Democratic senator ‘not sure’ why Treasury Secretary Geithner still has job

By Ron Brynaert
Monday, November 2nd, 2009 -- 1:25 pm
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maria for web Democratic senator not sure why Treasury Secretary Geithner still has jobA Democratic senator took some harsh swipes at President Obama's Treasury Secretary Timothy Geithner as she was being interviewed on a Monday morning news show.

Huffington Post's Rachel Weiner notes, "Appearing on MSNBC's Morning Meeting with Dylan Ratigan, Sen. Maria Cantwell (D-Wash.) said that Geithner's plans left banks the same loopholes and encouraged the same risks that led to last year's economic meltdown."

"Knowing two massive exemptions in the piece of legislation the Secretary endorsed yesterday on 'Meet the Press' ... why does Tim Geithner still have a job?" Ratigan asked.

Cantwell shot back,

I'm not sure because David Gregory had him almost -- trying to get a straight answer out of him. What the Treasury Secretary basically said was, yes, banks should take more risks and we should continue the loopholes and that is really appalling because, right now, we know that lack of transparency has caused this problem with the U.S. economy and Wall Street is continuing, one year later, continuing the same kind of loopholes. And so if the Treasury Secretary doesn't come down hard against these loopholes and advocate for closing them, then we're going to have a tough time closing them in Congress. So the Treasury Secretary is dodging the issue.

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The Hill reports that this was the second day in a row that the Democratic senator tore into Geithner.

Speaking about Geithner's appearance Sunday on NBC's "Meet the Press," Cantwell slammed the secretary's defense of the financial overhaul as falling short of needed reforms.

"What the Treasury secretary basically said was that, yes, banks should take more risks and we should continue the loopholes," she said. "And that's really appalling because right now, we know that lack of transparency has caused this problem with the U.S. economy, and Wall Street is continuing, one year later, with the same loopholes."

The Democratic Cantwell's questioning of Geithner, who works for a Democratic administration, came at the prodding of Ratigan, who in a blog for the Huffington Post on Monday agitated for the secretary's firing.

Geithner might be Obama's most controversial administration member.

In January, The New York Times reported that he "was sworn in as secretary of the Treasury on Monday evening, confirmed by a Senate majority that concluded that his experience in government and finance outweighed concerns about recent disclosures of some $34,000 in past tax delinquencies."

"The tax controversy had delayed Mr. Geithner's confirmation, keeping him from taking office right after Barack Obama's inauguration last Tuesday as administration officials had hoped, given the economic emergency," the Times reported in January.

The Times noted then:

Three Democrats -- Senators Robert C. Byrd of West Virginia, Russ Feingold of Wisconsin and Tom Harkin of Iowa -- voted against the nominee, as did an independent who caucuses with the Democrats, Senator Bernard Sanders of Vermont.

In a floor speech, Mr. Harkin said, ''How can Mr. Geithner speak with any credibility and authority as America's chief tax enforcement officer?''

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Story comments are below...

  • BillE1977
    Ron, you say: "The Democratic Cantwell's questioning of Geithner, who works for a Democratic administration . . . ."

    Well, that's only half right. I would acknowledge that Senator Cantwell is a Democrat, but about the Obama administration being Democrat, no. It has been clear to many of us that in fact this administration is George W. Bush's third term.

    What is left to determine: Was the engineering of Obama's election Karl Rove's last hurrah?
  • falconium
    Oh, please. I am not 100% happy with everything Obama has done, but you are full of crap if you think this is Bush's Third Term.
  • abrahambenjudea
    You might be right...during the primary the New Hamshire Electronic GEM cards were "lost"
    Then found again, only the total Number of GEM were never accounted for.
  • abrahambenjudea
    Read this and pay close attention to the date...
    Full press pool report:
    Pool report #5
    November 10, 2008
    Ronald Reagan Washington National Airport

    President Bush escorted President-elect Obama out of the Oval Office and walked him to down to the motorcade waiting on the south driveway.
    (Josh Bolten separately escorted John Podesta to a car much further back in the motorcade.)
    As they walked down the path, the president could be seen pointing things out to his soon-to-be successor.
    They did not linger at the car and the motorcade took off at 3:45 p.m.

    Michelle Obama left before her husband for her own separate schedule in Washington for the remainder of the day and will be traveling separately back to Chicago later tonight.
    We're not being told what she will be doing in her extra time here, so we leave it to your imagination and reportorial instincts.

    The motorcade encountered crowds of people gathered outside the White House as it made its way off campus and headed toward Ronald Reagan Washington National Airport.
    After arriving, President-elect Obama went into a previously unannounced "private" meeting at the airport's Fire Station 301.
    We're not being told who it's with but it will last about an hour. Podesta was not in the meeting, or at least did not stay around in the meeting,
    because he was spotted walking the other direction down the tarmac a few minutes after we arrived.
    O Force One Frequent Flier Bonus Points to the first blogger to post 10 guesses about the identity of today's future cabinet secretary.

