Geithner doesn't want to go through the debt ceiling lunacy again, so he's leaving before the shit hits the fan. And replacing him will probably be Jack Lew, who is currently serving as White House Chief of Staff.
Lew ran Citigroup's Alternative Asset Unit from 2002 to 2006, basically overseeing a hedge fund type operation that was betting against the housing market even as Citi was making billions in new subprime loans and mortgages.
Conflict of interest? Unethical? Illegal? Ya think?
Say hello to our 76th Treasury Secretary.
Only on Wall Street, kids...only on Wall Street.
Well said!!
ReplyDeleteIf they weren't all morons I might think they all have bought puts...
ReplyDeleteOMG...
ReplyDeleteIt just can't get any worse than this...Lew was Director of the Office of Management and Budget under Clinton.
In other words, Lew was the "deficit reduction Czar" during the roaring 90s.
http://www.whitehouse.gov/blog/2011/09/19/president-s-plan-economic-growth-and-deficit-reduction
ReplyDeleteSounds like he would advocated future spending cuts, versus current, and increases taxes on those with high propensities to save.
Perhaps that is not ideal, but far from what could happen in this political climate.
Just watched the movie Arbitage.
ReplyDeleteMost Wall Streeters are not Bernie Madoff.
Circuit:
ReplyDeleteThat's riiiigght!