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Citigroup, And Former Fed, Economist To Take Top Treasury Post
Confirming the floating rumor from last week that yet another Wall Streeter from a bailed out bank is going to set US economic policy, moments ago the Treasury announced that indeed the Citigroup economist Nathan Sheets - the bank's global head of international economics - will start working next week as a counsellor to U.S. Treasury Secretary Jack Lew.
This is the same Sheets, who ten days ago wrote that "our empirical work presents evidence that over the next few years, 10-year U.S. Treasury yields are likely to move toward 5 percent (slightly above our projections for nominal GDP growth) and to stabilize near that level. Our work suggests that Japanese rates may be on a sharply rising trajectory as well, if policymakers there get traction in taming the deflationary demons that have plagued the economy."
We already know why the Treasury likes him so much. Actually there is another reason why the Treasury likes him so much:
Nathan Sheets joined Citigroup as Global Head of International Economics in September 2011. In that role, he helps lead the firm’s team of economists around the world. His own research focuses on global themes, with a particular emphasis on the position of the United States in the world economy.
Previously, Mr. Sheets worked at the Federal Reserve Board for 18 years in a variety of positions. From September 2007 to August 2011, he served as Director of the Board’s Division of International Finance and one of three Economists to the Federal Open Market Committee. He advised the Committee on macroeconomic and financial developments in foreign economies, as well as on the outlook for U.S. trade, the dollar, and global commodity prices. He also played a key role in developing the Fed’s swap line program with other central banks. From 2006-07, while on leave from the Board, he served as a Senior Advisor to the U.S. Executive Director at the International Monetary Fund.
Mr. Sheets received his B.A. from Brigham Young University in 1989 and his Ph.D. in economics from the Massachusetts Institute of Technology in 1993. He has published research in an array of academic journals. Mr. Sheets is a member of the Council on Foreign Relations.
Ah yes: the Fed... and MIT of course. Recall "How A Handful Of Unsupervised MIT Economists Run The World"
Some more from Reuters:
Reuters reported on Friday that the Obama administration was considering nominating Sheets to be the Treasury's top official for international affairs, a post that has been vacant since November. Sheets' new job as counsellor would give him a position at the Treasury from which to advise Lew until he is nominated and confirmed by the Senate.
Counsellor posts are sometimes used for this sort of holding pattern. For example, the administration's nominee for assistant secretary for economic policy, Karen Dynan, is currently a counsellor to Lew. The Treasury official had no comment on Sheets' nomination prospects.
If nominated and confirmed, Sheets would be a key figure in U.S. financial and economic diplomacy and would help lead international discussions on the global economy.
This would include pressing Washington's view that China should let its currency appreciate more quickly and that Europe should act more decisively to boost economic growth.
As the Treasury's undersecretary for international affairs, Sheets would have to field questions from emerging market nations whose markets are reeling from a dramatic reversal of money flows tied partly to the U.S. Federal Reserve's decision to curtail its economic stimulus.
So, in taking the "best" Citigroup idea implemented so far in the past decade, is a "bad Fed" or rather, worse Fed, on deck?
Anyway, good luck, dear former employee of Citi, the Fed and "MIT Engineer" - with EMs turmoiling you will need it.
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Citi was a really, astoundingly well-run & disciplined financial institution that didn't have to avail itself of taxpayer "benevolence" to save itself from epic insolvency, so this is a good move.
What's that? Just the opposite is true?
My bad.
Holy Sheet!
What's his position title? Taxpayer funded bailout administrator?
I think his brother Carlton Sheets worked for Fannie Mae or something.
Always on the teevee pumping 'no money down' house purchases
in 05/06.
How long does it take for the Odono to get a consiglieri confirmed by the senate these days.
He and Bernanke share the same barber.
Oy veh!
At least Timmah didn't need a counselor, FFS.
This is at the very heart & soul of UNITED STATES, CORP. FASCISM.
