Treasury Secretary Tim Geithner Will Not Serve a Second Term

FOX News - FOXNews.com ^ | September 25, 2012 | Matt Egan

[LibertyRocks]

Tim Geithner, one of President Barack Obama’s closest economic advisers, has no intention on staying on as Treasury secretary if Obama wins a second term.

Geithner, who was one of the chief architects of the government’s response to the financial crisis, told Bloomberg Television he’s “pretty confident” Obama won’t ask him to stay on.

“I’m confident he’ll be president. But I’m also confident he’s going to have the privilege of having another secretary of the Treasury,” Geithner said.

The comments, which were confirmed by the Treasury Department, mean a second four-year term in the White House would be led by an entirely different economics team than the one Obama started with. Other high-profile advisers like Larry Summers and Christine Romer have already left the White House.

Geithner, 50, declined to say what he plans to do next, but said it will be “something else.”

Before being tapped to lead the Treasury Department during the depths of the Great Recession, Geithner served as president of the New York Federal Reserve under President George W. Bush.

In both positions, Geithner helped spearhead the government’s emergency plans to end the most serious financial crisis since the Great Depression. He is credited with putting the nation’s largest banks through stress tests that eventually helped restore confidence in the financial system.

But Geithner is also heavily criticized by the left and the right as the U.S. unemployment rate remains at a painfully high 8.5% level. Some believe Geithner has been too cozy with Wall Street, while others feel the White House has been too tough on big banks. Still, if he stays on until next January, Geithner will be one of the longest-serving secretaries of the Treasury ever.

It’s not clear yet who will replace Geithner should Obama win in November, but one frequently mentioned candidate already bowed out earlier this week. In an exclusive interview with FOX Business’s Charlie Gasparino, JPMorgan Chase (JPM: 37.60, -0.06, -0.16%) CEO Jamie Dimon said he doesn’t believe he’s “suited” for the key position. Another potential replacement, former JPMorgan exec Bill Daley, recently stepped down as White House chief of staff.

One name that has been rumored to be in the running at Treasury should Obama be reelected is Larry Fink, the CEO of BlackRock (BLK: 188.24, -0.78, -0.41%). Fink "desperately" wants the job, Gasparino reported.

[LibertyRocks]

I ran a search through FR's engine, and through a Google site search of FR, and didn't see this particular article posted. Sorry if this is a duplicate.

Another one of Obama's poor choices in administration officials bites the dust...

[LibertyRocks]

LT & FN: I made a post for the article I linked to you both on that other thread. Thought I’d ping you to it.

ALL: I really do have to get some sleep, so I probably won’t be around too long to reply to this thread. I will check back by in the morning though. As I said above - apologies if someone has posted this exact article before.

[Eleutheria5]

Hopefully, Tim Geithner’s career plans will be a moot point.

[AU72]

Obama has just guaranteed Brewer a best-seller.

[bmwcyle]

He can go back to cheating on his taxes.

[tbpiper]

Treasury Secretary Tim Geithner Will Not Serve a Second Term

He certainly deserve to serve another term. I'd think 15 to 20 in Leavenworth would be fine.

[johncocktoasten]

I’m guessing he will be going into the tax preparation business.

[Son House]

Gee, if he had not only picked Democrat Economist who went along with the agenda , Paul Krugman might wish to get on board now.

[stevie_d_64]

No, this guy was the perfect choice for what needed to be done to this country and its economy...

Absolutely brilliant...

Obama’s mad because he knows he wouldn’t last in a second term...

Now, on to the AG...

[Liz]

O's SOTU speech was deliberately contrived to gull the citizenry. Obama wants Americans to believe he "just happened to drop by" the WH for a spell....and doesn't have anything to do with the dismal state of the US economy.

========================================= Candidate Barack Obama told us on the campaign trail: " The problem is, that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents, # 43 added $4 trillion by his lonesome so that now we have over $9 trillion of debt that we are going to have to pay back, $30,000 for every man woman and child. That’s irresponsible. It’s unpatriotic."

REALITY CHECK Obama presided over the biggest political heist in US history. The Obamanations (insiders and politicians) sucked up trillions under the guise of inheriting the "Bush financial crisis."

