Who knew that Geithner wasn't up to the job. Who knew that he would let the big boys rollover him. Who knew he couldn't stop the new robber barons from taking whatever they want. I did.
In honor of March Madness (so glad Madison and Marquette both go in, ever though Madison got in by the skin of it's teeth and will probably be out in the first game.) here's a cheer for you: Gutless Geithner's got to go. That's right, say it with me: Gutless Geithner's got to go. I've got another: Too meek, too weak, too easy to defeat.
How is there still no oversight. How is it there are no controls in place. How can Geithner be shocked, shocked that these new style robber barons continue to endlessly reward themselves. Why is anyone surprised. How are they getting all this money with no strings attached. I used to worked a a foundation and when we gave money, dear god, the hoops the grantees had to go through. Then the endless reports and how and where the money was spent. What were their goals. Did they achieve them. Did they try to buy things outside the foundation's restrictions. Have to give the money back if they did that. Why isn't there an army of Treasury people watching every move that AIG makes?
My sister-in-law in Munich works as a high level controller for Siemans. She regularly deals with hundreds of million euros in the accounts. She said she would be happy to come in and straighten out AIG accounts. She also said that these toxic debts are so toxic because of GAAP. You used to be able to keep future losses in the future. Now you have to take them in the present, but no one knows what the actual amount is because the the formulas are insanely complicated. Just assign some figure to them and move on. I wish she was Secretary of the Treasury instead of little- boy- lost Geithner.