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Thread: Geithner Loses His Cool

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    Jul 2009
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    Geithner Loses His Cool

    From the NY Times Business Page, August 3.

    NEW YORK (Reuters) - U.S. Treasury Secretary Timothy Geithner blasted top U.S. regulators in an expletive-laden tirade amid frustration over President Barack Obama's faltering plan to overhaul financial regulation, the Wall Street Journal said on Monday, citing people familiar with the meeting.

    Geithner told regulators that "enough is enough," the newspaper said, citing one person familiar with the meeting last Friday with Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp Chairman Sheila Bair.

    The Treasury Secretary said regulators had been given a chance to air their concerns, but that it was time to stop, the newspaper said, citing the person.

    Obama in June unveiled a financial regulatory overhaul, sometimes called the biggest since the 1930s. Among other things, the plan would give the Fed added powers, award the government more power to break up troubled companies, and create a new agency to oversee consumer finance.

    Many major banks and industry trade groups however have criticized the plan, as have some regulators wary that any redistribution of power would reduce their own.

    According to the newspaper, Friday's roughly hour-long meeting was unusual because of Geithner's repeated obscenities and his aggressive posture toward regulators generally deemed independent of the White House.

    The newspaper said Geithner told attendees that the administration and Congress set policy. It also said the Treasury Secretary, without singling out officials, raised concerns about regulators who have questioned the wisdom of giving the Fed more power.
    1. Frustration follows failure

    2. Tim Tax Cheat Geithner, who would raise your taxes, then, no, he wouldn't, but you never really know, answers legitimate questions raised by Fed Chairman Bernanke, as well as bosses from the SEC and FDIC, by CUSSING THEM OUT

    3. Is Geithner, like Rahm and the rest, from Chi-town?

    4. Hey, we let you have your say, now DO WHAT YOU'RE TOLD!

    5. Or else I'll hold my breath til I turn purple

    6. Or, at least, really dark BLUE

    7. LOL!

    8. A fine way to run a "democratic" dictatorship, this!

    9. Hey, this administration KNOWS leadership!

    10. It's spelled ****

    11. Independent, my ass!

    12. The TANTRUM was initiated by regulators' qualms concerning the admin's June 17 financial regulatory reform

    Financial Regulatory Reform News - The New York Times

    The Prof
    Last edited by The Prof; 08-04-09 at 06:45 PM.

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