The New York Times has a long, in-depth article on just what Tim Geithner did, and didn’t, do as chairman of the New York Federal Reserve Bank.
My takeaways?
1. If you want real financial regulation, make at least the NY Fed, if not all 12 regional Feds, government institutions, not private banks. To that degree, it’s not totally fair to blame Geithner for everything that happened on his watch in New York. It IS fair to blame him if this isn’t part of his financial reregulation proposal.
2. Geithner, like his boss, doesn’t like confrontations.
3. As a result of No. 2, and his previous non-banking background, he may be too trusting of financial institutions.
4. By selecting Geithner as his Secretary of the Treasury, in light of Nos. 2-3, President Barack Obama may have been sending a “don’t stroke out” message to Wall Street.
5. Geithner has a lot of personal blame for Citigroup’s catastrophe continuing on its not so merry way.
But, take a look for yourself.
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