The Real Reason Geithner Is Afraid of Elizabeth Warren

[Me.]

Wow...she'll restrict abusive practices...what is she thinking?

“As reported on HuffPost last week, Treasury Secretary Timothy Geithner has expressed opposition to the possible nomination of Elizabeth Warren to head the Consumer Financial Protection Bureau, according to a source with knowledge of Geithner's views.

One can assume that Geithner, being very close to the nation's biggest banks, is concerned that Warren, if chosen, will exercise her new policing and enforcement powers to restrict those abusive practices at our commercial banks that have been harmful to consumers and depositors.

Certainly, Warren is not the commercial banking industry's first pick to serve in this new role. And unlike other legislation in which an industry's lobbying effort would naturally slow or cease once the legislation is passed, the new financial reform bill is continuing to attract enormous lobbying action from the banks. The reason is simple. The bill has been written to put a great deal of power as to how strongly it is implemented in the hands of its regulators, some of which remain to be chosen. The bank lobby will work incredibly hard to see that Warren, the person most responsible for initiating and fighting for the idea of a consumer financial protection group, is denied the opportunity to head it.

But this is not the only reason that Geithner is opposed to Warren's nomination. I believe Geithner sees the appointment of Elizabeth Warren as a threat to the very scheme he has utilized to date to hide bank losses, thus keeping the banks solvent and out of bankruptcy court and their existing management teams employed and well-paid.”…cont…

http://www.huffingtonpost.com/john-r-talbott/the-real-reason-geithner_b_650403.html

[autorank]

1. k*r Oh so right - great point!!!1

She knows where the bodies are buried!

The stinking corpse of Geithner's con job is ready to go public, on disiplay for the whole country.

Thank God for people like Warren.

[Me.]

3. What Are Her Chances?

Do you think Geithner will prevail...again?

[loudsue]

12. Given the owners of the power in this country, she doesn't stand a chance.

One only needs to look at our recent history to know who prevails. Geitner will prevail.

[lark]

16. I'd love to see her get the job

However given our current administration's tendency to support all things corporatist, I'd be amazed if she does. If she does get it, it will give me back some of the faith I've lost in Obama, so really hope this happens.

[Enthusiast]

36. Thousands of us

have asked President Obama to appoint Elizabeth Warren. She won't get it.

[earcandle]

2. Elizabeth Warren would be a great trim tab to get us back to balance.

[lunatica]

4. My fingers are crossed hoping she gets the job.

She's qualified and honest.

[slipslidingaway]

5. knr nt

[lurky]

6. Link didn't work for me. Here's one that seems ok:

http://www.huffingtonpost.com/john-r-talbott/the-real-reason-geithner_b_650403.html

[Me.]

7. Thanks

Fixed mine.

[ProSense]

8. Here's a different perspective

from Warren.

[Marie Marie]

9. Anyone who would put the interests of consumers

over the banks and Wall Street would make Timmy pee all over himself. She would be amazing in that job - if she is given any real power to change anything.

[laughingliberal]

19. +1 nt

[notesdev]

10. There's one more reason

a Presidential appointment of Warren could well be a prelude to Geithner's replacement. We all know he is a running sore that undermines any claim that this administration gives a shit about the common man.

[femrap]

11. She'll make him feel so

f*cking stupid. She's actually intelligent while he's just a good c*ck s*cker. That's how he gets 'jobs' and keeps them.

He'll have to kill her to keep up the lie.

[waronbanks]

13. The Corporates are in control.

Obama will not against his Overlords as has been proven again and again. The question is how bad of a pick will it actually be

[vanbean]

40. You left the "r" out of pick.

[northernlights]

14. petition signed -- this line says it all :-)

"...if Warren is appointed the entire world of banking and finance as we know it will come to an end."

And this is somehow a bad thing? :rofl: :rofl: :rofl:

[NJmaverick]

15. This made up huff post (home of the celebrity nudie shots) story has long been debunked

[Me.]

18. Oh, Yeah. Right

[Dinger]

22. *YAWN*

[Ignis]

23. ...By yetis? By a particularly articulate jar of marmalade?

Just a smidgen of detail might help. :shrug:

[NJmaverick]

26. Here you go!

http://www.xe.com/news/2010-07-16%2015:39:00.0/1279825.htm?c=1&t=

[Ignis]

30. Well, since the entire linked article is 3 paragraphs, let's quote it:

U.S. Treasury Secretary Timothy Geithner considers consumer rights advocate Elizabeth Warren well qualified to head a new financial consumer watchdog bureau, a Treasury Department spokesman said on Friday.

'Given her strong leadership on consumer protection, Secretary Geithner believes that Elizabeth Warren is exceptionally well qualified to lead the new bureau, and, ultimately, that's a decision the president will have to make,' Treasury spokesman Andrew Williams said.

