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Fink Trumps Rubin As Geithner's BFF
A mere three weeks ago we noted that Tim Geithner is preparing to transition to a Blackrock cubicle...
Geithner Reiterates Refusal to Talk About Monetary Policy. Or which floor of Blackrock his cubicle will be on
— zerohedge (@zerohedge) September 25, 2012
Today, it seems, the FT has finally got the memo as they note that Mr. Fink (Geithner's new boss?) trumped Mr. Rubin (Geithner's old boss?) as the most frequent 'can-I-phone-a-friend' call - speaking 49 times over 18 months (once every 11 days). We wonder if this is simply a 'rotation' discussion/interview process as Fink transitions to Geithner's little seat at Treasury and Geithner slides into his capacity as official guard of the Blackrock Stapler in the 3rd sub-basement.
Via FT:
...
Mr Fink, the group’s chief executive, featured more frequently in Mr Geithner’s diary during an 18-month period than any other corporate executive, according to a Financial Times review. The two men spoke on at least 49 separate occasions, an average of about once every 11 days.
Calls and meetings with Mr Fink throughout 2011 and up to the end of June this year outnumber the combined calls and meetings with the heads of the six largest US banks by assets. Mr Geithner’s second most frequent interlocutor in the corporate world was his old boss, Robert Rubin, the former Treasury secretary now at Centerview Partners, who spoke to him 33 times in the same period.
Mr Geithner’s calls with Mr Fink far outnumber those with executives at other investment groups such as Pimco, Fidelity, and AllianceBernstein.
...
The calls tallied by the Financial Times include those placed by Mr Fink as well as by Mr Geithner. They usually ranged from five to 10 minutes.
...
The close relationship between Mr Fink and Mr Geithner, which dates back to Mr Geithner’s days heading the Federal Reserve Bank of New York between 2003 and 2009 reflects how governments have turned to the asset manager as a trusted adviser after the financial crisis.
BlackRock helped the Fed manage the securities it acquired through its bailout of AIG and advised on its rescue of Citigroup. It has counselled European governments struggling with faltering lenders and has provided services to US government agencies, ranging from monitoring Fannie Mae and Freddie Mac the mortgage giants, to valuing toxic securities acquired by the National Credit Union Administration.
Mr Fink’s client base also explains why he and Mr Geithner chat so often. With $3.6tn in assets, Mr Fink oversees the world’s largest money manager.
Some prominent former government officials have joined BlackRock,
...
On June 14, the day after BlackRock announced that it had hired Philipp Hildebrand, the former chairman of the Swiss central bank, who had resigned from that post five months earlier after currency trades by his wife, Mr Geithner called and they chatted for 10 minutes.
Mr Geithner plans to retire from the Treasury after the election.
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Geithner Reiterates Refusal to Talk About Monetary Policy
It's a damn good thing we put him in charge then.
Timothy Franz Geithner is a modern day founding father. As Secretary of the Treasury Timothy Geithner utilised his former Central Banking experience to navigate our economy through one of the most difficult periods in history. Today, our stock markets are approaching new highs, Non Farm Payrolls are consistently positive, the unemployment rate has taken an encouraging dive and inflation is under control. Although much of this is the work of our Federal Reserve, the advice and guidance of our US treasury was an instrumental component of the economic recovery.
And From His Side-Office In TEL-Aviv ...
Cubicle? LOL.
He's going to get a corner office for the shit he's done.
Blackrock as one of the few firms that has managed to stay above the fray and out of the gutter is making a poor decision in bringing Turbo tax Timmy on board. I suspect geithner will drag them into the mud in short order. Reputations that take decades to build can turn south awfully fast Larry.
rearrange the deck chairs
i want the best veiw
what iceberg
MDB: You've become obvious lately. Much less interesting than when your intentions were not so clear.
Blackrock's reputation is already questionable
Analyzing Jamie Dimon's Bear Stearns "Favor" to the Fed
snip
Just how did Maiden Lane become profitable? As we first wrote in June, 2010, Maiden Lane's Fed-appointed investment manager, BlackRock Financial Management, Inc., would aggressively trade the government-backed agency mortgage backed securities (MBS) portion of the portfolio ($10.1 billion of the initial $30.0 billion). Any profits would be reinvested in investment grade securities, including additional agency MBS. Conveniently, BlackRock was also trading on behalf of the Fed as part of the $1.25 trillion in QE1 MBS purchases. Anyone FOIA-minded might make a request to the New York Fed for detailed CUSIP holdings of the initial portfolio (detailed holdings snapshots would be published beginning in 2010).
