Geithner ‘Deeply Offended’ About ‘Urban Myth’ He Spent His Life At Goldman Sachs


Secretary Of Treasury Timothy Geithner gets his little feelings hurt after he gets exposed all over the news a banker puppet.

How many people would drop some benjamins to watch a 90-minute pay per view battle between Geithner and Barofsky moderated by, oh I don’t know, Dylan Ratigan?

The focus of this clip is Neil Barofsky, and his attacks on Geithner, both in his new book Bailout – #9 on the NYT Bestseller list, as well as all over the media. The interview was conducted and aired Monday July 23, which is important because the very next morning Barofsky responded by annihilating Geithner on MSNBC’s Morning Joe.

There’s a lot in here to discuss:

Timmy’s whine about being ‘personally offended’ is hilarious. FDL has more on why it’s so funny.
The Goldman Sachs Urban Myth – After making this comment, Geithner will leave Treasury in 3 months (already announced) and go to work for Goldman Sachs.
Public Servant my ass…
The New York Fed as the fire-station of the financial system – How about the NY Fed as a failed regulator who had absolutely no idea of the derivatives dance going on between AIG, Goldman, and most of the European banks, and didn’t know that Lehman, BofA and others had made Repo 105 transactions their staple end-of-quarter breakfast of champions for fraud. That’s just for starters.
‘A lot of people thought the NY Fed was a private bank’ – This one is too easy.

Partial Transcript

ROSE: He [Barofsky] raises this question: was Tim Geithner too friendly to the banks? Because he knew them from his years at the New York Fed.

GEITHNER: As you know, I’m deeply offended by that. I find that deeply offensive. You know, it’s the result of an urban myth — significantly. A lot of people thought and wrote in publications of record that I spent my life at Goldman Sachs, rather than as a public servant, which is what I’ve done with my life. A lot of people thought the Federal Reserve bank in New York was a bank – a private bank – rather than the fire station of the financial system. And people were deeply misled about the basic choices we faced and the alternatives we confront in that context. A lot of people, including many of my critics, said we went out and gave — and lost trillions of dollars of the American taxpayers’ money at that time – deeply misleading; terribly damaging to confidence. And the cost of that has been very damaging to the President, and, I think damaging to the integrity of the basic effort.

Categories: ECONOMY

Write a Comment

Your e-mail address will not be published.
Required fields are marked*