First, Tim Geithner’s Treasury Department has yet to respond to a Bloomberg request for information on what securities at Citigroup and Bank of America the Treasury recently propped up. Treasury did a document dump on its website Jan. 28, but had none of the information Bloomberg wanted.
Bloomberg is most interested in tanking, or tanked, CDOs the two banks wrote that the government is now having to underwrite.
Be prepared to wait a while. Geither, in Senate Finance Committee comments to Sen. Charles Grassley, indicated he’s learned too well from former boss Ben Bernanke the idea of stiffing both the media and Congress.
Second, it is clear Geithner (with Larry Summers ultimately behind him), on the issue of bank nationalization, is NOT just worried about the PR of the word “nationalization” but that he actively opposed the whole concept.
Why? He wants his friends at Goldman Sachs, Citigroup, etc., to continue to rake in federal money with a shovel without facing the consequences.
Hey, Obamiacs! Love your “common man” president so far?
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