Time to Cash In: Geithner to Head Wall Street Private Equity Firm

[adirondacker]

"Ex-US Treasury Secretary Timothy Geithner, President Barack Obama's key economic adviser since 2009, is joining private-equity firm Warburg Pincus, according to a statement on Saturday.

Geithner, who has spent the last 26 years in 'public service', will become president at the Wall Street-based corporate buyout firm starting on March 1st, according to a press release today from Warburg Pincus.

When Geithner left his post with the Treasury Department in January 2013, Matt Taibbi told Democracy Now: “He’s the architect of “too big to fail. When this all blows up — and it’s going to blow up, for sure, because things can’t continue the way they are right now — people are going to look back in history, and they’re going to say, “Who was to blame for this?” And Timothy Geithner is going to be the guy who designed this entire system.”"

http://www.commondreams.org/headline/2013/11/16

Excellent comments at link.

[CanonRay]

1. Payment for services rendered.

This is America, after all.

[Wilms]

2. Geithner worked for Kissinger Associates

snip

Geithner worked for Kissinger Associates in Washington for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988. He went on to serve as an attaché at the Embassy of the United States in Tokyo. He was deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996–1997), assistant secretary for international affairs (1997–1998).[9]

He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers.[9] Summers was his mentor,[17][18] but other sources call him a Rubin protégé.[19][20][21]

snip

In March 2008, he arranged the rescue and sale of Bear Stearns.[17][27] In the same year, he played a supporting role to Henry Paulson, Treasury Secretary and former CEO of Goldman Sachs, in the decision to bail out AIG just two days after deciding not to rescue Lehman Brothers from bankruptcy. Some Wall Street CEOs subsequently expressed the opinion that decisions in which Geithner participated, especially the failure to rescue Lehman, contributed to worsening the global financial crisis.[28] As a Treasury official, he helped manage multiple international crises of the 1990s[20] in Brazil, Mexico, Indonesia, South Korea, and Thailand.[21]

snip

During the 2008 Presidential election, Geithner was one of three people tipped to be nominated for Treasury Secretary regardless of whether John McCain or Barack Obama won.[1]

snip

http://en.wikipedia.org/wiki/Timothy_Geithner

[pa28]

3. He's going to collect his due now by walking through the revolving door and pocketing millions.

That's cheap compared to the 2 trillion in bailouts and guarantees he provided as treasury secretary. Very cheap indeed.

[blkmusclmachine]

4. DC is a Corrupt, Good Ol' Boys Network, with a bi-racial face & a big ol' meaningless "D" slapped on