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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGeithner Never Felt Compelled To Seek Justice Against Wall Street
Now that Treasury Secretary Timothy Geithner is close to leaving his post, he's opening up more about his role during the financial crisis.
The crisis triggered an economic collapse that threw millions of people out of work or their homes. But making sure justice was served for those Americans wasn't a top priority for Geithner, he said.
"I never felt that was my thing," the Treasury Secretary, who steps down from his post on Friday, told The New Republic in a recent interview, referring to "the understandable need people had for justice" after the financial crisis. "I had some views on the issue, but I didn't give them much weight. I thought my job was to figure out the financial parts."
The Treasury Department, to be fair, is not tasked with bringing malefactors to justice, a role that falls to the Justice Department itself. However, critics have long argued that Treasury should have attached conditions to bank bailouts that would have compelled changes in banking practices, and should have crafted its antiforeclosure programs to be more friendly to homeowners and less accommodating to major lenders. The Securities and Exchange Commission and Justice Department, rather than the Treasury Department, investigate financial fraud. .................(more)
The complete piece is at: http://www.huffingtonpost.com/2013/01/24/timothy-geithner-financial-crisis_n_2542642.html
xchrom
(108,903 posts)reteachinwi
(579 posts)tk2kewl
(18,133 posts)pretty fucking obtuse Timmy
rhett o rick
(55,981 posts)and fixing the system so they cant pull that crap again.
MannyGoldstein
(34,589 posts)For example, when banks were fine with getting pennies on the dollar from their AIG scam, Geithner stepped in to say "No Way! Banks get their scam profits in full" and showered taxpayer money on AIG to make sure they could pay every last cent.
It wasn't just not prosecuting. It was attacking the 99% to help the 1%.
Romulox
(25,960 posts)MannyGoldstein
(34,589 posts)Now if he'd ever made a public statement that was left-of-center? That would be a different story.
Romulox
(25,960 posts)ProSense
(116,464 posts)he still wouldn't have anything to do with prosecuting Wall Street crimes as Treasury Secretary.
Still, it's understandable why some want to get that last kick in before he exits.
Romulox
(25,960 posts)1StrongBlackMan
(31,849 posts)MannyGoldstein
(34,589 posts)1StrongBlackMan
(31,849 posts)Okay ... Elizabeth Warren speculates that AIG was willing to accept 90 cents or the dollar or 5 cents or the dollar, means that AIG was willing to accept pennies on the dollar. "Manny MIGHT (or WOULD'VE) accept(ed) my apology for asking a stupid question" is a wholly different statement from "Manny was willing to accept my apology for asking a stupid question."
Okay. But note, in either case (admittedly, less with the speculative 90 cents figure), the end result would have been default (speculatively).
JNow, the question of whether we should have allowed AIG to go into default is an entirely different matter.
ReRe
(10,597 posts).... and Geithner feels uncompelled. Passes the buck. "Not my problem." Good-fucking-bye.
formercia
(18,479 posts)Look up his bio and social connections and you will see why you 'Can't get no satisfaction' Timmy is about as connected to the elites as one can get. He is one of the 'Elites'.
Romulox
(25,960 posts)ProSense
(116,464 posts)I don't even understand the point of this piece.
The Treasury Department is not the DOJ.
Ridiculous.
1StrongBlackMan
(31,849 posts)is to elicit comments as can be found in posts: 2, 3, 5, 6, and 7.
The point of the OP is to elicit comments as can be found in posts: 8, 9, 10 and 11.
JMO
marmar
(76,985 posts)You're psychic? You know what the point of the OP was?
1StrongBlackMan
(31,849 posts)Just observant.
tularetom
(23,664 posts)threatening you with all sorts of dire consequences if you don't cough up what they think you owe them.
The treasury department may not be tasked with prosecuting crime per se. However under the tax code it is their role to refer crimes to the Tax Division of the DOJ for prosecution. I'd be curious to know how many tax offenses involving Wall Street banksters were referred by Geithner. I'm betting very few if any.
He just didn't want to piss off his buddies. And I think his interview makes that clear.
Angry Dragon
(36,693 posts)gtar100
(4,192 posts)Will be glad to see him go. Wish it were only sooner.
Blue Palasky
(81 posts)you little rat bastard. fuck you Tim "Not my thing" Geithner.
banned from Kos
(4,017 posts)BlueManFan
(256 posts)you spineless chickenshit, corrupt, dishonest, lame, patsy.
One of the 99
(2,280 posts)is the NYS Attorney General. At the time of the financial crisis that was Andrew Cuomo. He never launched a single investigation or prosecution but did accept wall street money for his run for governor 2 year later.
99Forever
(14,524 posts)The crooked Wall Street ASSHOLE didn't go after his ASSHOLE crooked Wall Street cronies.
I'm shocked, SHOCKED I say.
CanonRay
(14,038 posts)it pretty much guaranteed that no one would be prosecuted. Total corporate control of financial and judicial processes.
SemperEadem
(8,053 posts)those are his boys--they all do the circle jerk together over how much they've scammed the US taxpayer. Of course he wouldn't feel compelled to pursue justice against them.
madrchsod
(58,162 posts)so far the biggest failure of obama`s presidency is installing these three shills.
DogPawsBiscuitsNGrav
(408 posts)Which means he knew what he was doing. One might have been a mistake, all three, not so likely. Everyone's looking out for the 1 percent.
aquart
(69,014 posts)I suppose it will always be a treasured dream.
triplepoint
(431 posts)warrior1
(12,325 posts)but that is pretty fucked up Tim.
Octafish
(55,745 posts)Is great phrase:
Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, has published a new book, Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street. It presents a damning indictment of the Obama administrations execution of the TARP program generally, and of HAMP in particular.
By delaying millions of foreclosures, HAMP gave bailed-out banks more time to absorb housing-related losses while other parts of Obamas bailout plan repaired holes in the banks balance sheets. According to Barofsky, Treasury Secretary Tim Geithner even had a term for it. HAMP borrowers would foam the runway for the distressed banks looking for a safe landing. It is nice to know what Geithner really thinks of those Americans who were busy losing their homes in hard times.
CONTINUED w VIDEO and links and more letters...
http://washingtonexaminer.com/video-geithner-sacrificed-homeowners-to-foam-the-runway-for-the-banks/article/2502982
Geithner could been somebody. Instead, he protected the privileged banksters and their owners.
Festivito
(13,452 posts)Oh, what a dufuss.
forestpath
(3,102 posts)Nye Bevan
(25,406 posts)Might as well start a thread slamming Hillary Clinton for not prosecuting Wall Street.