We are "Governed" into a Political, Educational, Religious & Economic UNITED STATES, CORP based on contract law which is based on Criminal Fraud, deceit & illusion.
The Private Corp UNITED STATES, CORP uses the cover of being a functional Government when in reality they are not. Much like the Criminal Federal Reserve uses The "Federal" in their name & use it as cover to give the illusion that they are a branch of the US Government when they are not.
Through bankruptcies, Criminal Contract Fraud & deceit the Charlatans have incrementally incorporated the US as well as your souls (birth cert) which are securitized via the Criminal Federal Reserve through to the IMF.
They're functioning off corporate version of the THE CONSTITUTION. It's the reason why The Global Criminal Oligarch Cabal Bankster Intelligence Crime Syndicate continues to lie, cheat, deceit, rape & pillage with impunity.
The only power the have over you is with CONSENT (Black Law's Dictionary). Pay no Taxes. Peaceful Non-Participation, Non-Compliance & being an accessory into their Criminal system/s based on Criminal Fraud, Debt Bondage & Enslavement.
He and Bernanke share the same barber.
And probably the same synagogue.
"What's his position title?"
Corporatism Facilitator Czar
(he will aid in the transition from one Fascist to another)
Why Wal-Mart Really Needs Food Stamps
Soros, Wal-Mart scion pony up for Clinton
Walmart Moves Into the White House How money changed the president's tune on America's largest retailerUS, TREASURY FASCIST FACILITATOR.
Just another one of the many suction cups on the Creature from Jekyll Island?
If they put an honest man in the position their house would be blown away. No way this guy has anybody but Wall Street and DC near and dear to his heart.
Pretty soon I might start demanding change that I can believe in.
You just know that at some point soon, Treasury is going slip through an appointment of John Corzine, Angelo Mozilo, or Chuck Prince to some position.
For the lulz.
Someone should tell him about the rash of economist/bankster deaths.
I don't get mad, i get stabby
Fat Tony
MIT, he's a crook.
Previously, Mr. Sheets worked at the Federal Reserve Board for 18 years in a variety of positions.
Look at the bright side. There is a suicide in his future.
Or a SUICIDED
A RASH OF DEATHS AND A MISSING REPORTER – WITH TIES TO WALL STREET INVESTIGATIONSWell, that's optimistic.
Aw fuck....
Mr. Sheets acted as the Fed Chairman’s international adviser at the onset of the European fiscal crisis in the spring of 2010. He was also a driving force behind the Federal Reserve Board’s global emergency lending program.
Why would a reputable science university even consider having and Economics department?
Money. A lot of money. Bullshit is expensive, sophisticated bullshit covered with math and stats is to the moon.
and... Lots of apparatchik alumni.
Get to work Mr. Counselor.
Yes, phase II of bubble II, ramp rates.
The "pump equities and get the retail and pension fund lemmings to buy into the ramp" phase appears to have been accomplished.
Next phase is to raise rates to ensure that the bubble is popped.
The Treasury will have to pay more on the national debt? So what, what do they care, it's not their money.
Who benefits? Why, the banksters of course!
And guess what? If they are over-leveraged and collapse THEY WILL BE BAILED OUT AGAIN.
This is all by design; it is not happenstance or some unforeseen mistake.
We are being bled like the hosts to ticks, fleas, and tapeworms.
Fuck you Nathan Sheets....
So... what are they gona do?...
DO A STOCK SPLIT ON GOVERNMENT BONDS?!?!?
I KNOW WHAT YOU FUCKERS DID IN 2008!!!
YOU OWN ME MONEY YOU BASTARDS!!!
They stole my $100,000 down payment in house equity. We know What you bank scumbags did. And we are still here 5 years later and have not forgot !!!
The bankrupted UNITED STATES, CORP. is liquidating as we speak.
THE UNITED STATES OF AMERICA (corporation) is in its FOURTH bankruptcy!
