As I discussed a wide range of topics, some business in nature, others political, with my friend B yesterday at lunch, the subject of tax cheat and Treasury Secretary Tim Geithner came up.
I lamented Geithner's wet noodle posture while "negotiating" with Goldman Sachs et. al. over paying them the full value due them from AIG for credit derivatives.
B mentioned conversations he has had with Fed officials who know Geithner. They characterized him as an operations guy. That is, a guy who knew how to run the financial plumbing of the Fed, meaning its various money transfer systems and such.
But nobody ever accused Geithner of being able to fill, let alone even shine, Paul Volcker's shoes. Volcker, you may recall, headed the New York Fed, before being chosen to become probably the most effective chairman of our central bank in its history.
Judging from his stumbles and misfires this year, it looks like my friend's information is correct. Geithner got fleeced by Wall Street CEOs, and, for that dismal performance, was rewarded with the job of Treasury Secretary.
No wonder we still have no sensible financial leadership in Washington.
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