By Jesse
Tim Geithner should be given the option to resign immediately, or be fired. He is either incompetent, too conflicted to do his job with the banks properly, or possibly both.
Stephen Friedman should be investigated for $5.4 million in profits made through potential insider trading. His breach of fiduciary responsibility as chairman of the NY Fed is shocking.
The entire integrity of the Federal Reserve bank should be called into question. There is no place for the Fed to be the primary regulator of the financial system given their penchance for secrecy and cronyism, and their inability to manage their own shop from such scandalous conflicts of interest. They are a private company owned by the banks. The proposal to give them that level of public policy discretion and authority is patently absurd. This trend to outsourcing of responsibility so the politicians can critique the results as outsider observers must stop.
Continue reading Tim Geithner’s $14 Billion Gift of Taxpayer Funds to Goldman Sachs