Bankruptcy 1: 1791, about the time the Bill of Rights and signing of the Constitution was finalized.
Bankruptcy 2: 1861 (about 70 years later) resulting in the issuance of 'greenbacks'
Bankruptcy 3: 1933 (again, about 70 years later) when gold was confiscated by the government, and finally
Bankruptcy 4: NOW--since 9/11/2001 ( almost 70 years to the day as the last bankruptcy was September 10, 1933.
Mighty interesting pattern of baldness. Much like Bernanke!
Please forgive me, but I don't care about them as much when they're named to a post, these days I only care when they jump down a 50 foot embankment, fall off the roof of their office or their German cars explode.
"This is the same Sheets, who ten days ago"...I flushed down the latrine.
Or is this the same sheets, different day.
So he would willingly sign on for a job with certain, uh, job hazards?
He looks like a banker in need of a bridge.
Bonito. Problema resuelto.
If I was a banker I'd stay away from high places, ropes, cliffs, and Mercedes Benz's that explode the engine and drive train right outta the car after "bumping" into palm trees...kinda like what happened to this guy below (Michael Hastings).
http://www.youtube.com/watch?v=oW9wmnrdIew
Just sayin'...
Damn! I saw another picture of what appeared to be another suicide banker and skipped the headline. Should have read that first. Very disappointed here.
I'm sure this will all turn out swimmingly!
"Previously, Mr. Sheets worked at the Federal Reserve Board for 18 years in a variety of positions."
Such as missionary, doggy style, valedictorian, stand and deliver, etc.
And now he is ready to graduate from his role as "catcher" and take on his new role as "pitcher"!!! YAY!!!!
don't forget the Reverse Cowgirl, and his favorite, the Sandy Cactus with a Dirty Sanchez
Have we finally run out of Goldman Sachs alums.
Nah, he's connected to Bob Rubin, who is connected to Vampire Squid and Citi, who is connected to Federal Reserve, who is connected to Covington & Burling, who is connected to... Rest assured, we'll NEVER run out of these inbred kleptocrats. After all, we couldn't run the country without them!
If you drove up to the corner of a Home Depot, you would not hire one of these useless tools to shovel your shit.
You like jokes Nate?
Guess what is white, black and red and spins 'round and 'round?
A bunch of MIT economists in a blender.
oh, thought you were going to say vampire squid in a blender.
If I was a banker, I'd be wearing Felix Baumgartner's suit around...just in case of a slight trip and fall...
http://www.youtube.com/watch?v=dYw4meRWGd4&html5=1
http://www.youtube.com/watch?v=vvbN-cWe0A0
2 sheets to wind...
Or is it shits?
Aw shit, I thought he had jumped too.
Damn.
You're sheetin' me.
Did Citigroup make an informal complaint to the government that they were giving all of the top policy spots to Goldman.. er.. ex-Goldman people?
This is another Obama banker appointment. And it’s ludicrous to call bankers “economists” because they are two different animals. An economist who works for a bank like Citi is not an economist; he’s a banker. He marches to the banker tune. Any semblance of some kind of scientific or philosophical economic social expertise is gone once he is under the employ of The Bank.
IOW, if the Mafia hires a lawyer he’s a mafioso.
So once again, this is the arm of the Federal Reserve operating its tentacles with the full support of the Obama Administration.
And make no mistake, this is 2014 and it is a proven fact that the International Bankers came to America and grabbed the seat of government for their own profit; they are not builders, they are not producers, they are not patriots, they are not supporters of the country or its people. They are privateers.
To continue appointing and including bankers in the U.S. Treasury has become folly. And if it continues, you can say good-bye to your treasure.
Sheets is an international economist whose primary interest is the global economy.
As for globalization, it is a fact that the U.S. “economy has been debilitated by the offshoring of middle class jobs for the benefit of corporate profits and by the Federal Reserve’s policy of Quantitative Easing in order to support a few oversized banks that the government protects from market discipline. Not only does QE distort bond and stock markets, it threatens the value of the dollar and has resulted in manipulation of the gold price.”
