Geithner Acting Director of Consumer Bureau During Transition

[ProSense]

Source: Bloomberg

July 29 (Bloomberg) -- Treasury Secretary Timothy F. Geithner is acting director of the Consumer Financial Protection Bureau, the Treasury said in a statement today.

Geithner met with heads of agencies with consumer protection duties that will be consolidated into the new agency, which was set up under the financial regulatory overhaul signed into law by President Barack Obama on July 21.

Federal Reserve Chairman Ben S. Bernanke and Federal Deposit Insurance Corp. Chairman Sheila Bair were among the officials who met to discuss the transition period, the Treasury said.

“The agency heads each agreed to appoint liaisons from their respective staffs” to help the Treasury coordinate the transition, the department said in the statement.



Read more: http://www.businessweek.com/news/2010-07-29/geithner-acting-director-of-consumer-bureau-during-transition.html

[Phoebe Loosinhouse]

1. Why don't they name Warren as the head of it and be done?

Oh . . .right . . .

She might actually kick some but and oversee. Can't have that.

[Jefferson23]

2. LOL. n/t

[MannyGoldstein]

3. I fucking knew it. See my post from a few minutes ago.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x393252

They're playing games to let "those on the left" down easy, instead of just throwing turds at us as usual. "Just a transition appointment" will stretch out, some faceless fuck with ties to Goldman Sachs will assume the lead in a few weeks...

[ProSense]

4. Transition.

No one has been confirmed. They're in a planning stage. A nomination hasn't been made. What did you expect to happen: a recess appointment when there is no recess?

[MannyGoldstein]

5. Wanna bet $20 it's not going to be a recess appointment?

Loser pays it to the winner's choice of charity. Loser also posts a big honkin' mea culpa on DU.

[ProSense]

6. No,

because I don't care if the appointment is made by recess or via the nomination process.

[MannyGoldstein]

10. How about a $20 bet on whether Warren gets it?

Or somebody else with a crystal-clear track record of standing up to bankers and fighting for working Americans?

[ProSense]

11. How about

no bet?

[MannyGoldstein]

13. Would that be because you're philosophically opposed to betting?

Or because we both know how this story ends?

Obama's buying time, desperately trying to give more stuff to the bankers without enraging "those on the left" again.

[nyy1998]

26. Lol, it's been one week, and you think that's enough time to figure out

a nominee? Obama took atleast a month for both Supreme Court nominees and most of his cabinet, esp the major ones. He also has the BP Oil Spill, the sour economy, two wars, Wikileaks, Sherrod, the battle over the Bush tax cuts, the upcoming midterm and you think he's going to put together enough time to get to a nominee. Warren is the hot pick, but we haven't even heard of a shortlist(which is another indicator that they aren't that far into their search).


So let's calm down about a story about the Tresury Secretary as the acting leader of a newly created Treasury department.

[No Elephants]

37. Oh, please. Finref has been in the works since before he took office.

http://topics.nytimes.com/topics/reference/timestopics/subjects/c/credit_crisis/financial_regulatory_reform/index.htmlAnd

See also, Reply 33.

The Left is not as gullible, ill-informed or forgetful as some seem to hope.

I see your NYYankees avatar. Looks like you have a lot of company at DU, or would, if these guys ever get around to posting here. Don't know about the last one, though, Disabled profile.

I'm not into sports, but I was a Yankees fan until my son turned about 4. Now, I have to support the Red Sox, because my son is a huge Sox fan.


nyy1998
nyy26wc
NYYankeesFan51
NYYFan

[nyy1998]

55. The link didn't lead me anywhere, could you try to link it again?

I went to college in Boston, so I know plenty of Red Sox fans, but I was born in New York(although I only lived a couple of years there) so I decided to stick to my birthplace teams(as opposed to West Texas, which only supports Dallas/Phoenix teams)

[No Elephants]

34. meh. If he were worried about enraging "those on the Left," timmeh would not be transitional head.

[w4rma]

51. When you're right, you're right, Manny. (nt)

[Catshrink]

8. I see the OPB is alive and well.

[wordpix]

12. good point and hope you're right

I'm pulling for Eliz. Warren

[No Elephants]

33. No, we expected a timely nomination. Or someone besides timmeh for transitional

head. Or both. this bill took quite a while to pass. A timely nomination is not too much to have expected. Putting timmeh Doesn't He Have Enough to Do as Treasury Secretary During a Financial Crisis? Geithner in for transitional head underscores so many concerns about this bill and the independence/intent of this agency.

A great way to foil the Republicans would have been to appoint his nominee as transitional head on day one, then nominate him or her 3 - 6 months down the road, on the grouond he or she was doing such a great job and was the only person in America with experience. Then he'd win no matter how long the Republicans dragged their feet on confirmation.

I'm sure that occurred to him or his advisors. So, the really interesting questions, IMO, all center around why they chose this route.

[wordpix]

48. good points

[Jackpine Radical]

22. Is Michael Milken available to run it?

[avaistheone1]

35. roflmao

:rofl:

[No Elephants]

36. Who needs Millken, when you have timmeh, Bernanke and Summer?

[uberblonde]

25. Nope, you're wrong.

What they're doing is staffing the agency with Wall St.-connected types and then they'll put Warren in charge, whose own staff will be working against her. A truly Cheney-esque move!

