This page has been archived and commenting is disabled.

Bets On Geithner's Departure Plunge In Value After White House Says He Ain't Going Anywhere

Tyler Durden's picture


To who expected an imminent departure by the one most incompetent man (after Larry Summers) and tax evading man in the current economic administration (that would be Tim Geithner) of course, we have bad news. He ain't going anywhere. In other words, the foreseeable future will be foreseeable for a long time. Politico's Ben Hill reports: "Treasury Secretary Tim Geithner is under intense pressure to remain at his post through President Obama’s re-election campaign next year but still may head out the door if a confirmable replacement can be found. The White House has made it clear it does not want to lose Geithner, the president’s chief economic advisor and trusted crisis consigliere. But the Treasury secretary has said he wants to return to New York this fall where his son is entering his last year of high school. He had hoped to leave after the debt ceiling drama ended and before bruising battles over tax, entitlement and housing reform resume in earnest this fall." Sorry to disappoint Tim. Which also means that Timmy will be at his rightful place when this whole house of cards finally implodes: at the very top. Lastly, it most certainly means that those who bought MF Global's bond issuance yesterday won't have to worry about springing rates for a long, long time if ever, because something tells us the one thing that could send this country formally over the edge is another former Goldman Sachs Treasury secretary.


But the thumbs-up has not come from senior White House staff. And the pressure on Geithner to stay ratcheted up significantly when the NYT moved a story saying the Treasury secretary was “expected to stay.” That’s generally code for: Sorry, buddy, you’re stuck here. People close to the matter said Geithner has not yet acceded to White House pressure and would still be inclined to go if a suitable replacement can be found.


The list of possible replacements is led by Wall Street banker and former Assistant Treasury Secretary Roger Altman and former White House Chief of Staff Erskine Bowles. Bowles, a moderate with GOP ties, is viewed as perhaps the easiest to confirm. But anyone is likely to face a fight that the White House does not want as it approaches reelection with a weak economy.


JPMorganChase chief executive Jamie Dimon is not eager for the job but would almost certainly do it if asked. His appointment would generate enormous support in the business community and among Republicans. But people on the left contend that Dimon it “too tied to Wall Street,” whatever that means.


M.M. has never really understood the knee-jerk response he gets when he mentions Dimon to Democratic insiders and they just laugh off the notion as impossible because he is a banker who happens to run a company that makes tons of money and never needed a bailout. The horror!


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 08/04/2011 - 07:50 | 1523203 louisianagold
louisianagold's picture

Place him in a steel cage, and try him for treason.

Thu, 08/04/2011 - 07:55 | 1523216 Global Hunter
Global Hunter's picture

Well it would be hard to find somebody else equally as retarded and bent to replace him.

Thu, 08/04/2011 - 07:58 | 1523218 MFL8240
MFL8240's picture

Add Holder to the list of incompetence, that SOB is a disgrace.  While the coutry is swimming in debt and states are going under, he is in lawsuit with many and does nothing but create problems trying to mold the consituation to is trwisted ideas for this country (Police state).  

Obama MUST go in 2012 or its time to leave the US.  Listened to TRUMP on Gretta last night, as wierd as the guy is, he is right on the money as it pertains to this clowm.

Thu, 08/04/2011 - 07:59 | 1523223 DaddyO
DaddyO's picture


Well, Bruce's scoop that Geithner was out and Corziine was in is so much hogwash then,eh?


Thu, 08/04/2011 - 08:02 | 1523228 ArkansasAngie
ArkansasAngie's picture

The only possible solution is to wholesale replace Washington.

I am absolutely positive that out of 300 million people there are plenty of folks who have not worked for TBTF that are qualified to lead the Treasury.

The American people are hungry for change.  It will require unelecting Washington. 

I'm doing what I can at every opportunity.  My money is where my mouth is.  Is yours?

