Geithner's Rap Sheet


Graphic: NYT: Geithner, Bernanke, Treasury
------------------------------------------------------------------------------------------------------------ testified about Bear Steans

Architect of the failed bailouts of 2008
As President of the Federal Reserve Bank of New York, which serves as main link to the financial markets:
has been main architect of Bush Administration response to the financial crisis and Wall Street bailouts
got Treasury Secretary Paulson and Fed Chairman Ben Bernanke to approve his Machiavellian plan
is the New York central banker who in secret crafted the bailouts - not at Bush’s White House or Treasury
ignored criticism of his New York Fed’s lack of transparency
Behind government intervention of Bear Stearns, AIG, Lehman Brothers, Wachovia, etc.
was behind the bailouts of the investment bank BEAR STEARNS and the government takeover of insurance giant (AIG)
circumvented rules to arrange the bailout of BEAR STEARN’s creditors
was driving force in bailing out BEAR STEARNS….or in the … bankruptcy filing of the investment bank LEHMAN BROTHERS
○ showed favoritism toward Citigroup — the financial firm where his mentor, former Treasury Secretary Robert Rubin, serves as a director and senior counselor.
pushed for CITI to take over troubled banker WACHOVIA with government bailout, even after WELLS FARGO offered to buy WACHOVIA at higher price and not cost to taxpayers
Big Government guy:
believes that the Treasury Dept. should be given vast powers to develop experimental strategies for responding to the crisis. He will be Paulson II.

● Did not pay his taxes tax documents here, or here
did not paid some $42,000 in federal taxes from 2001 through 2004 while working for the International Monetary Fund (IMF) which oversees the global financial system
○ as an employee of the IMF, he was considered self-employed and was responsible for paying his self-employment taxes
paid $26,000 of that debt after Obama tapped him as his choice for Treasury Secretary
● Kept tax reimbursements of taxes he did not pay
○ he kept the IMF’s tax allowances instead of paying his taxes (the IMF gives its employees an extra allowance so the employees can pay their self-employment taxes)
● Illegal deductions
○ deducted unallowable expenses and did not amended them: i.e., overnight camps of his dependent child in 2001, 2004 and 2005
○ improper small-business deduction, a charitable-contribution deduction for ineligible items, and the expensing of utility costs that went for personal use.
● Employment of illegal maid

Clinton bureaucrat
○ his mentor was Clinton’s Treasury Secretary, Lawrence H. Summers, who now will serve as a senior economic adviser to Obama
○ worked under Treasury Secretary Robert E. Rubin and Summers to guide the Clinton administration's response to currency collapses
○ in the last years of the Clinton administration, Geithner was promoted to undersecretary when Summers became Treasury secretary.

As if being one of the main instigators of the failed bailouts and evading his taxes are not enough, the next Treasury Secretary is creating more troubles:
the dollar promptly fell and gold jumped $40 after Geithner said the Obama Administration “believes that China is manipulating its currency”

With no experience in private banking or finance, he has been the mask behind the bailouts. Who are the faces behind the bailout-government-takeover?
How can you be head of the Department of Treasury which oversees the IRS, when you have tax problems?
Despite all his tax evasions, this man will be the nation’s chief tax collector – Obama vowed to be the most transparent and clean administration ever. Obama, you fail again.
He claims he committed an honest mistake [in not paying his taxes for years] which sounds like a pathetic excuse coming from a man considered to be a brilliant financial markets specialists

U.S. Senate Approves Geithner. Final vote 60-34.
No surprise here: a tax-cheater will lead the IRS. Viva the change in bizarro USA!

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