[No Elephants]

42. OMG

Somewhat like having Al Franken echo Obama's words about the Left being unhappy with the "pace."

As though (a) nothing has been wrong except lack of speed (*cough* sliver *cough*; and (b) if only the Left weren't so danged impatient, the Left would be deleriously happy with goings on in D.C. since 2008, maybe even 2006.

[No Elephants]

31. IMO, putting Timmeh in charge in the initial period is throw a turd at the Left, no matter who takes

over from him.

Parable: Successful, seasoned trial attorney and novice from his firm are in court. The novice has been begging for more responsiblility and seasoned guy has agreed, but as follows: "I'll just take a few minutes at the beginning to acquaint the court with the facts of the case and you conduct the balance of the trial."

[Skink]

7. what's Brooksley Bourne up to.

[wordpix]

9. NOOOOO - otoh, maybe

O has recession appt. of Warren up his sleeve

[No Elephants]

40. then why not appoint her transitional head? Pls. see Reply 33.

[villager]

14. Jesus H. Christ! Can't this administration throw progressives even a bone *shard* -- once?

No?

Yeah, yeah -- we'll see who he "really" appoints.

But we've been seeing a lot of things "really," over these past 18 months, haven't we?

[laughingliberal]

15. Nope. Then how would they go on FUX and brag about 'beating back all sorts of proposals' from us?

They think that beating up on their left flank will help them with the right. It won't but they think that.

[MannyGoldstein]

16. This *is* a shard

Previously, Obama would have just appointed a banker right away and had Rahm call us "fucking retarded".

This is a stylistic improvement. They'll wait a few weeks before appointing someone with Goldman Sachs ties, by then "those on the left" will be chasing some new shit-grenade that's been launched at working Americans.

[ProSense]

18. Here's what the President said

Geithner is going to be involved in the process.

[villager]

20. Yes, yes -- a very "transparent" and "change"-filled process, I'm sure

The question is what this means for who he will finally name - when he does it...

[MannyGoldstein]

21. Anyone wanna bet it's someone from Goldman Sachs?

Nobody wants to bet me on anything, w-a-a-a-a-h.

[Frank Booth]

29. Seeing as how almost everyone else appointed to treasury and SEC positions has worked for Goldman

Sachs, I'm not surprised nobody wants to take you up on that bet.

[Steerpike]

38. I betcha

ONE MILLLLLLLION DOLLARS!

[No Elephants]

41. Leftie retards been getting all the bones in Rahm's hand since Clinton was Pres.

And he even used's good hand. too!

Some folks are just never satisfied!






Rahm giving new meaning to the term "hand job," sometimes also known as "jerk off."

[Me.]

17. Didn't Obama Give The Definition Of Insanity Today?

Only 50% of dems say they're going to vote next time around and yet the admin still can't seem to connect the dots.

[Lorien]

19. They don't give a damn. Voters don't matter at all

the fix is in; we can choose friendly or less than friendly fascism. That's about it.

[villager]

24. Good cop, bad cop -- both still cops

That's it...

[Steerpike]

39. Lorien

Have you read Howard Zinn's "peoples history of the united states 1492-present"...it's really eerie all the correlations you can draw between then and now....things never really seem to change.

[Lorien]

53. Yep. nt

[No Elephants]

43. They probably concluded Democratic voters want them to go further right.

[Me.]

46. You Got It

They know what we REALLY want, even if we don't

[paulkienitz]

23. score 1 for Cenkian cynics, 0 for hopey-changey (nt)

[scheming daemons]

27. Um... someone has to staff the thing until he can get Elizabeth Warren confirmed...

...

The new bureau is under the Treasury.... it's appropriate for the Secretary of the Treasury to staff the bureau until a person can be named.

[No Elephants]

44. Yeah, and that someone just had to be timmeh. Please see Replies 31 (parable), 25, 33 and 37

[ProudDad]

28. Fox in temporary charge of chickens while farmer plays golf (n/t)

[eilen]

30. Doesn't Timmeh have enough on his plate?

As if overseeing the sliding of the American economy into third world plutonomy wasn't enough.

[jtuck004]

32. All the better to see you with, my dear.... n/t

[No Elephants]

45. Hire the staff and run the crucial rulemaking process and then you could safely put Karl Marx in

charge. Well played, Rahm, Mr. President, and others.



Eta. Bookmark this thread for the day news of the nomination for agency head breaks. I'd LOVE to see us proven wrong, but we'll see, won't we?


So far, though, the only times I've seen them playing 3 dimensional chess have been when Democrats are sitting across the board from them.

[Odin2005]

47. Another Obama FAIL.

[Smashcut]

49. Well, we can certainly see how this is going to go

[w4rma]

52. I find it interesting that *noone* on the left or right likes this but still Obama does it. (nt)

[depakid]

54. Missing opportunities seems to be part of the administration's MO

Ultimately, I think she'll be appointed- they pretty much have to, considering the corner they've painted themselves into.

[unkachuck]

50. "...Geithner is acting director of the Consumer Financial Protection Bureau..."

....boy, that's good news....if those damn consumers don't start spending, timmy will zap 'em with more meltdown....