Geithner Never Felt Compelled To Seek Justice Against Wall Street

[marmar]

Now that Treasury Secretary Timothy Geithner is close to leaving his post, he's opening up more about his role during the financial crisis.

The crisis triggered an economic collapse that threw millions of people out of work or their homes. But making sure justice was served for those Americans wasn't a top priority for Geithner, he said.

"I never felt that was my thing," the Treasury Secretary, who steps down from his post on Friday, told The New Republic in a recent interview, referring to "the understandable need people had for justice" after the financial crisis. "I had some views on the issue, but I didn't give them much weight. I thought my job was to figure out the financial parts."

The Treasury Department, to be fair, is not tasked with bringing malefactors to justice, a role that falls to the Justice Department itself. However, critics have long argued that Treasury should have attached conditions to bank bailouts that would have compelled changes in banking practices, and should have crafted its antiforeclosure programs to be more friendly to homeowners and less accommodating to major lenders. The Securities and Exchange Commission and Justice Department, rather than the Treasury Department, investigate financial fraud. .................(more)

The complete piece is at: http://www.huffingtonpost.com/2013/01/24/timothy-geithner-financial-crisis_n_2542642.html

[xchrom]

1. du rec. nt

[reteachinwi]

2. "Now get the other side Tim."

http://mobile.elitedaily.com/elitedaily/#!/entry/goldman-sachs-ceo-bonus-increases-by-90,50faeebdd7fc7b5670f93574/media/1,lloydblankfeingoldmansachselitedaily

[tk2kewl]

3. "not my thing"

pretty fucking obtuse Timmy

[rhett o rick]

4. Come on Tim. THere is a lot of difference between meting out retribution

and fixing the system so they cant pull that crap again.

[MannyGoldstein]

5. His "thing" was giving Wall Street as much as possible

For example, when banks were fine with getting pennies on the dollar from their AIG scam, Geithner stepped in to say "No Way! Banks get their scam profits in full" and showered taxpayer money on AIG to make sure they could pay every last cent.

It wasn't just not prosecuting. It was attacking the 99% to help the 1%.

[Romulox]

9. His "thing" was to follow the directions of his President. nt

[MannyGoldstein]

10. Well, he clearly didn't displease the President.

Now if he'd ever made a public statement that was left-of-center? That would be a different story.

[Romulox]

11. If Tim Geithner was "left-of-center" then our "moderate" President would've never appointed him.

[ProSense]

19. "If Tim Geithner was 'left-of-center'"

he still wouldn't have anything to do with prosecuting Wall Street crimes as Treasury Secretary.

Still, it's understandable why some want to get that last kick in before he exits.

[Romulox]

29. It's a humbling thing, but ProSense is entirely correct here. nt

[1StrongBlackMan]

14. When were the banks "fine" with getting pennies on the dollar from their AIG scam?" n/t

[MannyGoldstein]

34. Elizabeth Warren says:

[1StrongBlackMan]

35. Uhmmm ...

Okay ... Elizabeth Warren speculates that AIG was willing to accept 90 cents or the dollar or 5 cents or the dollar, means that AIG was willing to accept pennies on the dollar. "Manny MIGHT (or WOULD'VE) accept(ed) my apology for asking a stupid question" is a wholly different statement from "Manny was willing to accept my apology for asking a stupid question."

Okay. But note, in either case (admittedly, less with the speculative 90 cents figure), the end result would have been default (speculatively).

JNow, the question of whether we should have allowed AIG to go into default is an entirely different matter.

[ReRe]

6. The world goes belly-up....

.... and Geithner feels uncompelled. Passes the buck. "Not my problem." Good-fucking-bye.

[formercia]

7. Timmy is one of the 'Boys'

Look up his bio and social connections and you will see why you 'Can't get no satisfaction' Timmy is about as connected to the elites as one can get. He is one of the 'Elites'.

[Romulox]

8. Don't scapegoat Geithner. His BOSS calls the shots, and you know it. nt

[ProSense]

12. "The Treasury Department, to be fair, is not tasked with bringing malefactors to justice"

I don't even understand the point of this piece.

The Treasury Department is not the DOJ.

Clarification: The story has been updated to make clear that the Treasury Department is not tasked with prosecuting crime and add more context from Geithner's interview with the Wall Street Journal.

