Thursday, March 19, 2009


That sound you heard was Secretary Geithner throwing himself in front of a bus.
Treasury Secretary Timothy Geithner said Thursday that he takes responsibility for knowing the stimulus legislation had a loophole that would allow bailed-out insurance giant American International Group to keep its bonuses.
These are the kinds of things that are used as excuses for ousting a Treasury Secretary.

Is that totally fair? I'm not convinced. Geithner has been in over his head and it's hard to say whether it's due to his own incompetence or because he simply never had any senior staff to help him out. The Obama Administration has left him dangling in the wind without any Deputy Secretary, Undersecretary or Assistant Secretaries. This is like a CEO of a major company trying to run his entire operation without any VPs. It's doomed to fail.

Stay tuned.

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