Sunday, January 25, 2009

Tim Geithner Should Be Judged Like Zoe Baird & Kimba Wood

Both Zoe Baird and Kimba Wood were considered for the Attorney General's position during Bill Clinton's Admin. Both withdrew their names when it was revealed that they had hired undocumented workers as nannies.

Tim Geithner's seems to have run into similar problems with his housekeeper and then some. He owed personal income taxes that went unpaid until he was nominated to be Treasury Secretary.

The most damming case against Geithner is his role as the governor of the New York Fed. Here is a question from Anna Schwartz, a prominent economist at the National Buereau of Economic Research:

Ordinary taxpayers would like an answer to this question: Why have they been billed more than $45 billion to rescue Citigroup from failure when, as president of the Federal Reserve Bank of New York, you were its primary supervisor? Three major problems led to Citigroup’s downfall: bad investment policy; overexpansion, which overwhelmed Citigroup’s management; and an inadequate capital base. Why was Citigroup’s supervision inadequate to deal with these problems?

Senators should not confirm Geithner and the Obama admin should be chided for their audacity to give Geithner a break. Any self respecting liberal feminist should be appalled and disgusted by this.

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