Ridiculous.

[1StrongBlackMan]

16. I would suggest the point of this piece ...

is to elicit comments as can be found in posts: 2, 3, 5, 6, and 7.

The point of the OP is to elicit comments as can be found in posts: 8, 9, 10 and 11.

JMO

[marmar]

20. "The point of the OP is to elicit comments....."

You're psychic? You know what the point of the OP was?

[1StrongBlackMan]

27. No ...

Just observant.

[tularetom]

22. You've obviously never gotten a friendly letter from the IRS (part of the Treasury Dept)

threatening you with all sorts of dire consequences if you don't cough up what they think you owe them.

The treasury department may not be tasked with prosecuting crime per se. However under the tax code it is their role to refer crimes to the Tax Division of the DOJ for prosecution. I'd be curious to know how many tax offenses involving Wall Street banksters were referred by Geithner. I'm betting very few if any.

He just didn't want to piss off his buddies. And I think his interview makes that clear.

[Angry Dragon]

13. It will be interesting to see which bank will give him a multi-million job

[gtar100]

15. His role, so it seems, was to be an enabler.

Will be glad to see him go. Wish it were only sooner.

[Blue Palasky]

17. Off to hell

you little rat bastard. fuck you Tim "Not my thing" Geithner.

[banned from Kos]

18. Not his job. n/t

[BlueManFan]

21. Don't Let The Vault Door Hit You on Your Way Out

you spineless chickenshit, corrupt, dishonest, lame, patsy.

[One of the 99]

23. The person with the direct jurisdiction to prosecute law breakers on wall street

is the NYS Attorney General. At the time of the financial crisis that was Andrew Cuomo. He never launched a single investigation or prosecution but did accept wall street money for his run for governor 2 year later.

[99Forever]

24. Wadda surprise!

The crooked Wall Street ASSHOLE didn't go after his ASSHOLE crooked Wall Street cronies.

I'm shocked, SHOCKED I say.

[CanonRay]

25. When Geithner and Holder were appointed

it pretty much guaranteed that no one would be prosecuted. Total corporate control of financial and judicial processes.

[SemperEadem]

26. because he's one of them...

those are his boys--they all do the circle jerk together over how much they've scammed the US taxpayer. Of course he wouldn't feel compelled to pursue justice against them.

[madrchsod]

28. holder, geithner,duncan....shills for the 1%

so far the biggest failure of obama`s presidency is installing these three shills.

[DogPawsBiscuitsNGrav]

32. So why did then did Obama give them these positions? He's a very intelligent man.

Which means he knew what he was doing. One might have been a mistake, all three, not so likely. Everyone's looking out for the 1 percent.

[aquart]

30. And I never stopped wanting to see him hang.

I suppose it will always be a treasured dream.

[triplepoint]

31. timmy WON'T Bite The Hand That Feeds Him!

[warrior1]

33. I'm sorry

but that is pretty fucked up Tim.

[Octafish]

36. Geithner sacrificed homeowners to “foam the runway” for the banks

Is great phrase:

Neil Barofsky, the former special inspector general for the Troubled Asset Relief Program, has published a new book, “Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.” It presents a damning indictment of the Obama administration’s execution of the TARP program generally, and of HAMP in particular.
…
By delaying millions of foreclosures, HAMP gave bailed-out banks more time to absorb housing-related losses while other parts of Obama’s bailout plan repaired holes in the banks’ balance sheets. According to Barofsky, Treasury Secretary Tim Geithner even had a term for it. HAMP borrowers would “foam the runway” for the distressed banks looking for a safe landing. It is nice to know what Geithner really thinks of those Americans who were busy losing their homes in hard times.

CONTINUED w VIDEO and links and more letters...

http://washingtonexaminer.com/video-geithner-sacrificed-homeowners-to-foam-the-runway-for-the-banks/article/2502982

Geithner could been somebody. Instead, he protected the privileged banksters and their owners.

[Festivito]

37. Justice is what, only the 1st establishment in what holds our country together.

Oh, what a dufuss.

[forestpath]

38. Apparently that was just A-OK w/President Obama.

[Nye Bevan]

39. Since when does the Treasury Secretary work for the Justice Department?

Might as well start a thread slamming Hillary Clinton for not prosecuting Wall Street.

[WillyT]

40. K & R !!!