Daily Archives: February 14, 2009

Geithner Recycles Citigroup Banker Trash For the White House

Slim picking on the Web today. Nobody is talking about the new Geithner hires other than the Mark Patterson a former Goldman Sachs lobbyist. What about the Citigroup folks he is recycling?

I saw the news that Tim Geithner had chosen three or four ex CITI bankers to staff his office complete with photos.  He picked an ex-lobbyist Mark Patterson . I found that but could not find the story and pics of his other picks. The New York Times is reporting that Great Britain is about to nationalize the whole lot of them. The price tag will be in the trillions for this banking debacle. This is what’s coming here too. But the problem is that by the time it happens Obama and Geithner will have put the wolves in charge of the hen house and we foot the bill. 

The headline on this article read “Should Obama Seize Citigroup?”  It may be too late because Geithner has already hired them!

In Britain, where the banks and the pound are collapsing, and the government announced its new, just-short-of-nationalization rescue plan on Monday, Financial Times blogger Willem Buiter is leading the charge for going all the way.

However, I was pleasantly surprised when I watched the latest Bill Moyer’s Journal. His guest was so in tune with Heloise he even used the word “inutition” you don’t hear that word too often on TV. But here’s the transcript from the Simon Johnson interview. He paints the same picture that this blogger paints: it is a multi-trillion dollar debacle that is not going well. Here’s a bit of what he said:

SIMON JOHNSON: I don’t know. I hope they don’t trump it. But the signs that I see this week, the body language, the words, the op-eds, the testimony, the way they’re treated by certain Congressional committees, it makes me feel very worried.

I have this feeling in my stomach that I felt in other countries, much poorer countries, countries that were headed into really difficult economic situation. When there’s a small group of people who got you into a disaster, and who were still powerful. Disaster even made them more powerful. And you know you need to come in and break that power. And you can’t. You’re stuck.

More later.

If you find the link about the Citi folks please let me know. The Moyers’ interview is well worth the time to read or watch.