Geithner Tells Bankers Not To Fear Financial Reform

“NEW YORK-- Treasury Secretary Timothy Geithner traveled to New York City on Monday to tell bankers and the financial industry that new financial regulations are a good thing for business.

Geithner explained to an audience at NYU that while the law's regulations would be a "foundation of a stronger economy," the Obama administration would seek a balance that would safeguard business.

The treasury secretary's pitch was the opening salvo in what the administration says will be an extensive outreach effort to educate the public about the new law.

The Washington Post reports:

"Our system allowed too much freedom for predation, abuse and excess risk," the Treasury secretary told a crowd of 150 business executives, lobbyists and others during a speech at New York University's Stern School of Business. "But as we put in place rules for those mistakes, we have to strive to achieve a careful balance and safeguard the freedom, competition and innovation that are essential for growth."…cont…

http://www.huffingtonpost.com/2010/08/02/geithner-tells-bankers-no_n_668326.html

they take care of their own, to be sure.