Williams said Warren has been 'a driving force behind the creation of the consumer financial protection bureau' that will be created as part of the financial regulation reform bill approved by Congress on Thursday.

Thanks for the link.

But how does this 7/16 story "debunk" a 7/18 story? I presume the comments from Williams in the 7/16 story are in response to this original 7/15 story on the subject (for which Williams declined comment):
http://www.huffingtonpost.com/2010/07/15/tim-geithner-opposes-nomi_n_647691.html

The 7/15 and 7/18 HuffPost stories both use unnamed sources as the quote source, while the 7/16 response piece quotes Williams. Obviously, we're not babes in the woods here at DU, and we can understand that "some people say" is not reliable journalism. But I think it's also naive to expect that Geithner's office would go on record with any criticism or concerns he had over Warren, don't you? :shrug: Especially since she has a history of asking him tough questions, which might make his protests appear personally motivated.

[NJmaverick]

31. Sorry if the facts were not good enough for you

[Ignis]

34. Now THAT is the sort of bullshit, passive-aggressive response I expected.

Thanks for never failing to disappoint! :thumbsup:

[NJmaverick]

35. feel free to go with your unnamed sources

[Ignis]

41. I'm not "going with" anything. I asked you a simple question.

You say "XYZ has been debunked."
I asked how/where/when.
You provided a link to a 3-sentence article (published before the one linked in the OP).
I thanked you, and asked how that article debunks the OP.
You decided to play the "I'm sorry if..." game, rather than answering my question.

:shrug:

Rocket surgery, this is not.

[Enthusiast]

37. Xe? Didn't they they go by Blackwater

previously?

[Lilith Velkor]

42. Why, yes.

Yes, they did.

[sabrina 1]

17. If she is not appointed, I hope she runs for office.

I would love to see her and Brooksley Born in the Senate,

It will say a lot about this administration whether or not she gets the job, but there is no one more qualified for it.

[laughingliberal]

20. K & R nt

[Nothing Without Hope]

21. Why should Mr. Goldman Sachs not want stronger regulatory

supervision of the financial markets? Gee, that's a hard one.

[patrice]

24. Everything is about hiding how corrupt leadership is in this country.

the Great and Powerful Oz is nothing but a charade.

[Jakes Progress]

25. Obama has cover here.

He can nominate her if he knows she won't be confirmed. The full weight and might of the banking lobby are fanning out over the hill. Letters from the home district banks are coming in. Of course Geithner doesn't want anyone in who might actually tell us the truth about what is happening. He'll duck and cover and blame congress. Obama will duck and say she is unconfirmable. The question is whether they will risk doing the nomination. They can feel confident that our bought-and-paid-for congress would do their master's bidding, but what a risk if the congress actually did the people's business here.

Any Democrat who votes against confirmation should be hounded from office. They would have shown their true avarice and cowardice with their vote for the banks against the people.

[tranche]

27. Huffpost getting a lot of mileage out of, "a source with knowledge of Geithner's views".

I'm still not sure if anyone has verified this source yet, or if Geithner even said these things. Even more of a question in my mind, is Warren even being considered for the nomination and has she expressed interest in it? I like her, I like her a lot, but I don't want to see good upstanding DUers get all ruffled over something that was never going to happen anyways.

[madisongrace]

28. We need some serious advocacy! n/t

[Jackpine Radical]

29. For all those who think Obama's "heart is in the right place,"

Here is a perfect litmus test.

Does he do the bidding of Wall Street, or does he act in the interest of the people?

Inquiring progressives want to know.

[katty]

32. Elizabeth is way too honest for that crowd

[branders seine]

33. geithner is a tool

and he's not OUR tool.

[WillyT]

38. HUGE K & R !!!

:kick:

[Capt. Jack]

39. Online Petition to Support Elizabeth Warren

Not sure how effective online petitions are but here's a link to one just the same...

http://act.credoaction.com/campaign/pick_warren/index2.html?rc=paste2&r_by=-3063121-iwIObbx

[MrMickeysMom]

44. Good - I'm glad you put that link in ...

Here's my shout out for Credo who did the petition (I've gone with cell phone service because of their activism. They let me take a small percentage of my monthly cell phone bill and send it to a worthy cause). I'd rather have a Credo Phone for that reason, plus, they have pretty good service and are reasonable.

Personally, Elizabeth Warren should have been Obama's pick for the Supreme Court. The next best thing I can hope for is her fight against global financial terrorism, which is exactly what Geithner has been in support of.

[glinda]

43. Timmie only has his job because of Obama. He should shut the F up.

[alfredo]

45. They hate her because she will enforce the law, and

actually give us working stiffs a fair deal.