Geithner has never worked outside of the Government bubble
Article: "Under Fire, Geithner Says AIG Rescue Was Essential", NYT
In his testimony to Congress today Geithner said the following:
"I have worked in public service all my life."
Well, that explains a lot. Mr. Geithner is a product of the Government and has never experienced a work life outside the confines of a Government job. Maybe this is why he is so inept at dealing with the strong-willed business people he is supposed to be regulating. His official position on why AIG was allowed to pass through $30 billion of Government money directly to counter-party banks such as Goldman Sachs is the he didn't have the legal authority to change the underlying contracts. D'oh!!! Any business person who has negotiated a business deal would laugh at that statement. He actually held all the cards, but he wimped out.
I don't know how he keeps his job.
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