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Geithner Book Reveals Consensus, Not Vision, During Financial Crisis 

May 23, 2014
Jesse Eisinger, New York Times

What are we talking about when we talk about Timothy F. Geithner’s new book? President Obama.

The former Treasury secretary’s new book, “Stress Test,” has stirred up the old debates and anger: How the bailout was overly generous to the banks and bankers; how the failures on housing were inexcusable; how the financial regulatory reform was inadequate.

These were Mr. Geithner’s failures, but they were more deeply Mr. Obama’s. The flaws we thought we were seeing during Mr. Geithner’s tenure turn out to have replicated themselves in other Obama departments. And they have persisted since Mr. Geithner left. Why, it’s almost as if the Treasury secretary wasn’t the one making decisions and setting the tone after all.

President Obama’s appointees, Eric H. Holder Jr. at the Department of Justice and Mary L. Schapiro at the Securities and Exchange Commission, oversaw the inadequate enforcement response to the crisis. Mr. Obama reappointed Ben S. Bernanke, who focused on monetary policy and didn’t push for more aggressive regulatory and financial reform. Mr. Geithner didn’t run those shops.

Read more: New York Times

 
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