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...expletive-laden rant Treasury Secretary Tim Geithner unleashed during a closed meeting with regulators on Friday, July 31, has players in Washington and on Wall Street wondering one thing: What got the usually mild-mannered Geithner so incensed? Establishing a new regulatory framework for the financial markets is not the kind of politically charged, life-or-death issue that should drive a normally discreet Cabinet member to go on a blue streak in front of dozens of officials. But Geithner and the Obama Administration have more at stake in getting reform pushed through Congress by the end of the year...
...afternoon and was attended by top regulators from all the major oversight bodies, including the FDIC, the Office of the Comptroller of the Currency, the SEC, the Commodities Futures Trading Commission, the Fed and others. As he talked about the state of the Administration's proposal introduced last spring, Geithner started swearing about the need for regulatory reform to move forward. "There was liberal use of expletives," says an official briefed on the meeting. "Obviously it made some people uncomfortable." (See 25 people to blame for the financial crisis...
Senior officials say the harsh language was intentional. "We talked about it beforehand and intended to deliver a message," says a senior Treasury official. Both on Capitol Hill and in the regulatory agencies, Geithner felt, the "searing experience" of last fall's near meltdown of the global economy was falling prey to inertia and in some cases lobbying. "The reality is that there are pretty powerful vested interests fighting this," says the senior Treasury official. "It's not the entire industry, but they have an interest in fighting change...
...World of Debt The U.S. Treasury Secretary reminds us that we're in a recession where debt as a share of the economy has risen to extraordinarily high levels [June 29]. Timothy Geithner says: Remember, this is a crisis born in part of the fact that households around the world took on too much debt. Wrong. Households in the U.S. took on too much debt, and the banks just encouraged them. We've got to face the music, but should not forget who provided the tune. Heinz Lichius, LAGESBÜTTEL, GERMANY
Read an interview with Tomothy Geithner...