Tuesday, May 12, 2009
Geithner's Top Staffers Have Big Money Boy Taint
Treasury Chief Tim Geithner's right hand men are fresh from America's imploded financial sector. Neal Wolin, the Deputy Treasury Secretary nominee stands before the Senate Finance Committee. Wolin had governmental affairs, i.e. lobbying director, under his laundry list of responsibilities for Hartford Financial Services Group. Neal helped write Gramm-Leach-Bliley as a staffer for Larry Summers. The landmark legislation paved the way for too big to fail financial firms and unregulated financial innovation, now a multi trillion dollar toxic dump.
If Wolin is approved, he'll work alongside ex-Goldman Sachs top lobbyist Mark Patterson. Goldman just settled with the State of Massachusetts for $60 million for bringing bad loans to market via securitization. It came with no admission of guilt. Expect continued powder puff regulation and corporafornication from the Obama team. Insiders helping insiders, a sad day for America. (Neal passed Max Baucus' SFC. His nomination goes to the full Senate.)
Posted by PEU Report/State of the Division at 11:15 AM