How did BlackRock get the job? According to an internal New York Fed email (original here) turned over to Congress at the behest of Daryl Issa, it was a no-bid "sole source" contract award (emphasis and brackets ours):
There appeared to be some consternation at the highest levels of the New York Fed over the sole source award to BlackRock. Yet, years later, the New York Fed would tell the Government Accountability Office (as part of the mini-Fed audit) that there had been no sole source contract awards to BlackRock, which was confirmed in an email to us:
Why do we harp on this? Because the $108 million BlackRock contract to trade Maiden Lane was large enough that, had it been designated sole source, it would have to have been approved by the New York Fed's board of directors...which includes Mr. Jamie Dimon.
Wouldn't it have been embarrassing to have to disclose that Mr. Dimon voted to approve a dubious no-bid contract to BlackRock to trade the very portfolio of Bear Stearns assets that his firm, JP Morgan, was first in line to absorb any losses? Or that there was no reason in particular to select BlackRock for this task (except perhaps that it was already separately trading part of the Fed's QE1 MBS portfolio)?
Better for the New York Fed to throw away the file and lie to the GAO (allegedly). (in full at link)
http://www.economicpolicyjournal.com/
Geithner Has Phone Friend at Blackrock
http://www.cnbc.com/id/49384449
JPMorgan's profit surges 34% on mortgage growth
http://www.latimes.com/business/money/la-fi-mo-jpmorgan-profit-up-34-20121012,0,1607338.story
would be priceless to see that little cocksucker elf getting coffee for Fink
What would truly be priceless is seeing him in prison
They would love him inside. Literally.
your trolling isn't even entertaining anymore.
A bit flat MDB...I expected better on a Friday.
It's amazing, it's all an illusion and the false news and numbers are presented to the brainwashed masses as official and fact..Meanwhile unofficially, the country is dying...
This is quality propaganda...
MDB Crawls Out ...
...because it's not like he gets paid to do that or anything...
Unreal. Like trying to find cafe service in Portugal between the hours of noon and six. If he doesn't like his job then he should quit. Find something else to do.
The club.....
You found it.....now you gotta fight.
Oh, there it is. Yeah..... I've gotta go ahead and take that stapler back, Tim, mmkay?
My stapler...
http://www.youtube.com/watch?v=Tnssn9KcWLg
Crony capitalism at its finest. Wonder how much fees BlackRock got for all that "service"?
Why not? He can drive Blackrock into the ground much like he did with the Economy. Hope they don't put him in the Corporate Tax division.
The workings of regulatory capture theory at their best.
Musical douche weasels...
Thanks, WB7, now I've got that picture in my mind. But only you could turn it into a real work of art.
Hey Banzai,
Do you think you can show a flow chart, of the Romney plan for the LBO of America! Well then again, that's happening already isn't it?
The only flow chart I can picture is a whirlpool sinking down the bottom of the bowl as it launches the porcelain express.
I've phoned Timmy at least a dozen times to inquire as to how I am expected to live on the 1.62% his Treasuries are paying me but I guess I'm not important, he never returns my call.
I hope they still make those large yellow pages phone books for Mr. Geithner to sit on. It would be ashame if he was too short to reach the phone on his new desk to call Ben and say, "PRINTZZZZZZZZ!"
Hopefully Blackrock doesn't use Turbo Tax.
Tims put on some weight.
http://www.youtube.com/watch?v=pHHZBmF8mk4
I get it now, *they* is Blackrock.
I think this is called a Treasury internship.....
It isn't like arbitrary macro decisions have been driving the market for the past 3 years....oh wait
Sick, sick, sick...makes me want to puke and I have a pretty strong stomach
Right up there with Paulson meeting the goldman execs in Moscow in 2008, or top hedge funds to see what they thought about him privatizing FNM and FRE
Its a great way to run a $15 trillion economy and market...make that $30 trillion when you add in Europe
'Meet the new boss...Same as the old boss.'
-The Who (Won't Get Fooled again)
...
'Same as it ever was'
-Talking Heads
...
Nothing new Under the Sun, History is merely repeating itself...
-King Solomon
my thtapler! thomeone took my thwingline thtapler!!
I hope that 3-rd sub-basement is cold,damp, and very haunted by ( ? ___________) Take your pick.
Jefferson.
"Okay...but I'm gonna have to burn down the building..."
Geithner is the nucleus for the bankster cartel and bank welfare. Geithner is the go-to guy between Wall Street and the Fed while pretending to serve the country as a g-man. In fact, he's the one most responsilble for the transfer of wealth from the middle class to the banking cartel.
...And the White House never intervenes...just appears clueless!
The WH is too busy trying to keep O from getting too frisky in the shower after a sweaty b-ball game with a lot of muscular dudes.
It is a time honored American tradition.
Are they sure they weren't having phone sex? Didn't Timmah call Jerry at Penn State a few times too?
Who would Romney hire as Treasury Secretary - I was instantly and continue to be pissed that Obama hired The Tax Cheat and NYFed Crook to be TS.
Yitzsac Ballwasher
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