HuffPo: Keeping Geithner is like asking Al Cowlings to spearhead Nicole Simpson murder investigation

[Amerigo Vespucci]

Dylan Ratigan
Host of "Morning Meeting" on MSNBC and WABC Radio Show
Posted: November 2, 2009 07:45 AM

Why Keep Geithner?



However, the smoking gun for Secretary Geithner comes from a recent Bloomberg FOIA disclosure regarding events from last November. It was then that New York Federal Reserve Governor Tim Geithner decided to deliver 100 cents on the dollar, in secret no less, to pay off the counter parties to the world's largest (and still un-investigated) insurance fraud -- AIG. This full payoff with taxpayer dollars was carried out by Geithner after AIG's bank customers, such as Goldman Sachs, Deutsche Bank and Societe Generale, had already previously agreed to taking as little as 40 cents on the dollar. Even after the GM autoworkers, bondholders and vendors all received a government-enforced haircut on their contracts, he still had the audacity to claim the "sanctity of contracts" in the dealings with these companies like AIG.

None of us were in the rooms when these decisions were made, so I don't pretend to know if Mr. Geithner was the one lone, sane voice of reason fighting against mysterious forces or the primary proponent. However, I fail to see the reasoning for why we continue to rely on those who were in the room when these horrendous decisions took place to be the same people that we choose to deal with their aftermath. There are just certain situations that are not suited for continuity. The best analogy I can think of is that it would be like asking Al Cowlings to spearhead the Nicole Brown Simpson murder investigation under the premise that he knows the layout and the "players" best.

The fact is that there are people who understand all of the intricacies of finance and policy as well as Secretary Geithner, but whose allegiances to the taxpayer are much clearer. People like Elizabeth Warren, Neil Barofsky, Rob Johnson, and Senator Maria Cantwell just to name a few.

To stop the theft from continuing, it requires that the most basic rules of capitalism be applied to our banks and that our future national wealth be safeguarded by the US Government. The current custodian of America's wealth, Treasury Secretary Tim Geithner, is not doing a good job of either. The time for corrective action is now.

http://www.huffingtonpost.com/dylan-ratigan/why-keep-geithner_b_341908.html

[Stevepol]

1. I totally agree, but who's listening?

[Amerigo Vespucci]

2. We are listening (DU), but probably no one in a position to send Timmy packing

I hear what you're saying. The "permanent billionaire bailout" thing is pretty transparent, but the American public...even though they are expressing anger...are still too "uncomfortably numb" to demand its quick and much-needed demise.

Instead, people like Geithner will continue to tell us all of the bad things that will happen to us if we cease paying CEO bonuses.

[Roland99]

3. I was just about to post a thread on this article! Excellent criticism of the Wall St. enabler.

[notesdev]

4. Maybe the election losses tomorrow will wake some people up

When the brutal numbers come in tomorrow maybe someone will wake up to the fact that Democratic voters aren't going to motivate for the benefit of Goldman Sachs.