Well it appears Geithner is not happy with Paul Volcker's ideas of how to rein in our banking industry. We know from the way he has advised Obama the last 12 months he is against any real meaningful reform of Wall Street and more broadly our financial institutions.
I mean how can you fault a guy who's whole life has been wheeling and dealing with these fat cats.
Let's see how Obama decides to handle the insurrection from his Treasury Secretary.
U.S. Treasury Secretary Timothy Geithner has expressed some skepticism behind closed doors about the broad bank limits proposed on Thursday by his boss, President Barack Obama, according to financial industry sources.
The sources, speaking anonymously because Geithner has not spoken publicly about his reservations, said the Treasury chief is concerned the proposed limits on big banks' trading and size could impact U.S. firms' global competitiveness.
I don't think even this measure is enough, but it is a big step in the right direction.
Let's hope Obama starts to distance himself from the people who have guided him in the wrong direction, such as Geithner, Emanuel, and Summers.
I found this part of the article amusing...
Douglas Elliott, a former JPMorgan investment banker now with the Brookings Institution, said he didn't know Obama's motivations, but thought his move was "smart politics."
"Everybody hates the bankers now and when you come out with something saying we are going to keep them from getting bigger and taking outrageous risks, of course it comes out favorable," Elliott said. "I do have some concerns about the public policy aspects."
Of course you have concerns Elliott, I mean how can you guys possibly afford your 3rd house in the Hamptons if these reforms enacted?