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earth mom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 08:21 PM
Original message
Geithner Aides Reaped Millions Working for Banks, Hedge Funds
Geithner Aides Reaped Millions Working for Banks, Hedge Funds

October 14th, 2009 6:08 PM
By Robert Schmidt / Bloomberg News

Oct. 14 -- Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms.

The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.

As part of Geithner’s kitchen cabinet, Sperling and Sachs wield influence behind the scenes at the Treasury Department, where they help oversee the $700 billion banking rescue and craft executive pay rules and the revamp of financial regulations. Yet they haven’t faced the public scrutiny given to Senate-confirmed appointees, nor are they compelled to testify in Congress to defend or explain the Treasury’s policies.

<snip>

The Wall Street ties are troubling to some advocates for investors. “Where is the transparency this administration promised?” asked Lynn Turner, a former chief accountant at the SEC. “You just wonder, who is representing middle Americans?”

http://www.michaelmoore.com/words/treasury-department/geithner-aides-reaped-millions-working-banks-hedge-funds
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MannyGoldstein Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 08:24 PM
Response to Original message
1. Unless You've Walked a Mile in a Banker's Shoes, Please Don't Criticize Them
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L0oniX Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 10:41 PM
Response to Reply #1
14. Jeeze man ...put the crack pipe down.
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Sebastian Doyle Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 08:25 PM
Response to Original message
2. Timmy the Keebler Elf needs to go NOW
Along with anyone else who is loyal to either Goldmine Sucks or the "Federal" Reserve. (Both, in his case)
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flyarm Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 08:27 PM
Response to Original message
3. This is already on Greatest by KPETE , but good to see it everywhere..here is link
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earth mom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 08:32 PM
Response to Reply #3
5. Opps, I didn't see the other thread.
:blush:

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flyarm Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 09:02 PM
Response to Reply #5
6. please go rec the one on greatest , lots of info on it..and it keeps getting unrec'ed..
by the unrec gang..
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earth mom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 10:31 PM
Response to Reply #6
10. Thanks for the reminder-I just K & R'ed the other thread. nt
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orpupilofnature57 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 08:28 PM
Response to Original message
4. This is what we voted for? Another agent for the NWO?
Edited on Wed Oct-14-09 08:29 PM by orpupilofnature57
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Rex Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 09:05 PM
Response to Original message
7. Lol unrec? Really?
:eyes:
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TheWebHead Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 09:16 PM
Response to Original message
8. this is good
you want some people under Geithner who were Wall St. talents rather than simply all career government bureaucrats who don't have direct experience in the sector they're providing oversight of.
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flyarm Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 09:47 PM
Response to Reply #8
9. What we are seeing is a Financial Oligarchy ..run by a few with all the power over all of us.
as i posted on the other tread of this on the greatest..

I for one don't want any of the damn crooks that got us into this mess having anything to do with trying to fix it..that is just called a double fucking of the people..and I for one am one of those "we the people" that employ all of these fucking criminals and i am damn sick of it!
I want al;l of these fuckers held accountable and on trial for crimes against my country..not promoted and kept in the employ of a so called democratic president!
fly

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

What we are seeing is a Financial Oligarchy ..run by a few with all the power over all of us.
Edited on Wed Oct-14-09 12:26 PM by flyarm
from my journal:


What we are seeing is a Financial Oligarchy ..run by a few with all the power over all of us.
Posted by flyarm in Latest Breaking News
Mon Jul 20th 2009, 01:11 AM
Look who Obama has appointed to his Executive Branch...and their memberships to elite groups.




Timothy Geithner, Secretary of Treasury..former Pres of the Federal Reserve Bank
Bilderberg Group, Trilateral Commission, CFR

Ambassador to UN Susan Rice..Trilateral Commission

National Security Advisor, Gen James L. Jones: Bilderberg Group, Trilateral Comm, CFR

Deputy National Security Advisor, Thomas Donilon: CFR

Special State Dept Speical Envoy, Henry Kissinger: Bilderberg Group, Trilateral Commission, CFR

Chairman of Economic Recovery Committee, Paul Volcker: Bilderberg Group , Trilateral Comm., CFR

Larry Summers:


http://en.wikipedia.org/wiki/Lawrence_Summ ...


