We look forward to stories detailing how the former Obama Cabinet member is killing the little people on Main Street the way Mitt Romney did;
Former U.S. Treasury Secretary Timothy Geithner, one of the architects of the federal government's rescue of the financial system, is joining private-equity firm Warburg Pincus LLC.
....Mr. Geithner has been credited with helping to slow the momentum of the financial crisis in 2008 and 2009, but also has been criticized as too soft on Wall Street banks at the time. He has said he did what he felt was best for the economy and financial markets, and that he views the 2010 Dodd Frank financial law, in which he had a strong hand, as an antidote to risk-taking on Wall Street.Don't forget the role he played in enticing Jamie Dimon into taking over Bear Stearns in March 2008 (for which good and patriotic deed, Mr. Dimon's firm, JP Morgan-Chase, is being held up for billions of dollars in
Mr. Geithner has often said the law, which sought to rein in big banks and other financial institutions by bringing them under tougher oversight and regulation, would prevent much of the excessive risk taking that led to the financial crisis.
He also has staked out positions at odds with Wall Street, including agitating to raise taxes on private-equity and other firms' share of deal profits, known as "carried interest." That tax rate hasn't been increased. At Warburg, he will be a beneficiary of the lower tax rate on investment profits.
Mr. Geithner declined Friday to discuss carried interest taxation or any other policy issues. "I made a judgment when I left Washington I was going to leave these questions to my successors, and I'm going to stay true to that," he said.
Since leaving Treasury, Mr. Geithner hit the speaking circuit, fetching big fees to speak at corporate events, including Warburg's annual meeting in May.