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View Diary: TARP- Institutionized Fraud, and Why No One Knows What Elizabeth Warren's Job Really Is. (26 comments)

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  •  WaPo's David Cho told us all we needed to know... (3+ / 0-)
    Recommended by:
    neroden, Badabing, pawtucketpat
    ...two months ago, about what's going down right now with Elizabeth Warren...and it's the self-evident/obvious truth: Geithner's running the CFPB with a firm hand; he's calling all the shots on this. Do not even begin to think it's anything other than that. And, even the press has let us know, with great detail, over the past couple of months, that this simply is the way it's going to be; and if some Dems don't like the White House turning yet another cherished and highly respected person into little more than a press opp for the President (a la Paul Volcker), they're in serious denial.

    (It shouldn't be lost on folks that we've now gone through two periods in the past month, where rumors were planted about Warren's imminent appointment...all just to see nothing happen. I do think Warren will get marched out at a press conference, eventually, however.)

    From my diary of July 17th:

    "...The Washington Post's extremely complimentary lede on Tim Geithner in Saturday's edition, among other things, informs us that, as a result of the just-passed FinReg bill in Congress,  the Treasury Secretary will maintain some of the most expansive power ever bestowed upon the Treasury Department. In fact, we're informed in the WaPo article that the FinReg legislation formally bestows upon the Treasury Secretary many of the very same, all-encompassing powers that were only temporarily given to his predecessor, former Goldman-Sachs CEO and Bush Treasury Secretary Henry Paulson, in late 2008.

    We're told by Cho that it'll be Tim Geithner who'll be "...the head of the new consumer bureau until a director is confirmed by the Senate, allowing Geithner to mold the watchdog in coming months. And it will be up to him to settle a raft of issues left unresolved by the bill -- for instance, which financial derivatives will be subject to the tough new trading rules and which risky activities big banks will be required to spin off."

    And, again, if you read Chan's piece, above, a note is already made therein that Geithner will be enabled to overrule that "powerful" (Heh!) new entity whenever he wishes."


    Timothy Geithner's realm grows with passage of financial regulatory reform
    By David Cho
    Washington Post
    Saturday, July 17, 2010

    Half a year after some predicted he would be booted from the Obama administration, Treasury Secretary Timothy F. Geithner stands to inherit vast power to shape bank regulations, oversee financial markets and create a consumer protection agency.

    Few Treasury secretaries have had such sweeping influence over such a wide realm as Geithner will wield once President Obama signs the new financial overhaul legislation passed this week by Congress.

    The effort to dramatically expand financial regulation bears the stamp of no one more than Geithner. The bill not only hews closely to the initial draft he released last summer but also anoints him -- as long as he remains Treasury secretary -- as the chief of a new council of senior regulators...

    --SNIP--

    ...In the wake of the bill's passage, there is recognition within the administration as well as on Capitol Hill that Geithner is not going anywhere anytime soon. White House officials said the speculation earlier this year about his tenure misunderstood his standing within the administration...

    Truly, Badabing, this is on my top-three list of  all time favorites, as far as your diaries are concerned.

    AWESOME stuff! Thanks!

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Thu Sep 16, 2010 at 08:47:46 PM PDT

    [ Parent ]

    •  thanks bobs...I'm kind of amazed that some do (1+ / 0-)
      Recommended by:
      bobswern

      do not 'connect the dots' as to why we Democrats are facing, not just a takeover by the Repulicans, but the likely 'impeachment' hearings that Darrell Issa, cannot wait to start.  

      We send President Obama to Washington DC to restore the public trust, and he turned a blind eye to those Americans were paid the greatest price because a bunch of Money Cartel thugs, are running our government.  

      Now, because President Obama surrounded himself with those same groups of Money Masters, who continue the 'cover up' we are now facing the absolute most 'reactionary' politics that I can ever remember.  

      It was a very foolish gamble on Obama's part, and now the 'rest' of us are going to end up paying for this calculated oversight on his part.

      Ms. B.

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