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Vanity Fair On Warren: “Geithner hated her” - She Knew The Secret Handshake Used It Against Them. [View All]

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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-15-11 03:21 PM
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Vanity Fair On Warren: “Geithner hated her” - She Knew The Secret Handshake Used It Against Them.
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Edited on Sat Oct-15-11 03:21 PM by kpete
The Woman Who Knew Too Much

Millions of Americans hoped President Obama would nominate Elizabeth Warren to head the consumer financial watchdog agency she had created. Instead, she was pushed aside. As Warren kicks off her run for Scott Brown’s Senate seat in Massachusetts, Suzanna Andrews charts the Harvard professor’s emergence as a champion of the beleaguered middle class, and her fight against a powerful alliance of bankers, lobbyists, and politicians.

By Suzanna Andrews Photograph by Nigel Parry

“My first choice is a strong consumer agency,” she said. “My second choice is no agency at all and plenty of blood and teeth left on the floor.”


“Geithner hated her,”
says a former administration official. Part of it was seen as personal because she had scorched him in public. But the whole thrust of her work on the oversight panel—getting the facts out to the public—was at odds with Geithner’s perceived conviction, shared by the Wall Street establishment, that the details of the banks’ TARP rescue should be hidden from public scrutiny whenever possible in order to give the banks time to recover, an assessment that a Treasury spokesperson disputes, insisting that “Secretary Geithner initiated unprecedented disclosure requirements for financial institutions.”

According to Barofsky, however, “Treasury’s descriptions of what was happening were very skewed towards the positive and often incomprehensible. There was this reluctance towards transparency,” and Warren’s work on the oversight panel “helped bring light in a lot of dark areas.” As Treasury sought to cosset the banks, never requiring them, for example, as Barofsky points out, to explain what they were doing with their billions in TARP bailout money, Warren persisted. She went on television shows to criticize the government’s secrecy, the huge bank bonuses, the fact that even after the bailout the banks had escaped disciplinary measures. Obama’s top economic advisers, according to a former administration official, thought Warren was “a pain in the ass.” On Wall Street, Warren was regarded, says one bank vice-chairman, as “the Devil incarnate,” and, according to another executive, a “showboater,” who didn’t really know what she was talking about.

But her sin was actually quite the opposite: she knew what she was talking about. Wall Street’s power in Washington, says a former congressional staffer who worked on the Dodd-Frank bill, has been built partly on the fact that few people outside Wall Street understand the esoterica of finance—the intricacies of C.D.O.’s and the labyrinthian structures of credit-default swaps. And that knowledge is used to control and confuse. But Warren did understand. Says Carolyn Maloney, a New York Democratic representative, “She understands the information as well as the top players in the business.” She knew the secret handshake, the secret language—and she used it against “that tight little group,” as Warren would refer to Wall Street C.E.O.’s and Washington officials who basically controlled the terms of the bailout.

