Tim Geithner's Annotated Exit Interview: "F--- The Banks" And Other Pearls

Tyler Durden's picture

Today is Tim Geithner's last day as Treasury Secretary. Below are some quotes from various exit interviews and recaps conducted with the former NY Fed president. We provide our succinct annotations to some of his answers.

On the bank bailout:


“To save an economy from a failing financial system, you have to do things that are going to be fundamentally impossible to explain to people,” Geithner said. “You’re going to look like you’re giving money to people who were responsible for burning down the economy.”

He is correct - the people who "burned down the economy" have received over $2 trillion in money since the great financial crisis began courtesy of the Fed...

... and continue to receive $85 billion each month in gratitude for their hard work:


* * *

“F--- the banks,”:


One episode recalls how Geithner, widely thought to be a friend of the financial industry, reacted to concerns of banks protesting Obama’s push for new rules for Wall Street.  “F--- the banks,” he said, according to people familiar with the episode.

Another solid dose of the hypocrisy we have all grown to love and expect coming from the man who purposefully leaked material, non-public information to the banks ahead of the critical August 2007 Fed action, upon which the banks subsequently acted as we first reported:

MR. LACKER. If I could just follow up on that, Mr. Chairman.




MR. LACKER. Vice Chairman Geithner, did you say that [the banks] are unaware of what we’re considering or what we might be doing with the discount rate?




MR. LACKER. Vice Chairman Geithner, I spoke with Ken Lewis, President and CEO of Bank of America, this afternoon, and he said that he appreciated what Tim Geithner was arranging by way of changes in the discount facility. So my information is different from that.


CHAIRMAN BERNANKE. Okay. Thank you. Go ahead, Vice Chairman Geithner.


VICE CHAIRMAN GEITHNER. Well, I cannot speak for Ken Lewis, but I think they have sought to see whether they could understand a little more clearly the scope of their rights and our current policy with respect to the window. The only thing I’ve done is to try to help them understand—and I’m sure that’s been true across the System—what the scope of that is because these people generally don’t use the window and they don’t really understand in some sense what it’s about.

F--- the banks indeed... But not before we give them a few [_]illion dollars in funding.

* * *

On rewriting the nation’s financial rules:


Early in the process, during a meeting with Obama at the White House, Jamie Dimon, the chief of executive of JPMorgan Chase, made an offer to come with other bankers to Treasury to help develop the broad framework for how to tighten oversight of Wall Street.  Geithner declined. Dimon followed up. Geithner declined again. Dimon grew frustrated and complained personally to Obama and others in the White House that Geithner was being unhelpful, according to people familiar with the matter.




To his colleagues, the Treasury secretary described bankers who relentlessly protested the new regulations as “whiners” and, in routine meetings with top chief executives held at the Willard Intercontinental Hotel, he often told them they should stop fighting regulation.

That at least is the spin. Here are the facts as presented by Dallas Fed president Dick Fisher:

As of third quarter 2012, there were approximately 5,600 commercial banking organizations in the U.S. The bulk of these—roughly 5,500—were community banks with assets of less than $10 billion. These community-focused organizations accounted for 98.6 percent of all banks but only 12 percent of total industry assets. Another group numbering nearly 70 banking organizations—with assets of between $10 billion and $250 billion—accounted for 1.2 percent of banks, while controlling 19 percent of industry assets. The remaining group, the megabanks—with assets of between $250 billion and $2.3 trillion—was made up of a mere 12 institutions. These dozen behemoths accounted for roughly 0.2 percent of all banks, but they held 69 percent of industry assets.


In simple terms: total bank assets: $13 trillion; 69% of that is $9 trillion. So 12 banks, among which the very much "complaining" Jamie Dimon, and other "whiners" control $9 trillion. And that is how TBTF became TBTFest. But at least they are whining.

* * *

And last but not least:

What’s next?


“I have no idea what I’m going to do,” Geithner said. “For all my professional life, I’ve made basically one choice about what kind of work I want to do. And the reasons that led me to that are very powerful and are very enduring.”


Will Geithner be the next Fed chairman:


“Not a chance,” he said. “I have great respect for the institution, but that will be someone else's privilege.”

Instead of commenting, we will merely post Geithner's assessment of America's downgrade risk 4 months before it was downgraded.

Sources: Washington Post, Politico

* * *

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
francis_sawyer's picture

 “I have no idea what I’m going to do,” Geithner said. “For all my professional life, I’ve made basically one choice about what kind of work I want to do. And the reasons that led me to that are very powerful and are very enduring.”


I suppose he's referring to "GOD's work..."

Keep that in mind people... When you wake up in the morning, just remind yourself that GOD HATES YOU [& he wants Tim Geithner & friends to steal your money & turn in your guns]...


Theatre of the fucking absurd...

krispkritter's picture

Perhaps TurboTax classes? Dancing With The Banksters? The Incredible Race (to ruin the economy)?

What's most pathetic is that if he plays his cards right and avoids 'ratting' out the rats and subsequently hot tubs, he's going to be well set from here on out while the rest of the country struggles to undo the work of this incompetent(and probably evil) pissant. A pox on you Timmy, Hell's not hot enough...

economics9698's picture

He's an actor collecting a paycheck.  Not many deep thoughts in that head.

asteroids's picture

He's a fucking weasel that has sold a retiring generation into poverty. You can thank this asshole and his friends for making you like the taste of macaroni and cheese sprinkled with cat food.

redpill's picture

When comes the part where he says, "and God bless us, every one!"


trav777's picture

they could have nationalized all those banks, incarcerated people, and then recapitalized by fiat....INSTEAD of handing those bankers a blank check.

