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September 26, 2012

Book: Tim Geithner Acted As CitiBank's Advocate, Rather Than The Government's or the Taxpayer's

Thick as thieves.

Tim Geithner, the US Treasury secretary, acted to shield Citigroup’s bondholders and management from accountability at the height of the financial crisis while taxpayers were left on the hook, a former US bank regulator has alleged.

...

Ms Bair claims that Mr Geithner was relentless in his advocacy for Citi, both in its attempts to buy faltering lenders and when it came to applying restrictions tied to its various rescue packages by the government. “Tim seemed to view his job as protecting Citigroup from me, when he should have been worried about protecting the taxpayers from Citi,” Ms Bair wrote of Mr Geithner, who she nicknamed the “bail-outer in chief” of the 2008 crisis.

Oh, and Dinnertime Open Thread. Enjoy this flashback -- How Carter Creamed Reagan (In The Media's Pollsters' Telling).


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posted by Ace at 06:04 PM

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