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  -Vanity Fair On Warren: “Geithner hated her” - She Knew The Secret Handshake Used It Against Them. kpete  Oct-15-11 03:21 PM   #0 
  - I remember when Warren was trying to do her job as TARP oversight  Hydra   Oct-15-11 03:35 PM   #1 
  - Yep, it ain't that complicated.  truedelphi   Oct-15-11 03:38 PM   #2 
  - "Obama is about de-criminalizing Bank Fraud."  Hydra   Oct-15-11 03:41 PM   #4 
     - Well, he has to keep his "friends" happy.  truedelphi   Oct-15-11 03:46 PM   #6 
     - Fwiw, Obama didn't know Geithner until after he was elected......  PragmaticLiberal   Oct-15-11 08:34 PM   #60 
        - You need to look into  truedelphi   Oct-16-11 02:58 PM   #120 
     - And whistle-blowers too make quite a trifecta  indepat   Oct-15-11 04:54 PM   #21 
        - Good point  Hydra   Oct-15-11 05:05 PM   #23 
  - Nice post. PLUS ONE!  Enthusiast   Oct-16-11 09:46 AM   #96 
  - I saw her on the daily show  newspeak   Oct-16-11 10:44 AM   #104 
  - K & R for Vanity Fair.  truedelphi   Oct-15-11 03:41 PM   #3 
  - + 1  SpiralHawk   Oct-16-11 07:08 AM   #83 
  - +2  Enthusiast   Oct-16-11 09:51 AM   #98 
  - Yeh.........  rucognizant   Oct-16-11 02:36 PM   #119 
  - I don't feel Geithner has my best interests at heart.  aquart   Oct-15-11 03:43 PM   #5 
  - +1 nt  gateley   Oct-15-11 03:58 PM   #10 
  - Agreed on both points. Geithner is a  Puget Progressive   Oct-15-11 11:51 PM   #74 
  - There was a point when Geithner had a conscience?  truedelphi   Oct-16-11 04:02 PM   #123 
  - Geithner should go back to making toys with his elf friends,  bulloney   Oct-16-11 09:48 AM   #97 
  - Wow. Long, good read. Validates  chill_wind   Oct-15-11 03:46 PM   #7 
  - + 1 K&R  newblewtoo   Oct-15-11 03:59 PM   #13 
  - It STILL is going on  Hawkowl   Oct-16-11 12:42 PM   #115 
  - K&R n/t  myrna minx   Oct-15-11 03:48 PM   #8 
  - Geithner and this gaggle of Congressmen  Aerows   Oct-15-11 03:49 PM   #9 
  - This is what an auction looks like  The Wizard   Oct-16-11 06:38 AM   #81 
  - Nice summation. nt  Plucketeer   Oct-16-11 12:57 PM   #118 
  - Everybody Knows,  bvar22   Oct-15-11 03:59 PM   #11 
  - Important piece, kpete - thanks. I think if ANYONE were to read  gateley   Oct-15-11 03:59 PM   #12 
  - ^ I totally agree, Gately. A must read ^ n/t  Mimosa   Oct-15-11 07:32 PM   #42 
  - k&r. The Geithners and Obamas go back a generation. And timmy was groomed  EdMaven   Oct-15-11 04:09 PM   #14 
  - Yes...Rockefeller Foundation.. Geithner's father, Obama's mother. n/t  KoKo   Oct-16-11 10:45 AM   #105 
     - Ford Foundation.  EdMaven   Oct-16-11 12:09 PM   #111 
        - GACK! YES... Ford Foundation. Humble Apologies...! Thanks for Correction and Post.  KoKo   Oct-16-11 06:45 PM   #124 
  - Kind of a heartbreaking,eye opening article.  Autumn   Oct-15-11 04:11 PM   #15 
  - +10000000  woo me with science   Oct-15-11 06:43 PM   #37 
  - Annd then we'll multiply.  Scruffy1   Oct-16-11 11:49 AM   #110 
  - Nothing new here. Remember Brooksley Born?  elleng   Oct-15-11 04:12 PM   #16 
  - hmph.  chervilant   Oct-15-11 07:47 PM   #47 
  - nothing new here...just sounds like Old Boys Club v. token female  HipChick   Oct-15-11 04:22 PM   #17 
  - wtf, she was not 'pushed aside' for the consumer watchdog post.  Whisp   Oct-15-11 04:27 PM   #18 
  - Deleted message  Name removed   Oct-15-11 04:40 PM   #20 
  - Have a link to a Warren quote that backs you up? nt  MannyGoldstein   Oct-15-11 05:26 PM   #26 
  - Deleted sub-thread  Name removed   Oct-15-11 05:36 PM   #28 
  - Its true - Warren never wanted to be director  banned from Kos   Oct-15-11 06:26 PM   #33 
  - Bullshit, and if you're going to quote Frank, you should give the full quote.  girl gone mad   Oct-15-11 07:53 PM   #49 