THIS MADE ME LAUGH OUT LOUD Obama COS Rahm Emanuel "suddenly" discovered he wanted to be Chicago's mayor---the little turn went before the mics and announced his campaign "raised $10 million in just a few weeks." Rahm also controlled the US Treasury as COS.

================================================

What the so-called "collapse" of the banking system wrought under Obama:

FOURTEEN TRILLION DOLLARS Behind The Real Size of the Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
SOURCE motherjones.com
Mon Dec. 21, 2009 12:23 PM PST

The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets.

To get a sense of the size of the real $14 trillion bailout, see our chart at web site. Below, a guide to the pieces of the puzzle:

Treasury Department bailout programs
(Remember that Obama's Treasury Dept was controlled by his then-COS Rahm Emanuel---a G/S lobbyist in the WH)

Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].

Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].

TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.

Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."

GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.

LONG READ---go to web site to read more and checkout the shocking financial charts.

SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout

[Liz]

O's SOTU speech was deliberately contrived to gull the citizenry. Obama wants Americans to believe he "just happened to drop by" the WH for a spell....and doesn't have anything to do with the dismal state of the US economy.

========================================= Candidate Barack Obama told us on the campaign trail: " The problem is, that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents, # 43 added $4 trillion by his lonesome so that now we have over $9 trillion of debt that we are going to have to pay back, $30,000 for every man woman and child. That’s irresponsible. It’s unpatriotic."

REALITY CHECK Obama presided over the biggest political heist in US history. The Obamanations (insiders and politicians) sucked up trillions under the guise of inheriting the "Bush financial crisis."

THIS MADE ME LAUGH OUT LOUD Obama COS Rahm Emanuel "suddenly" discovered he wanted to be Chicago's mayor---the little turn went before the mics and announced his campaign "raised $10 million in just a few weeks." Rahm also controlled the US Treasury as COS.

================================================

What the so-called "collapse" of the banking system wrought under Obama:

FOURTEEN TRILLION DOLLARS Behind The Real Size of the Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
SOURCE motherjones.com
Mon Dec. 21, 2009 12:23 PM PST

The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets.

To get a sense of the size of the real $14 trillion bailout, see our chart at web site. Below, a guide to the pieces of the puzzle:

Treasury Department bailout programs
(Remember that Obama's Treasury Dept was controlled by his then-COS Rahm Emanuel---a G/S lobbyist in the WH)

Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].

Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].

TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.

Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."

GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.

LONG READ---go to web site to read more and checkout the shocking financial charts.

SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout

[Liz]

The Ovomitons have been coached well. Their Award-Winning Act is to "look harmless" whenever they speak to the people.

=======================================

"Hi there, Americans. Obama put me in charge of the trillion dollar stimulus. My son and brother are gonna help me disperse the money. "

================================

Offshore Fraudster had links to offshore fund run by VP Biden's relatives
Reuters on Yahoo | 2/23/09 | BY Ajay Kamalakaran

(Reuters) – A fund of offshore hedge funds run by two members of VP Joe Biden's family was marketed exclusively by offshore firms controlled by Texas financier Allen Stanford, charged by regulators with an $8 billion fraud, the Wall Street Journal said.

The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and the offshore Stanford Financial Group entity headquartered in Antigua, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related offshore companies marketed the Biden fund to investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.

Paradigm Global Advisors is owned through a holding company by the vice president Biden's son, Hunter, and Joe Biden's brother, James, according to the WSJ. Paradigm's attorney, Marc LoPresti, who represents Hunter Biden and James Biden, as well as Paradigm, told the paper he did not know which Stanford entity invested the roughly $2.7 million.

Marc LoPresti, who represents Hunter Biden and James Biden told the paper the Bidens NEVER met or communicated with Stanford. (/snicker)

(Excerpt) Read more at news.yahoo.com ...

[Liz]

[RetSignman]

This is just another example how desperate they have become.

For this idiot to claim that he will quit or be fired when obama is reelected is ludicrous, all he is saying is VOTE FOR OBAMA and I’m history.

Next they will have michelle come out saying...’If my husband is reelected, I’m going to divorce him”./s

[bert]

Timmy is doomed to be trashed by history. He will be studied as a failure and major contributor to the destruction wrought by the failed Obama administration.

It can not be avoided even if he does not participate in a a second term that will be thrown out by revolution.

[crosshairs]

Geitner needs to serve his term in prison now.