From The non-conservative New York Times:
We have only two things to say about Tim Geithner, who we do not know: A.I.G. and Lehman Brothers," said Christopher Whalen of Institutional Risk Analytics. "Throw in the Bear Stearns/Maiden Lane fiasco for good measure," he said."All of these 'rescues' are a disaster for the taxpayer, for the financial markets and also for the Federal Reserve System as an organization. Geithner, in our view, deserves retirement, not promotion."
...
Behind the scenes, Mr. Geithner was the point person for weeks of sleep-deprived Bailout Weekends. It was Mr. Geithner, not Mr. Paulson, for example, who put together the original rescue plan for the American International Group....Under [Geithner's] watch, some of the biggest institutions that were the responsibility of the New York Fed -- Bear Stearns, Lehman Brothers, Merrill Lynch and most recently, Citigroup -- faltered.
And this doesn't sound much like a "changing of the guard", does it?
"[Geithner's] salary was $398,200 last year and [he] will take a pay cut to $191,300 in his new role [as Obama's Treasury secretary]."Wow. What a trooper. I guess we are supposed to be so impressed.
Oh, and Geithner also did a "stint in the Clinton administration."
So much for "change."
[This is the latest in the series "It begins" and "It continues"...]