  - "She always said she didn't want to be there as a permanent director."  MADem   Oct-16-11 06:22 AM   #79 
  - yeah... after she realize all the corruption around her  fascisthunter   Oct-16-11 08:51 AM   #89 
  - How about an entire interview?  SkyDaddy7   Oct-15-11 08:05 PM   #54 
  - I love Vanity Fair and have for years  Number23   Oct-15-11 05:36 PM   #29 
  - Warren Didn't Want Perm Appt. to CFPB  Whisp   Oct-15-11 06:08 PM   #32 
  - Give up. Its sunk into DU myth now! Reality be damned!  banned from Kos   Oct-15-11 06:43 PM   #38 
  - your partial quotes of Barney Frank make you untrustworthy in discussions.  fascisthunter   Oct-16-11 08:52 AM   #90 
     - Ha! I provided the full quote. The quote is the part inside these " " things  banned from Kos   Oct-16-11 08:59 AM   #91 
  - The ONLY source you guys can point to is Barney Frank...  SaveOurDemocracy   Oct-15-11 07:43 PM   #45 
  - Well that's good because I think she'd be a very effective president -  TBF   Oct-16-11 08:40 AM   #87 
  - Look, Warren allies know she very much wanted the position.  girl gone mad   Oct-15-11 07:59 PM   #51 
     - Its a moot point now and always has been. The GOP will block anyone  banned from Kos   Oct-15-11 08:08 PM   #56 
     - Look, even Warren allies said she didn't want the job  Number23   Oct-15-11 10:20 PM   #69 
  - Let me guess...  chervilant   Oct-15-11 07:52 PM   #48 
  - You guys repeatedly push this lie, which was debunked long ago.  girl gone mad   Oct-15-11 07:57 PM   #50 
  - You are 100% correct! Read this...  SkyDaddy7   Oct-15-11 08:07 PM   #55 
  - The article you linked to is pure conjecture..  girl gone mad   Oct-15-11 08:12 PM   #57 
     - No, it is not...  SkyDaddy7   Oct-15-11 08:59 PM   #64 
        - Ha!  Number23   Oct-15-11 10:24 PM   #70 
        - So true!! nt.  SkyDaddy7   Oct-16-11 09:37 AM   #94 
        - Yes, it is. I read it.  girl gone mad   Oct-16-11 03:04 PM   #121 
  - Good point. There is no point in reading this farcical crap.  Major Hogwash   Oct-15-11 10:42 PM   #72 
  - You've never heard of being politic  Chan790   Oct-16-11 09:00 AM   #92 
  - Continue reading it  Enthusiast   Oct-16-11 09:54 AM   #99 
  - Kicked and recommended for Warren and Vanity Fair.  Uncle Joe   Oct-15-11 04:39 PM   #19 
  - I had a brief spark of hope that she would get appointed, but then I realized the administration  progressoid   Oct-15-11 05:01 PM   #22 
  - So did I.  Kaleko   Oct-15-11 05:08 PM   #24 
  - Warren has more integrity in her pinky finger than all 8 of these tools combined.  FLAprogressive   Oct-15-11 05:20 PM   #25 
  - Amen my dear Progressive friend, Amen indeed.  ThomWV   Oct-15-11 05:41 PM   #30 
  - "Make no mistake: it was either Warren or Geithner"  MannyGoldstein   Oct-15-11 05:32 PM   #27 
  - 43 million from Wall St.  SammyWinstonJack   Oct-15-11 05:45 PM   #31 
  - And I thought that most of his donations came from the "little people".  Beacool   Oct-15-11 09:26 PM   #66 
  - they needed a charismatic moderate democrat and they knew obama was their man  madrchsod   Oct-15-11 06:29 PM   #34 
  - We have OWS, and it is spreading across the globe.  woo me with science   Oct-15-11 06:45 PM   #39 
     - OWS should carry a banner  chill_wind   Oct-15-11 06:50 PM   #40 
  - HUGE K & R !!! - Thank You !!!  WillyT   Oct-15-11 06:31 PM   #35 
  - Powerful, devastating article. K&R  woo me with science   Oct-15-11 06:42 PM   #36 
  - The good news is, Obama is agressively going after pot dispensaries.  Warren DeMontague   Oct-15-11 06:51 PM   #41 
  - Kpete, thank you for the link and OP.  Mimosa   Oct-15-11 07:33 PM   #43 
  - Obama placated his big ($43 million) donors; what will he do for his big $1billion donors?  Divernan   Oct-15-11 07:37 PM   #44 