    We're holding on the plane.
  • texasaggie
    Regardless of what Ms. Cantwell may have done otherwise, how can anyone argue with what she said in this interview? Even if Karl Rove had said the same thing, it would still be true.
  • mock turtle
    senator maria cantwell is exactly on target in her questioning of geithners protection of the bankstas

    she has placed country above party and we need more people from both major parties who like her, put the interests of the people first

    i met senator cantwell in spokane more than a year ago and found her to be up front and refreshing in her candor
  • imwc
    like the president, geithner is now complicit in the treasonous acts of the monkey and followers...
  • cat48
    Cantwell's act is getting old. Bottom line, the Regulations that Geithner wrote and delivered to Congress in July are still being shredded by lobbyist's and changed by Blue Dogs. The bills are in the house and the senate now. Maybe both houses of Congress should be fired along with Geithner. If someone in Congress is blocking the new regulations, I want names so I can bother the proper person. I can't take anyone in Congress serious after watching them stonewall health care for 8 mos. Geithner 's main problem is communication. He is not a politician or talk show host. Just a nerdy technocrat. You can all leave now.
  • donofcali
    Cantwell's absolutely correct. Timmy has intentionally left in absurd loopholes that will allow the same crisis to happen again, complete with a built-in mechanism to make sure that when the plutocrats make profit, they keep it all, but when the plutocrats lose money, they get reimbursed by the taxpayers.

    Timmy has made sure that his friends, the financial industry plutocrats, will have a legal mechanism to make astronomical profits from ridiculously high risk investments and have their losses completely covered by the government. Timmy wants to make sure they privatize the gains and socialize the losses. Timmy prefers his Plutocracy with the classic view.
  • unemployedinwashington
    As a resident of the State of Washington, I question why Senator Cantwell still has her job. I suppose Senator Cantwell's still in office and moving forward on her benefactor’s agenda (Microsoft)… Layoff qualified Americans and hire only foreign guest workers replacements.

    Senator Cantwell was elected for the people, by the people, NOT for Corporate Greed BUY Microsoft.

    Sadly, Senator Cantwell's voting record clearly shows that she serves corporate greed and overlooks people in need in the State of Washington. Thanks to Senator Cantwell, the number of H-1B workers "vastly outnumber" (DOL) the unemployed Americans they replaced

    Senator Cantwell, what if you could radically reduce unemployment with one vote, and not spend a dime of taxpayer dollars? It's simple. Support S887, America's Jobs Bill. S887 eliminates H-1B and L-1 temporary visa fraud and abuse.

    Senator Cantwell, why do you support legislation that imports 1 million H-1B and L-1 workers annually while voters of Washington State lose their jobs, homes, medical insurance, and life savings?

    Senator Cantwell, it is obvious that you are out of touch with your constituents. It's time for YOU to be replaced. Maybe you will be more empathetic when you join ranks of the unemployed.
  • farang
    Fact: When AIG was melting down from the "derivative" exposure in 2008, the counterparties were Goldman Sachs, Deutche Bank, Barclays, JP Morgan, etc. The head of the AIG unit that handled the derivatives had negotiated these counterparties to accept 60 cents on the dollar. A 40% "haircut" on their investments. (Better than risking losing more in bankruptcy court.)

    Then, the Treasury stepped in: gave AIG $180 BILLION of OUR tax monies. (or took on more debt, same same: we pay), and THEN Geithner CROSSED OUT the agreement (literally, the papertrail exists) from these counterparties to accept 60 cents on the dollar, and PAID THEM 100%.

    That is collusion, that is Fraud.

    Geithner should be IN PRISON, along with the entire Wall Street gangsters from J.P. Morgan, Goldman Sachs, etc.

    IN PRISON, while some commenters here label Cantwell a "sociopath": F.U.
  • anarchisto
    Geihtner's AIG giveaway didn't negotiate 1 dime of the CDS value and we taxpayers are on the hook for billions of unregulated insurance with no reserves to back it.
    Goldman Sachs was the big beneficiary of the deal as they were loaded down with toxic mortgage backed securities and Lehman stock.
    I'm sure Geithner has a throne of gold waiting for him at Goldman Sachs when he goes job hunting.
  • jmcdoogle
    Once again Bernie Sanders proves he's the smartest guy in the Senate.
  • dixiedem
    Every president has to have their own "Don Reagan " to run the country (corporate America) and Tim Geithner is now in charge. Watch closely, Tim's lips barely move when Obama speaks - just don't smell his fingers after he's been working. http://www.youtube.com/watch?v=QTcL6Xc_eMM
  • BillE1977
    to falconium: Crap? That's a terrific argument?

    Read: 'Obama's latest use of "secrecy" to shield presidential lawbreaking. What was once depicted as a grave act of lawlessness -- Bush's NSA program -- is now deemed a vital state secret.'
    http://www.salon.com/news/opinion/glenn_greenwa...

    For a compendium of Obama cum Bush actions, see http://www.tomdispatch.com/post/175109/david_sw....

    If you have anything concrete to contribute, please do.
  • peterlawrence
    Way to keep up with everything guys... I wrote my letter to the President in March and asked the same thing! Jeeez you guys are slow!
  • Satan
    Maria Cantwell is a straight up sociopath. A Cold, empty, hollow human being. She's literally just pretending to be human, there's nothing behind her eyes. That's why she tries to emulate Hillary, she's found a kindred sociopath, it's cute. Ask her to her face about the war, the woman has the mind of a serial killer, because she is one.

    I'm more interested in why it is that Hillary is still secretary myself and how it is that this piece of fucking shit Cantwell's opinion is worth a thing after she voted for endless war countlesss times. No wonder she's on MSNBC, America's other propaganda network.
  • Hologram5
    Most of them voted for the war and NONE of them really give a rat's ass about any of us.
  • judyinnm
    Regardless the source, one has to wonder why Geitner ever GOT his current job, much less how he stays in it.
  • airjackie
    I wonder who Sen. Cantwell would have chosen if she was elected President? Notice how everyone of the Law Makers have a better decision they President Obama yet their not the President. It's like being an harm chair quarterback. Now look for those who attacked Geither to put their heads in the sand when the Economy recovers. If these Law Makers would just do their jobs it would help.
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