That’s how economist Paul Craig Roberts puts it and adds: “If and when uncertainty spreads to the dollar, the real crisis will arrive, likely followed by high inflation, exchange controls, pension confiscations, and resurrected illegality of owning gold and silver. Capitalist greed aided and abetted by economists and policymakers will have destroyed America.”
Enter Citigroup's Nathan Sheets into the U.S. Treasury... to join Jack Lew who oversaw a Citigroup unit that profited off the housing collapse and financial crisis by investing in a hedge fund king who correctly predicted the eventual subprime meltdown.
http://www.paulcraigroberts.org/2014/01/25/economists-policymakers-murdered-economy-paul-craig-roberts/
Most non-banker economists -- oh, Paul Krugman comes to mind -- aren't any likely to suck any less than this guy. If they aren't bankers, they are from academia.. which is worse?
The Keynesian economists are shills for the Fed, shills for Fabian Socialism. The incestuous relationship of big banks, university economists carrying passports of more than one country, heads of government, the IMF and the Federal Reserve is striking; frightening. Put simply, it’s a front-running scheme operating on inside and planted information.
The Greek “cross currency swap” engineered by Goldman Sachs just after Greece was admitted to Europe’s monetary union in 2001, for example, involved at the time I wrote in 2011 these economist/banker/politico incestuous working relationships:
Greek Prime Minister Contantine Simitis, leader of the Panhellenic Socialist Movement,
Lucas Papademos (now vice president of the European Central Bank) then governor of the Bank of Greece and Greece’s representative on the IMF,
and Christoforos Sardelis, head of Greece’s Public Debt Management Agency at the time, who held Swedish citizenship for a number of years and came to his public post from the Bank of America, and is now with Banca IMI, the investment banking unit of Italy’s Intesa Sanpaolo.
Papademos, educated at MIT, had been at Columbia University and in 1980 was senior economist with the Federal Reserve Bank of Boston. He formed his Fed connections when he was a top research assistant to the late Nobel Prize-winning economist Franco Modigliani, who was born in Italy but left Rome in 1938 when Mussolini announced new laws against the Italian Jews. Modigliani had close contacts with the Federal Reserve and his students, along with Papademos, have included Charlie Bean, Deputy Governor of the Bank of England, and Stanley Fischer, Governor of the Bank of Israel.
Papademos now serves as European Central Bank vp with its president, Jean-Claude Trichet, former alternate governor of IMF, governor of the World Bank and member of the Washington-based financial Group of Thirty. He’s also former chairman of the Paris Club, a financial group of officials of 19 countries that can provide debt cancellations, for restructuring for indebted companies and creditors referred by the IMF.
Fischer, before becoming an Israeli citizen to head Israel’s central bank, had been vice president and chief economist at the World Bank, first deputy managing director of IMF, vice chairman of Citigroup, president of Citigroup International, head of the Public Sector Client Group, a member of the Washington-based financial Group of Thirty, and Fed Chairman Ben Bernanke’s Ph.D. thesis advisor at MIT.
At MIT, Modigliani worked closely with Nobel laureate Paul Samuelson, uncle of National Economic Council Director Lawrence Summers (Summers’ family name earlier had been changed from Samuelson to Summers).
The members of this closed membership insider mob…bought economists, politicians and the rest…are the foot soldiers for the financial tyrants who are strangling our beloved country and the world. And from one of the worst foot soldiers of all, the Nobel, stern, bookish professor from Princeton, Thomas Woodrow Wilson, we finally heard the truth when the damage began its relentless march…a kind of confession if you will:
“We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world—no longer, a government by conviction and the free vote of the majority, but a government by the opinion and duress of small groups of dominant men.”Sox First wrote in 2010: “What then to make of this report in Der Spiegel that Goldman Sachs actually helped the Greek government hide its debt? What to say about Goldman Sachs helping to create a financial crisis?”
