Geithner has reservations on US bank limits

Source: Reuters

WASHINGTON/NEW YORK, Jan 21 (Reuters) - President Barack Obama's newest Wall Street crackdown was met with hesitation from Treasury Secretary Timothy Geithner, who is concerned that politics could be sacrificing good economic policy, according to financial industry sources.

Geithner is concerned that the proposed limits on big banks' trading and size could impact U.S. firms' global competitiveness, the sources said, speaking anonymously because Geithner has not spoken publicly about his reservations.

He also has concerns that the limits do not necessarily get at the heart of the problems and excesses that fueled the recent financial meltdown, the sources said.

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The proposals were largely driven by Volcker, a former Federal Reserve chairman who has repeatedly advocated putting curbs on big financial firms to limit their ability to do harm.

Read more: http://www.reuters.com/article/idUSN2123718120100121

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This is fundamentally Paul Volcker's plan, so I'm not surprised that Larry Summers and his lackey and mouthpiece Tim Geithner don't like it.

Either Obama keeps Geithner's mouth shut or Obama fires Geithner.
Timmy Geithner is the toolboy of Wall Street.

> Either Obama keeps Geithner's mouth shut or Obama fires Geithner.

You forgot the most likely outcome: Obama does SFA except issue a
carefully-crafted and content-free statement that could be spun as
either a "slam" or an "apology".

If he is intelligent, he will chose the side that may save his Presidency.

They said banks would not be competitive enough

bullshit

No institution should be too big to fail

Geithner. And even after that, Geithner has the balls to disagree with the approach Obama wants to take.

Sooo sick of this asscarrot.

"could impact U.S. firms' global competitiveness"

It's not too late, Mr. Pres...

why can't we get any of the dang transparency we were promised?????????



http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x143767

"More than 40 chief executives of the largest financial institutions were scheduled to hear from Mr. Geithner on Tuesday at a closed-door forum of the Financial Services Roundtable."

Table for two--Summers and Geithner!

What a shitty fucking week!

Tool.

So...who is really "running and funding" Geithner that he would breach protocol on how those who "serve the President by Apointment" don't "tell tales outside the office?"

:eyes: He's really an incredible Prick to be doing this.....

F*&% Geithner!

:argh:

Fuck Summers, too.

is summed up in the fact that this crook Geithner still has a job.

Period.

Write off the first year and start fresh with a new economic team.
History might view the first year as poor start, followed by three years of real change.

If Obama stays with the Wall Street lackeys for the full four years he's toast.

It's a small start