But you have to remember, it's almost as if the people in financial chairs in Congress are RELATED to those who dominate the banking industry.

markmotive's picture

I hope you're OK with eating horsemeat.

Burgers, Banksters and Blackholes


economics9698's picture

I think there is a lot of high quality cat food on the market these days that is readily available.

francis_sawyer's picture

 "it's almost as if the people in financial chairs in Congress are RELATED to those who dominate the banking industry"


Not a chance ~ it's all just utter randomness... Like ~ you know ~ when you flip a coin 100x & it lands on its SIDE 99x out of 100...

Scarlett's picture

in 12 months He'll be Chief Economist of JP Morgan, or whatever.  Cocksucker.

Ms. Erable's picture

The motherfucking Geethner abides.

knukles's picture

PIMPCO has an equity manglement job opening,

SafelyGraze's picture

the flag in the background was decorated with the feared Golden Fringe Of Truth-o-meterness


spoiler: it's a single frame from the video .. you might have missed it

jcaz's picture

Poor little Timmy- finally got even with all the people who gave him wedgies as a kid......  Feel better dude?

Pffftt- this dude is gonna cash in the graft he's collected and take the World Bank job, because in his mind, he's transcended mortal finance.....

In the real world, he couldn't land a gig at the tax table in a Walmart.....

eclectic syncretist's picture

He's looking a little constipated in that last photo there.  Probably been smuggling gold bars out of the Treasury by sticking them up his ass.

Teamtc321's picture

Wonder if Zero uses tong's to extract the bar's or just goes fist first in to grab the spoil's?

Gun Grabbing Frankenstein want's to know............

kridkrid's picture

He's an errand boy sent by grocery clerks to collect a bill.


Agent P's picture

I, for one, would like to take this opportunity to thank Mr. Geithner for his service to his country and wish him only the best in his next career endeavor serving as the new spokesman for Lucky Charms cereal.

hedgeless_horseman's picture



Rumor on the Street is Timmy took the Keebler offer.

In other news propaganda, Napolitano is waving the False Flag like a banshee...



MiltonFriedmansNightmare's picture

I hope Janet fucking chokes on her dildo.

NotApplicable's picture

So, in other words, they've got the net's infrastructure primed and ready to blow.

No wonder it took me so long to get ZH to load a bit ago. o_O

11b40's picture

Had the same problem.  Switched browsers and still would not load.  Must have been taht way for about 10 minutes.

economics9698's picture

TBTF = NYC elites control of the world through banking.

The original goal of the Fed in 1913,

If the TBTF failed then we would have a republic once again.

jimijon's picture

London dear Sir controls NYC.

francis_sawyer's picture

"City of"... [but your point is nonetheless implied]

trav777's picture

no; they migrated.  CoL has some ownership of the racket, but so do home-grown interests.

The power of oil immutably shifted the axis of power toward NYC.  Those who held the money power were forced to share.  The War chased a lot of moneychangers west as bet-hedges too.

francis_sawyer's picture

I'll tell you where they are... They're in my fucking pocket... That's where you'll find them 24/7 if you're looking...

homersimpson's picture

Hand me my Kleenex. This was such a touching eulogy.

redpill's picture

He probably gets armed guards for life.

kridkrid's picture

They're done with him... what do they care.

NotApplicable's picture

Given all of the tools still around from 80's, my guess is they'll recycle him some day eventually. While he certainly doesn't want to be to close when it all collapses, I'll bet they bring him back later to help "rebuild," since he "saved us" so well these last few years.

I'm still wondering what position Al Gore is waiting to obtain (other than carbon credit billionaire, that is). Maybe he has to wait until the UN obtains "legitimacy" as an organ of global governance?

Pure Evil's picture

He'll probably have to be suicided due to the fact that he knows too much.

Better run home and hide under the bed Little Timmah.

Its a shame the helicopter pilot flying Hillary around the Iraq was able to control the helicopter as it crashed, because if its true she was involved in a helicopter crash someone may have been trying to suicider her ass.

Dr. No's picture

To bad it wont happen... I do appreciate your optimism.  Thinking he will be in prision with armed guards around him.

LongSoupLine's picture

I really hate that little fucker.

Fuck you Geithner. Asshole.

economics9698's picture

Yes Timmy should hand out a few tissues after inserting his organ up the public’s ass.

otto skorzeny's picture

now he gets to go be Lloyd Hebefein's houseboy in that new overpriced shithole in the Hamptons that he bought. "Boy-I say Boy-you missed a spot right there"

eclectic syncretist's picture

He deserves a posse led trip out to Walstreetpro2's woodshed for an extended late night debriefing.


FEDbuster's picture

Sure do miss Kevin's videos and rage.

krispkritter's picture

I'm sure they'll all be wonderfully happy together...Bill and Shillary included:


ghengis86's picture

Fuck the Geithner!

DavidC's picture



The Aviator's picture

in other news...the Swiss want their gold back from Timmy's NY Fed now as well.


francis_sawyer's picture

oh great... who comes next after Mali?... Should we do this alphabetically? Or should we just throw darts?

NotApplicable's picture

Gold Wars, Pt. 2

Mr. Ferdinand Lips would be amused. Bernanke meanwhile, surely must be scratching his head at this "traditional" bank-run.

Wakanda's picture

Tim, don't let the screen door hit your skinny ass on the way out.