November 9, 2009Geithner's Reform Plan Is Actually Good!Henry Blodget, Clusterstock | |
We've been hugely critical of Treasury Secretary Tim Geithner, who we feel sold out the taxpayer last fall in his haste to save Wall Street. We also think Tim Geithner's approach to the financial crisis has been warped from the beginning. We hate his decision to protect bondholders to the tune of 100 cents on the dollar and "invest" taxpayer money via preferred stock instead of senior debt--because these decisions made taxpayers pay for the stupidity and recklessness of people who should have known better and deserved to be held accountable for their idiocy. We were also appalled last week when we read the Tim Geithner was getting ready to tee up the third bailout of GMAC and that his new financial reform plan was going to be paid for with an after-the-fact fee assessed on... TAGGED: Tim Geithner | |