Sunday, February 22, 2009

WHAT ABOUT THIS TIM GEITHNER , OBAMA'S TREASURY SECRETARY? HE SEEMS TO ME TO BE A HUGEBANKCO INSIDER. BANKING INSIDERS TO REGULATE THE BANKERS? SOME THINGS JUST MAKE YOU GO HMMM...


There was a revealing incident in the Senate Finance Committee last week when Senator Bernie Sanders challenged Geithner. Here's the transcript:

SANDERS: "In 2006 and 2007, Lloyd Blankfein, the CEO of Goldman Sachs, was the highest paid executive on Wall Street, making over $125 million in total compensation. Due to its risky investments, Goldman Sachs now has over $168 billion in total outstanding debt. It's laid off over 10 percent of its workforce. Late last year, the financial situation at Goldman was so dire that the taxpayers of this country provided Goldman Sachs with a $10 billion bailout.

Very simple question that I think the American people want to know. Yes or no, should Mr. Blankfein be fired from his job and new leadership be brought in?"

SECRETARY GEITHNER: "Senator, that's a judgment his board of directors have to make. I want to say one thing which is very important. Everything we do going forward has to be judged against the impact we're going to have on the American people and the prospects for recovery. And every dollar we spend will have to be measured against the benefits we bring in terms of---"

SENATOR SANDERS: "Mr. Secretary, you're not answering my question. You have a person who made hundreds of millions for himself as he led his institution that helped cause a great financial crisis. We have put, as taxpayers, $10 billion to bail him out and we have no say about whether or not he should stay on the job?"

SECRETARY GEITHNER: "No, I didn't say that. I think there will be circumstances, as there have been already, where the government intervention will have to come with very tough conditions, including changes in management and leadership of institutions. And where we believe that makes sense, we will do that."

Predictably evasive, Geithner refused to say whether or not Blanfein should be fired. That's because Geithner believes that the function of government is to serve the interests of the big banks not the public.

FULL STORY HERE

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As Jim Hightower explains it, is that “the wealthiest 1 percent of Americans possess more net worth today than the bottom 90 percent of us combined. Worse, these privileged few and their political henchmen have structured a new economic ‘normal’ of long-term joblessness, low wages, no benefits or worker rights, miserly public services, and a steadily widening chasm between the rich and the rest of us.” We must restore sanity to this nation.