Report: Geithner Already Grumbling About Obama’s Proposed Bank Reforms

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Friday, January 22, 2010 at 11:26 am

It’s no mystery that Treasury Secretary Tim Geithner has been opposed to some of the very bank reforms proposed by President Obama yesterday (which explains why those reforms weren’t rolled out earlier). But it’s quite another thing for Geithner to go behind Obama’s back and grumble to Wall Street executives that the proposal is a bad move.

Yet, according to Reuters, that’s precisely what has happened.

Geithner, Reuters says, “has expressed some skepticism behind closed doors about the broad bank limits proposed on Thursday by his boss, President Barack Obama, according to financial industry sources.”

The sources, speaking anonymously because Geithner has not spoken publicly about his reservations, said the Treasury chief is concerned the proposed limits on big banks’ trading and size could impact U.S. firms’ global competitiveness.

Some economists are already doubting the effectiveness of the proposed reforms to prevent the types of lending that led to the economic collapse. That failure is all but guaranteed if even the administration’s own finance officials aren’t on board.

Comments

5 Comments

monkey99
Comment posted January 22, 2010 @ 2:30 pm

Why is Geithner concerned about “global competitiveness”? We're hemorrhaging jobs and our trade policies have been a joke for a decade or more.

He goes sniveling to Wall St.? He should be justifying his actions to the American People. HIS actions are evidence of just where his loyalties lie.

Geithner needs to be removed.


nick
Comment posted January 22, 2010 @ 3:58 pm

Obama will do nothing. He will throw more money at the banks. That's it. It's laughable to think that a meek puppet like Obama can or would do anything. Wall Street owns him like they did his predecessor and Clinton before that. Anything he does will only benefit the largest financial institutions like GoldmanSachs and JPMorganChase. This financial meltown was not a mistake, and it will get worse. Prepare yourselves Americans.


monkey99
Comment posted January 22, 2010 @ 7:30 pm

Why is Geithner concerned about “global competitiveness”? We're hemorrhaging jobs and our trade policies have been a joke for a decade or more.

He goes sniveling to Wall St.? He should be justifying his actions to the American People. HIS actions are evidence of just where his loyalties lie, and it isn't the American People.

Geithner needs to be removed.


nick
Comment posted January 22, 2010 @ 8:58 pm

Obama will do nothing. He will throw more money at the banks. That's it. It's laughable to think that a meek puppet like Obama can or would do anything. Wall Street owns him like they did his predecessor and Clinton before that. Anything he does will only benefit the largest financial institutions like GoldmanSachs and JPMorganChase. This financial meltown was not a mistake, and it will get worse. Prepare yourselves Americans.


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Comment posted July 27, 2010 @ 4:16 pm

He goes sniveling to Wall St.? He should be justifying his actions to the American People. HIS actions are evidence of just where his loyalties lie, and it isn't the American People.


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