Thu, 08/04/2011 - 09:12 | 1523241 tip e. canoe
tip e. canoe's picture

changing the placeholders will do nothing to fix anything unless every single one of those new placeholders will commit to a bottom-up restructuring of the joint.

fascinating new essay by Martin Armstrong on this very subject:

Barbarians at the Gate

Thu, 08/04/2011 - 08:14 | 1523243 Lazane
Lazane's picture

tax cheat Timmy can go straight to hell if not now, he will not lose his place in line.

Thu, 08/04/2011 - 08:14 | 1523245 overmedicatedun...
overmedicatedundersexed's picture

try voting them out..a 3rd party has barriers in every state..your vote has been selected dem or gop take your pick..but ps they are controlled by the elite so you get more of the same..sad but true.

Thu, 08/04/2011 - 08:17 | 1523253 Snidley Whipsnae
Snidley Whipsnae's picture

"anywhere" is exactly where I would like to see him go... but, he would be replaced with a carbon copy...

Thu, 08/04/2011 - 08:17 | 1523254 Archimedes
Archimedes's picture

Great! Let him stay. I want him to be right by Obama's side as this whole thing blows up!

Thu, 08/04/2011 - 08:20 | 1523258 Ricky Bobby
Ricky Bobby's picture

Sorry Timmy but the captain has ordered that you will go down with the ship.

Thu, 08/04/2011 - 08:21 | 1523261 Silverhog
Silverhog's picture

BS, bet he has a date with Peter Pan before the election.

Thu, 08/04/2011 - 08:24 | 1523269 Manthong
Manthong's picture

Timothy dutifully oversees the revving up of the economy and now Captain Obama wants to go water skiing.

Thu, 08/04/2011 - 08:34 | 1523286 mayhem_korner
mayhem_korner's picture

Treasury Secretary Tim Geithner is under intense pressure to remain at his post through President Obama’s re-election campaign next year... that he can be scuttled at a time when maximum political benefit can be extracted.

Thu, 08/04/2011 - 08:49 | 1523323 sbenard
sbenard's picture

Heaven help us!

Thu, 08/04/2011 - 09:03 | 1523356 RECISION
RECISION's picture

 ...we have bad news. He ain't going anywhere. 

The White House has made it clear it does not want to lose Geithner


I thought the way it happening at the top was that glowing statements of support were the kiss of death. The instant they start talking about how valuable and indispensable you are, that is when they are preparing to punt you out of play...

Thu, 08/04/2011 - 09:15 | 1523428 DeadFred
DeadFred's picture

I the eports world whan the team owner calls a press conference to say he has complete confidence in the head coach you know the man will be gone within a week. Geithner's out of here.

Thu, 08/04/2011 - 09:15 | 1523429 DeadFred
DeadFred's picture

I the eports world whan the team owner calls a press conference to say he has complete confidence in the head coach you know the man will be gone within a week. Geithner's out of here.

Thu, 08/04/2011 - 12:48 | 1524215 Monday1929
Monday1929's picture

To say JPm did not require a bailout is like saying.....

Help me out, fellow ZHers.

Wed, 09/14/2011 - 04:46 | 1667387 chinawholesaler
chinawholesaler's picture

Wholesale Massager
Wholesale Furniture

Wholesale Tableware
Wholesale Speakers
Wholesale Bag

Wholesale Frisbee
Wholesale Bookmark
Wholesale Flag

Money Clip
Wholesale Fan
Wholesale Tableware

Personal Safety Products
Wholesale Watch
Wholesale Frisbee

Wholesale Clap Hands
Wholesale Puzzle
Wholesale Fan

Wholesale Scissors
Wholesale Cards
Wholesale Scale

Wholesale Belt
Wholesale Banner
Flash Gift

World Cup Products
Giveaway Material
Promotional Products

Wholesale Clothes Rack
Money Bank
Wholesale Album

Christmas Gifts
Cleaner Products
Sport Support Products

Wholesale Bag
Personal Safety Products
Industrial Supplies

Wholesale Compressed Products
Vocal Concert Products
Wholesale Bangle

Lighting Products
Wholesale Stress Ball
Water Bottle

Wholesale Cap
Wholesale Scissors
Wholesale Knife

Wholesale Lanyard

Do NOT follow this link or you will be banned from the site!