries have...yet. But the globalist Masters of the Universe have their fancy bolt-holes ready for when the system finally crashes completely. While the poor plebs claw their own and each other's guts out over what's left...
Would be like trusting the wolf with the chicken coop or a Christianist with the Constitution.
A baseball bat. Solves the problem:
http://www.zerohedge.com/article/another-exha...
I will follow this man to Hell.
Obama hand-picked Mr. Geithner...or did he?
Who works for whom?
I'd like the reichwing to name a single instance where reichwing blackguards...sorry, bloggers or propagandists...sorry, media, who dared to criticize the Bu**sh** and Chicanery...sorry, Cheney regine to the same extent as this.
C&L's criticism of Geithner isn't democrats stabbing themselves in the back, it's an openness to addressing real problems, something that didn't exist until this year.
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