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U.S. PIRG Consumer Blog
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August 04, 2009
WSJ: Geithner "vents" at fellow regulators; WP: TARP money lost in the ocean
Over at the Wall Street Journal (pd. subs. may be req'd), Damian Paletta and Deborah Solomon report: Treasury Secretary Timothy Geithner blasted top U.S. financial regulators in an expletive-laced critique last Friday as frustration grows over the Obama administration's faltering plan to overhaul U.S. financial regulation, according to people familiar with the meeting. Yes, their agencies were running the financial system when it collapsed. Yes, the companies that they regulate engaged in unsafe, unsound practices that made the collapse much worse. But no, they say, it wasn't our fault. No, they say, we don't need a new agency devoted to protecting consumers.
Only in Washington. Meanwhile, Washington Post columnist Allan Sloan reports in a column on the TARP, Few Gains, Big Losses, that: "there are plenty of weaklings in the pool. The biggest: Citigroup, where the government has converted $45 billion of its TARP investment into regular preferred and common stock to try to strengthen the bank. The odds of us taxpayers getting back our $45 billion -- plus the 5 to 8 percent that Citi was supposed to pay on its borrowings -- are remote."
Posted by Ed Mierzwinski at August 4, 2009 06:14 AM
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