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:


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“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

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Cathartes Aura's picture

gnawing away at the foundations, whittling 'em down, both teeth and that which supports whatever you want to call "this" any more.

slackrabbit's picture


If your in London, we have the Blackfriars Bridge  where bankers  love to hang themsevles from.

I live just down the road and will supply the rope is you need it.



IamtheREALmario's picture

The more I think about it, the more I think that the answer is not to kill the banks, but for every bail out that takes place, every instance of extortion, money laundering or conspiracy, the CEO must spend 10 years in an orange jump suit getting buggared by Bubba. Take away the corporate shield of immunity and the criminal CEOs will clean up their act. Make them earn their ridiculous pay by taking on REAL RISK of a sore *ssh*le.

waterhorse's picture

That's great for nighttime.  During the day the Too Big To Fail C-suite scum should be sentenced to chain gang labor in the desert heat, from sunrise to sunset.

bankonzhongguo's picture

Well I recently hope he dies soon.

CheapBastard's picture

There's always two of them: the Organ Grinder and the Monkey.


Was he the Monkey?

waterhorse's picture

I think he's just the organ.

Smegley Wanxalot's picture



"F--- the Central Banks"

"F--- the government"

"F--- the Treasury" and

"F--- you too, Geithner"



ebworthen's picture

Hey Timmy, you can say "Fuck the ebworthen!!!" to my face all day long if you'll give me $2 Trillion for nothing.

NotApplicable's picture

To us, perhaps. Question is, how much traction will it get amongst the herd?

Shell Game's picture

Indeed, N/A, plays to a much more mainstream crowd. Ripples in the pool...

Glass Seagull's picture



Fine the banks?

Foul the banks?

Find the banks?

Food the banks?

Fork the banks?

Flop the banks?

Flow the banks?

Fool the banks?

Are any of these close?  I hate not knowing...I hate it.


BeetleBailey's picture

I hope...in about six months...we'll all be reading about him being slapped silly - repeatedly....and then never again hear from the douche.....

Bahamas's picture

I remember a funny joke about Timma that somebody posted here on Zero Hedge about how to circumcise Geithner...something like cutting him under the chin...it was soooo funny!!!

Arthur's picture

goldman to hire Timmy.  15 Million as a signing bonus.


























Just kidding

H E D G E H O G's picture

thank God and Greyhound the incompetent shit is leaving. should be taking up residence in Leavenworth.

whoknoz's picture

..."I have no idea what I have done"...thank you and good night...

WTFUD's picture

i like to consider myself a nice guy who on stumbling upon "anyone" in distress be it your son, daughter, husband, wife or granny i would do everything i could to assist or help out and would hope that you would return this human kindness/ instinct in my hour of need.
However, there are a few people i would not assist and at the top of the list would be Timmy Slag G. Quiz ; your driving down the road and come across a fella lying face down in a roadside ditch. you pull over to discover a semi concious Timmy G ; Do You?
a) kick him in the bollocks and relieve him of his wallet
b) run, reverse over him and drive off
c) tie gag him, throw him in the boot and to your basement extracting signed confessions
d) all of the above

fuu's picture

e) Set him on fire and roast mashmellows.

moonstears's picture

I suppose turn him over and taken zee pee pee on his head in hopes of reviving while calling 911. I'm no fucking animal, man! You are too heartless!

IridiumRebel's picture

Anyone else experience a ZH nonresponsive site? It was down in my neck of the woods for about a half hour.....I went into a sweaty fit and vomitted a little in my mouth as I was forced to get "news" from MSM sources.....

Carnegie_IB's picture

the information you need can be found in the ZH suggested reading, ZH disclosure etc. http://www.zerohedge.com/help/how-readtip-zero-hedge-without-attracting-...

NotApplicable's picture

Yep. I was beginning to think that Napalitano had released the cyber-hounds of war.

ebworthen's picture

You anywhere near an SEC hub?

Lines probably burning hot downloading HD porn at SEC what with Timmy on the way out and the transition of bosses at Keystone Cop headquarters.

Why look for Jon Corzine?  I mean really, porn party time!  Crime?  What crime?  Madoff is jailed!

And, Egan-Jones has been spanked for telling the truth, so it's porn time at the SEC!

That cartoon porn really is a bandwidth hog...

MrBoompi's picture

Geithner is a dime a dozen, people who've sold out long ago.  We've seen it all before, tell the public something, then do what the masters of the universe tell you to do in secret.

e_goldstein's picture

Fuck you, Bernanke,

and the wee Timmah you rode in on!

Rottenclam's picture

I have no love for Timmah, but I'll admit that it was pretty awesome that he wouldnt return Jamie Dimon's calls.  

Dimon is a sociopath and I'm sure he just wanted to lean on poor little Timmy.  Rather than capitulate and get punked by Dimon in person, Timmy didnt even give Dimon an opportunity to put his foot in the door.

Yes, fuck all of them!  But I do like that story.

Xibalba's picture

His father should've pulled out.  #nobrainer

Papasmurf's picture

You could say that about 535 of his coconspirators.

Klazy Plick's picture

Like my father used to say "if I was your mother I'd give you a hundred"

Carnegie_IB's picture

I am glad that he is out, but that means someone ELSE is replacing him. 

The only bad thing about him leaving is that one could only hope he would have peaked in his effectiveness to screw things up. If, and I say IF this man were at the peak of his ineffectiveness, one would hope, pray, wish, that he could only become more effective or at the very least continue to remain ineffective. I know these are stretches of the imagination. To take things further into the land of fables and unicorns, I only wish that he could stay just to actually add destructive value to the den of thieves. Anything to reduce their likelihood of success would be appreciated. 

In reality, I am happy to see him gone, but am not expecting his replacement to effect the course of change in any direction that has NOT already been forged. 

With that, I will simply continue finding ways and making the most of the opportunities all this provides, until it stops working. 

PS. maybe TG's God hates you, and that may be very true. But the true God is Love. I am certain God will judge all according to His WILL, nothing will stop that.  I certainly do not believe God can be bribed, especially since God spoke everything into existence. Selling one's soul to the Devil does not seem to work out well in the end.   

Gamma735's picture

Timmy leaving will not change what the gov and fed are doing we are still attached to another object by an inclined plane, wrapped helically around an axis!  SCREWED!


AvenoSativo's picture

Tim Geithner: “F--- the banks”



"The lady doth protest too much, methinks."

tnquake's picture

Don't worry about old Turbo Tax Tim, he will be seen selling adult diapers on QVC.


bugs_'s picture

F--- the doomed

Hobie's picture

"Washington is a hard place to read." That's because Washington D.C., The City of London, and Vatican City deliberately hide the truth and can act with impunity.


Three Cities Rule The World:

  • Washington D.C. controls the wars
  • City of London controls the finance
  • Vatican City controls the minds

Take these three city states out of play and we might have a brighter future.