copyright (c) 2009 Betsy L. Angert. BeThink.org
Negotiations began in November. Decisions were reached during the month of December. By January, a retention bonus was awarded to the individual considered most superlative within the staff. President Barack Obama presented the gift. American International Group, Incorporated [AIG] executives did not receive the windfall. Nor did someone separate from the previous President garner the honors. Gold was not placed at the door of a New Deal Democrat. No, dollars and command were delivered to a truly Progressive person. Insider Timothy Geithner was the recipient of a title that would sustain his service. Mister Geithner was given a reward that was worth far more than mere millions in greenbacks. Power and influence are priceless.
President Obama granted these "commodities" to one who worked to ensure banks and other financial institutions would continue to flourish just as they had in the Bush Era. Now, the man with copious clout wants more.
Indeed, Tim Geithner has already taken the reigns. He has worked to set more rules. Separate from Congressional approval for increased authority, and regardless of what regulatory standards the House and Senate might pass, Secretary Geithner, happily ensconced in President Obama's favor, has begun to broaden his horizons. He expresses his expansive preeminence, and all are atwitter.
Newfound fame, a brighter, well-funded future befits the man whose face now appears everywhere. Greater authority is as Tim Geithner was groomed to acquire. Indeed, Secretary Geithner grew accustomed to attention and awards.
Perhaps, Timothy Geithner's desire for further recompense, economically or emotionally, began when he was but a boy. In his youth, the now Secretary of Treasury saw what could be wrought if one was well-connected. His lineage allowed him to look into a world of affluence and advantages.
Maternal grandfather, Charles F. Moore, was an adviser to President Dwight D. Eisenhower. Mister Moore also served as a Vice President of Ford Motor Company. "Dad," Peter F. Geithner, was with the Ford Foundation. Tim Geithner's father oversaw the project that Ann Dunham, President Obama's mother gave birth to. Stanley Ann Soetoro and Tim's Dad, developed microfinance programs in Indonesia.
This association alone might have helped Mister Geithner realize his path to the White House. Some theorize President Obama and Tim Geithner formed an invisible bond, one that ties them together today.
Money, power, and privilege were given to Timothy Geithner from birth. The more the lad "earned," the more he hoped to receive in return. A graduate of Dartmouth and John Hopkins, initially Tim Geithner worked for Kissinger Associates, Incorporated. He then entered government, just as his forebears had. Geithner first joined the Department of Treasury in 1988 and worked in three administrations for five Secretaries of the Treasury in a variety of positions. He served as Under Secretary of the Treasury for International Affairs from 1999 to 2001. He was Director of the Policy Development and Review Department at the International Monetary Fund from 2001 until 2003. Then, he headed the New York Reserve. He befriended the acclaimed Economist Professor Paul Krugman. The two are associates within The Group of Thirty, a Consultative Group on International Economic and Monetary Affairs. It is no wonder President Obama was impressed and wanted to retain the financial expertise of one so esteemed.
Previously, the Secretary had succeeded, even exceeded expectations. With each step, the esteemed economic wizard takes, greater gratitude and gilt are given. Hence, he moves forward.
Secretary Geithner addressed Congress on March 24, 2009. He and his cohort, Federal Reserve Chairman Ben S. Bernanke affirmed a need to be endowed with exceptional authority. The two concurred. The AIG catastrophe confirmed "a basic and tragic unfairness - that those who were prudent and responsible in their personal and professional judgments are harmed by the actions of those who were less careful and less prudent." Many would agree.
On paper, the proposed request for increased control over financial institutions, other than banks, seems reasonable. If Congress approves of the strategy, Federal authorities could seize a failed fiscal establishment. Many believe the measures are long overdue. However, several hesitate. When they consider the fact, Secretary Geithner might be the person to decide the fate of these firms countless express concern. Perchance, he is not the person to have or hold such extensive power.
Esteemed Economist, and colleague Paul Krugman expressed disappointment after Mister Geithner revealed his bailout plan. Nobel Prize recipient Krugman wrote in The New York Times, ""In fact it fills me with a sense of despair."
"The Geithner scheme would offer a one-way bet: if asset values go up, the investors profit, but if they go down, the investors can walk away from their debt," the Princeton University Economist explained, as he cited specifics within the proposed strategy.
Might the man Professor Krugman long admired not be competent to oversee the fringe financial institutions? Those who were uncertain Tim Geithner was ever the best, the brightest, or the person to be retained, are now joined by others who originally had confidence in the now Secretary of Treasury. Since the appointment, and ample intangible appropriations were bestowed upon Secretary Geithner, the choice issue may be a moot point. Only the battle for a bigger role, increased responsibility to regulate remains a subject of contention.