Timothy Geithner on Principles & Values

Secretary of Treasury-Designee

OpEd: presided over Fed's era of disastrous risk-taking

Obama's treasury secretary, Timothy Geithner, while president of the New York Fed, suggested to Paulson and other economic bigwigs in June 2008 that the president should be given "broad power to guarantee all debt in the banking system." Considered politically unfeasible at the time, as it potentially put taxpayers on the hook for trillions, the government has since come to largely embrace "his blue-sky prescription." During his five years as the New York Fed, Geithner presided over "an era of unbridled and ultimately disastrous risk-taking by the financial industry," while wining-and-dining with all the titans. So are we surprised that Geithner's calendars show the top execs of Goldman Sachs, Citigroup, and JP Morgan being the select group he's always on the phone with? (At least 80 contacts during Geithner's first seven months.) Source: American Conspiracies, by Jesse Ventura, p.177-178 , Mar 8, 2010

Served in Treasury Department in three administrations

Geithner joined the Department of Treasury in 1988 and worked in three administrations for five Secretaries of the Treasury in a variety of positions. He served as Under Secretary of the Treasury for International Affairs from 1999 to 2001 under Secretaries Robert Rubin and Lawrence Summers.

Geithner serves as chairman of the G-10’s Committee on Payment and Settlement Systems of the Bank for International Settlements. He is a member of the Council on Foreign Relations and the Group of Thirty.

Source: N.Y. Federal Reserve Bank official biography , Jul 2, 2007

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