And added: “This is how it worked. The Greek government borrowed in dollars and yen, and that was swapped back into the original currency at a later date. Nothing unusual about that, governments do that all the time. But Goldman Sachs did a deal where the Greeks got more than what their Euros were worth and in that way, they got additional credit for up to $1 billion. And now for the dirty bit. The extra money was classified as a cross currency swap so under the accounting rules, it doesn't show up as debt. In other words, Goldman Sachs engineered a deal where the Greeks took on more debt without it showing up in their books. Goldman Sachs helped pull off some accounting shenanigans and now the world, in particular Germany, is paying the price.
“This needs to be investigated. If it's all legal, stricter rules need to be put into place because it has put Europe, and the global economy, on the brink of financial catastrophe.”
That was said in February 2010. This is February 2014…and it still hasn’t been investigated.
http://www.soxfirst.com/50226711/goldman_sachs_hid_greek_debt.php
Louise Story wrote in February 2010 in The NY Times: “George Alogoskoufis, who became Greece’s finance minister in a political party shift after the Goldman deal, criticized the transaction in the Parliament in 2005. The deal, Mr. Alogoskoufis argued, would saddle the government with big payments to Goldman until 2019.”
http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=all&_r=0
I've said this before, but for those who missed it...FYI:
The SAUDIS are the single largest shareholder of CITI. Infer what you will, but there it is.
Perhaps you’ve heard of Wall Street which is where the NY Stock Exchange is located and where all of the major banks, including the NY Federal Reserve Bank that runs the Fed, have their key people. And that’s the reason Chuck Schumer is one of the top banking errand boys in history.
In order to do business with the people on Wall, you need to bring your money to the table... and when bailouts are needed, the chips can be called in, and that's where the Gulf Arab emirate of Abu Dhabi comes in.
NOVEMBER 29, 2007: Democracy Now
“The Gulf Arab emirate of Abu Dhabi bought a $7.5 billion stake in Citigroup, America’s largest bank, on Tuesday, making it the bank’s largest shareholder. As the U.S. credit crisis worsens and the price of oil hovers close to $100 a barrel, the injection of capital from oil-rich Gulf states is seen as a bailout of banks in trouble. We speak with NYU economics professor, Nouriel Roubini, and Hampshire College professor, Michael Klare, author of "Blood and Oil." [includes rush transcript]…
JUAN GONZALEZ: The Gulf Arab emirate of Abu Dhabi bought a $7.5 billion stake in Citigroup, America’s largest bank, on Tuesday. Abu Dhabi is now Citigroup’s largest shareholder, surpassing Saudi Prince Alwaleed bin Talal, who bought his shares during the mortgage crisis in 1991.
As the credit crisis in the US worsens and the price of oil hovers close to $100 a barrel, the injection of capital from oil-rich Gulf states is seen as a bailout of banks in trouble.
New York Senator Charles Schumer welcomed the Citigroup transaction, saying it will "help preserve New York’s status as the world’s financial center." Last year, Schumer was staunchly opposed to the takeover of US port operations by a company from Dubai…
http://www.democracynow.org/2007/11/29/abu_dhabi_becomes_largest_citigroup_shareholder
http://en.wikipedia.org/wiki/When_Genius_Failed:_The_Rise_and_Fall_of_Lo...
Hmmm. John Corzine.
Funny how small those numbers seem now.
A while back, CITI took over my beloved Californa Federal--a great regional bank with superior go-out-of-their-way service.
Within several months, everyone good was fired and replaced by CITI jackels and velociraptors.
Then, these CITI fucks doubled the fees, and started stealing fees right out of my account when fees weren't due to them.
These are full-on crooked motherfuckers.
The perfect guy for the Kenyan.
"CITI jackels and velociraptors"
LOL, thanks for that.
Chase has the hyenas, and Wells Fargo the rabid coyotes.