There are powers at work invested in marginalizing the truth tellers, they try to divide us and sub- divide us to take us into a financial Oligarchy..don't let them!

snip:
As Treasury Secretary, Summers led the Clinton Administration's opposition to tax cuts proposed by the Republican Congress in 1999. <10> Also during his stint in the Clinton Administration, Summers was successful in pushing for capital gains tax cuts. During the California energy crisis of 2000, then-Treasury Secretary Summers teamed with Alan Greenspan and Enron executive Kenneth Lay to lecture California Governor Gray Davis on the causes of the crisis, explaining that the problem was excessive government regulation.<11> Under the advice of Kenneth Lay, Summers urged Davis to relax California's environmental standards in order to reassure the markets.<12>

Summers hailed the Gramm-Leach-Bliley Act in 1999, which lifted more than six decades of restrictions against banks offering commercial banking, insurance, and investment services (by repealing key provisions in the 1933 Glass-Steagall Act): "Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Summers said.<13> "This historic legislation will better enable American companies to compete in the new economy."<13> Many critics, including President Barack Obama, have suggested the 2007 subprime mortgage financial crisis was caused by the partial repeal of the 1933 Glass-Steagall Act.<14>


snip:

National Economic Council
In 2009, he was tapped by President Obama to be the director of the White House National Economic Council<1><31>. He has emerged as a key economic decision-maker in the Obama administration, where he has attracted both praise and criticism. There has been friction between Summers and former Federal Reserve Chairman Paul Volcker, as Volcker has accused Summers of delaying the effort to organize a panel of outside economic advisers, and has cut Volcker out of White House meetings and has not shown interest in collaborating on policy solutions to the current economic crisis. <32> On the other hand, Obama himself was reportedly thrilled with the work Summers did in his first few weeks on the job. And Peter Orzag, andother top economic advisor, calls Summers "one of the world’s most brilliant economists." <33>

In January 2009, as the Obama Administration tried to pass an economic stimulus spending bill, Oregon Democratic Representative Peter DeFazio criticized Summers, saying that he thought that President Barack Obama is "ill-advised by Larry Summers. Larry Summers hates infrastructure." <34>. DeFazio, along with liberal economists including Paul Krugman and Joseph Stiglitz, has argued that more of the stimulus should be spent on infrastructure,<35> while Summers has supported tax cuts.

Summers has recently come under fire for accepting perks from Citigroup, including free rides on its corporate jet last summer.<36> According to the Wall Street Journal, Larry Summers called Chris Dodd asking him to remove caps on executive pay at firms which have received stimulus money, including Citigroup. <37>

On April 3, 2009 Summers came under renewed criticism after it was disclosed that he was paid millions of dollars the previous year by companies which he now has influence over as a public servant. He earned $5 million from the hedge fund D. E. Shaw, and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money.<38>

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

and From an April post of mine here at DU: and please, don't believe me click the link..it was in the CFR publication!!!!!!!!!!!!!

Remarks by National Security Adviser Jones at 45th Munich Conference on Security Policy

Published February 8, 2009
Speaker: James L. Jones


U.S. National Security Adviser Jones ( edit to add: new advisor hired by Obama!!!!) gave these remarks at the 45th Munich Conference on Security Policy at the Hotel Bayerischer Hof on February 8, 2009.

"Thank you for that wonderful tribute to Henry Kissinger yesterday. Congratulations. As the most recent National Security Advisor of the United States, I take my daily orders from Dr. Kissinger, filtered down through General Brent Scowcroft and Sandy Berger, who is also here. We have a chain of command in the National Security Council that exists today.



Source: http://www.cfr.org/publication/18515/remar ... ...

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earth mom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 10:32 PM
Response to Reply #9
11. Great info & Thanks for posting it! nt
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flyarm Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 10:38 PM
Response to Reply #11
12. I wish i didn't have to..it is a disgrace ,to all of us who have democratic party ideals and values
seems our party has deserted those values and principles..for this shit!
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L0oniX Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-14-09 10:40 PM
Response to Original message
13. Should read "Geithner Aides Raped Millions Working for Banks"
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