Very interesting story regarding what Timmy Geithner did and said last Friday. Memeorandum picked up the Wall Street Journal version, but, I’m going to use the Reuters version because the on-line version of the WSJ story is a paid for one, so you can only get the first couple paragraphs (I did real the whole thing using the iPhone app)
U.S. Treasury Secretary Timothy Geithner blasted top U.S. regulators in an expletive-laden tirade amid frustration over President Barack Obama’s faltering plan to overhaul financial regulation, the Wall Street Journal said on Monday, citing people familiar with the meeting.
Geithner told regulators that “enough is enough,” the newspaper said, citing one person familiar with the meeting last Friday with Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp Chairman Sheila Bair.
The Treasury Secretary said regulators had been given a chance to air their concerns, but that it was time to stop, the newspaper said, citing the person.
According to the newspaper, Friday’s roughly hour-long meeting was unusual because of Geithner’s repeated obscenities and his aggressive posture toward regulators generally deemed independent of the White House.
Hmm, I wonder if any on the left will blast this unprofessional conduct by tax cheat Geithner? Doubtful. They had long conniption fits when Cheney and McCain used a bad word, but, I suspect this story will get a big yawn.
While Timmy going ballistic with curse words is interesting, to me, this is a bigger part of the story
The newspaper said Geithner told attendees that the administration and Congress set policy. It also said the Treasury Secretary, without singling out officials, raised concerns about regulators who have questioned the wisdom of giving the Fed more power.
In other words, the White House is going to flex its muscles regarding financial regulation, and no one else, including the professionals who happen to actually pay their taxes and know how to use Turbo Tax, and, oh, understand financial policy, will have their say. They just have to soldier on. Sieg Heil.
