The Independent

The Geithner Experience

Timothy Geithner
Timothy Geithner
U.S. Secretary of the Treasury Timothy Geithner delivers his opening remarks June 7, 2012 at the Treasury Department in Washington during the Development Impact Honors ceremony. | Photo: Gary Cameron | Timothy Geithner, Secretary Of The Treasury, Libor, Finance,

Timothy Geithner Ends His Rein as Treasury Secretary

Anyone serving our country should be commended, and held to a higher standard. After all, they are representing the best in each of us, and are sustaining a living off our tax dollars. They have to make decisions, based on compromises, and "what's best" scenarios none of us would want to make; and in the end they are remembered for their service or disservice.

Timothy Geithner is stepping down as Treasury Secretary for President Obama, and had the unfortunate and fortunate timing to end up as the Treasury Secretary during a hectic economic period in American history. This alone is a challenge enough, except in this case, the market turmoil could be partially blamed on Timothy Geithner.

Mr. Geithner was President of the New York Federal Reserve Board from 2003-2008, and was the main "regulator" of Wall Street. Since Wall Street inflated, perpetuated, profited, then burst a huge housing, derivative, and securities market; Timothy Geithner, by default, has to take some of the blame for being negligent, ignorant, or complicit with what was going on under his watch, as the President of the New York Federal Reserve.

Even before his time at the Federal Reserve, Geithner worked in the Treasury Department from 1988-2002, being mentor by such Keynesian all-stars like Robert Rubin and Lawrence Summers. During his time at Treasury, Geithner and his cohorts led numerous efforts to deregulate financial markets, while increasing government incentives that added moral hazard in our financial and housing markets.

One could argue Timothy Geithner merely did the best job he could, in a system controlled by high finance, rigged to support deceitfulness, and perhaps he was doing all he could to "save" our economy, as President Obama likes to put it. But in all the government hearings on the financial collapse, the TARP Oversight committees, and the Congressional Oversight Panel committees lead by Elizabeth Warren, Timothy Geithner usually acted like a complete arse.

Timothy was often snarky, condescending, above-it-all, and too damn smart for his own good, or at least he thought so. Geithner was taken to task in those hearings repeatedly by two of our nation's brightest minds, Damon Silvers, and Elizabeth Warren (pre-candidate Warren). Combined with the in-depth investigation into TARP by special investigator Neil Barofsky, lead me to believe Geithner incompetent, deceitful, and heavily swayed to fixing Wall Street not Main Street, and tethered to our Federal Reserve without any real independent power.

Instead of remembering Timothy Geithner's service as Treasury Secretary, I'll choose to remember those three great minds (Silvers, Warren, Barofsky) and what they did to reveal what many of us already believed to be true about our Federal Reserve, Treasury Department, regulatory institutions, financial markets, and Wall Street - they are in control, above the law, and can openly screw the masses, without fear of reprisal

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Updated May 6, 2017 5:58 AM EDT | More details

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