"We have only two things to say about Tim Geithner, who we do not know: AIG and Lehman Brothers. Throw in the Bear Stearns/Maiden Lane fiasco for good measure. All of these ‘rescues’ are a disaster for the taxpayer, for the financial markets and also for the Federal Reserve System as an organization. Geithner, in our view, deserves retirement, not promotion."
As President of the Federal Reserve Bank of New York, Mr Geithner was closely involved with Henry Paulson and the Treasury in structuring the deals that form the bulk of the ongoing bailout of the financial markets. His role in creating and perpetuating the regulatory oversights and omissions that fuelled the mortgage bubble too has been the focus of criticism.
Update 1
Ben Stein is even more damning in his assessment, calling Geithner the "pre-eminent careerist of old-time finance".
Update 2
Frank Rich raises troubling questions about the "best and brightest" in the Obama administration.
Update 2
Michael Hirsh is right in asking why Joseph Stiglitz, the only man consistently on the mark in predicting the entire crisis and an earliest supporter of Obama, is not in the team which is now packed with a "center-right cabal". Stiglitz has been the leading voice opposed to the mindless liberalization of capital flows that brought us to where we are today.
Update 3
NYT has this chronicle of Tim Geithner's close ties with Wall Street. And Economix has the details, including his calendar.
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