It is hard to figure how Timothy Geithner, who is charged with cleaning up Wall Street, will be cleaning up anything.
Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms.
The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.
As part of Geithner’s kitchen cabinet, Sperling and Sachs wield influence behind the scenes at the Treasury Department, where they help oversee the $700 billion banking rescue and craft executive pay rules and the revamp of financial regulations. Yet they haven’t faced the public scrutiny given to Senate-confirmed appointees, nor are they compelled to testify in Congress to defend or explain the Treasury’s policies. (more… )
How can you be one of the Untouchables when you surround yourself Wall Street dudes? I’m just askin’?
Monday Evening News Roundup
Brookshire Hathaway, the investment group led by Warren Buffett, posted a third-quarter profit of $1.06 billion. This was a net income decrease by 77%. It is the fourth straight quarter of profit loss, but it must be understood that they made a profit. It was just less profit than they’ve made in the past.
Political Animal’s Hilzoy had a nice post this morning on trusting Barack Obama. Personally, I believe that Barack Obama will have trouble from the left and from the right. He will not be liberal enough for the left and he won’t be conservative enough for the right.
Barack Obama and his advisers are working on a plan to close Guantánamo Bay, which needed to be done two years ago. Well, to be honest, Guantánamo Bay should never have been opened as the come one, come all detention center for folks we had no idea what to do with. We should have spent the intellectual capital to figure out the problem.
China is planning a massive investment in its own infrastructure. They are looking at $586 billion worth of investment.
Senator Harry Reid seem to be supporting Joe Lieberman, while at the same time speaking out relatively strongly against Senator Ted Stevens. The Lieberman saga continues.
Al Franken continues to narrow his deficit against incumbent Senator Norm Coleman. Franken now trails by only 204 votes.
Governor Howard Dean plans to step down as chair of the Democratic National Committee. I guess when all the pundits said you were wrong and foolish to believe in a 50-state strategy and you prove that the pundits were, beyond a shadow of a doubt, all morons…yep, it is time to step down.
MSNBC has extended Keith Olbermann’s contract and has given him any “healthy” raise. Congratulations, Keith.