Monday, November 23, 2009

Jamie Dimon As Treasury Secretary? You Have Got To Be Kidding Me.

Timothy Geithner is in serious political trouble. Sharks in both parties have started feeding, reinforcing the mantra in Washington, "if you want a friend, get a dog". Geithner, per se, is not the problem. But as head of the New York Federal Reserve, he oversaw the biggest financial fraud in history. And, his post was the one of primary regulator. Frankly, I would be surprised if he survives. Once personal distractions become the primary source of news rather than political strategy, it's almost always time for someone to go. Geithner just can't get past this. He was part of the problem. For political reasons, I seriously doubt he can be part of the solution. Of course, the current administration should have known this. They were too beholden to Wall Street and seriously miscalculated the mindset of an enraged American public.

So now it appears they are considering an equally terrible mistake. Jamie Dimon's name has all of a sudden come across the headlines as a replacement for Geithner. Political hacks testing the waters for a Geithner resignation? The New York Post is a wonderful rag. And, I think this comment from a reader to said story sums it up perfectly.


11/23/2009 6:33 AM

yea, that is what this country needs, another crooked banker running our monetary policies. How is it Dimon is never accountable for the frauds committed by his firm and yet is given accolade when something goes well? How has Dimon and Chase treated the small businesses and consumer when it comes to lending? That would be his policies as treasury as well!

I have a better idea. Wall Street is the consumate good ole boy's club. How about an anti good ole boy's club nomination to clean it up? And someone with a proven desire to serve the public? Elizabeth Warren? Brooksley Born? Sheila Bair? Can you imagine the response on Wall Street? I doubt there would be any more back slapping sessions at the Treasury. Indeed this is exactly what this country needs. A return to serving the public, someone who believes in transparency and someone willing to buck the massive Wall Street money machine to restore virtuous governance.
posted by TimingLogic at 10:49 AM