Timmy Geithner is taking care of his peeps .......

[marmar]

from HuffPost:



The Treasury Department plans to exempt foreign exchange derivatives from new Wall Street reform regulations, a Treasury official said Friday, dismissing concerns about a market that prompted $5.4 trillion of emergency support from the Federal Reserve in late 2008.

Assistant Secretary for Financial Markets Mary Miller told reporters on Friday that the foreign exchange market already functions effectively and would not benefit from new rules. Subjecting the market to new rules, she claimed, would introduce a new and unnecessary “process” into “a very well-functioning market.”

But a 2009 study by Naohiko Baba and Frank Packer of the Bank for International Settlements concluded that there were major "dislocations” in the foreign exchange market in the aftermath of the Lehman Brothers bankruptcy -- problems that were only resolved after the Fed pumped money into foreign central banks in order to ensure that global banks had access to dollars.

“After the bankruptcy of Lehman Brothers, the turmoil in many markets became much more pronounced,” wrote Baba and Packer. “In FX and money markets, what had principally been a dollar liquidity problem for European financial institutions deepened into a phenomenon of global dollar shortage.” ............(more)

The complete piece is at: http://www.huffingtonpost.com/2011/04/29/geithner-blocks-regulatio_n_855634.html

[rsmith6621]

1. Timmy Must Go Before 2012

eom

[notesdev]

2. I was saying that by March 2009 that he had to go

by now, it's pretty much too late - the damage is done - and after having kept him where he is all this time, it's hard to avoid the conclusion that this is what Obama wants running his Treasury Dept. and that any replacement would be more of the same.

No Elizabeth Warrens are likely to end up in a position of real influence in this administration.

[bvar22]

3. Sicker and sicker.....

It just keeps getting worse,
and the people we elected don't really care.



Who will STAND for THIS American Majority?
Lofty Rhetoric, Broken Promises, and Whiny Excuses mean NOTHING.
"By their WORKS you will know them,"

[lonestarnot]

4. Bastard! Mr. President, why do you let this continue?

[bullwinkle428]

5. I really thought the 2010 elections would have been the opportunity

to give him the old heave-ho, but sadly, that was not the case.

[dixiegrrrrl]

7. And there was a reason for that, wasn't there?

I am so happy that more and more people are seeing reality.

[Autumn]

6. What an ass this guy is

It's clear as crystal what these people are up to.