  - Also, the number of actual "small donors" is significantly smaller than WH attempts to suggest:  woo me with science   Oct-15-11 07:47 PM   #46 
  - Placate?! Well, now,  chervilant   Oct-15-11 08:03 PM   #53 
  - PURE BULLSHIT!!!  SkyDaddy7   Oct-15-11 08:03 PM   #52 
  - Try reading the article in total before making auto replies! LOL n/t  Mimosa   Oct-15-11 08:12 PM   #58 
     - Help me out...What part of the article did I miss?  SkyDaddy7   Oct-15-11 08:40 PM   #61 
        - VF article not primarily about whether or not Warren wanted or was kept from CPA appt  Mimosa   Oct-15-11 08:53 PM   #63 
           - That is nice to hear...  SkyDaddy7   Oct-15-11 09:05 PM   #65 
  - Warren will be a great Senator. Watch her make Timmy squirm in 2009 (video)  Mimosa   Oct-15-11 08:16 PM   #59 
  - With actual squirming!  Enthusiast   Oct-16-11 10:22 AM   #101 
  - Barofsky was also likely on Geithner's enemies list. He's gone, too.  chill_wind   Oct-15-11 08:53 PM   #62 
  - Kick & Rec  OnceUponTimeOnTheNet   Oct-15-11 10:11 PM   #67 
  - K & R, and bookmarking to read later.  Raksha   Oct-15-11 10:20 PM   #68 
  - K & R!  lonestarnot   Oct-15-11 10:30 PM   #71 
  - When the pres fires timmy and hires Elizabeth,  Jakes Progress   Oct-15-11 11:30 PM   #73 
  - and where does Elizabeth wanting to become a senator fit into your reality?  Bodhi BloodWave   Oct-16-11 05:02 AM   #78 
     - You run with that meme.  Jakes Progress   Oct-16-11 11:46 AM   #109 
  - OUTRAGEOUS!  avaistheone1   Oct-16-11 02:04 AM   #75 
  - k&r n/t  RainDog   Oct-16-11 02:21 AM   #76 
  - she is battling bought-and-paid-for-whores  Skittles   Oct-16-11 04:36 AM   #77 
  - And WHEN she becomes our first woman president  Le Taz Hot   Oct-16-11 06:27 AM   #80 
  - She would be great as president - a true public servant!  polichick   Oct-16-11 07:01 AM   #82 
  - Hillary Clinton has a better chance to be our first woman president.  totodeinhere   Oct-16-11 03:28 PM   #122 
     - Yes she does,  Le Taz Hot   Oct-17-11 05:55 AM   #125 
        - You are expressing your preference. But the question was who will be our first woman president, not  totodeinhere   Oct-17-11 09:50 AM   #126 
           - I'm expressing reality  Le Taz Hot   Oct-18-11 09:47 AM   #127 
  - Geithner has been...  FlyByNight   Oct-16-11 07:28 AM   #84 
  - I think you give the President  Enthusiast   Oct-16-11 10:25 AM   #102 
  - She would have done a great job heading up that agency,  tanyev   Oct-16-11 07:33 AM   #85 
  - As always, great post, kpete. nt  kstewart33   Oct-16-11 08:15 AM   #86 
  - k&r n/t  Hotler   Oct-16-11 08:43 AM   #88 
  - I'm beginning to wonder how she is still alive.  Ilsa   Oct-16-11 09:29 AM   #93 
  - I hope she stays out of small planes as she is campaigning...  mnhtnbb   Oct-16-11 09:40 AM   #95 
  - My favorite part  Oilwellian   Oct-16-11 10:17 AM   #100 
  - In the end the prez stood with the good ol' boys - and on the wrong side of history...  polichick   Oct-16-11 10:27 AM   #103 
  - They are all corrupt....  Swede Atlanta   Oct-16-11 11:22 AM   #106 
  - K&R (n/t)  a2liberal   Oct-16-11 11:24 AM   #107 
  - Definitely upping my donations to her camapaign n/t  radhika   Oct-16-11 11:38 AM   #108 
  - Can't thank you enough for posting this. My personal hero. nt  DCKit   Oct-16-11 12:27 PM   #112 
  - When Warren wins the MA Senate seat, we will be well  mother earth   Oct-16-11 12:34 PM   #113 
  - K & R  orbitalman   Oct-16-11 12:42 PM   #114 
  - and a K&R  BetsysGhost   Oct-16-11 12:49 PM   #116 
  - Sexists corrupt bastards. get them out!  earcandle   Oct-16-11 12:52 PM   #117 

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