Titans of Wall St America's 'New Oligarchs'
I found the coverage of this item by the New York Times (NYT) of real interest, and amazingly reminiscent of a post I wrote several days ago about the emergence of America’s ‘New Oligarchs’ — the ‘Titans of Wall Street’. Now, it appears, U.S. Treasury Secretary and former New York Federal Reserve Bank President, Timothy F. Geithner, is a central figure quietly endorsed by the New Oligarchs. According to the NYT, “Geithner, who as president of the New York Federal Reserve Bank oversaw many of the nation’s most powerful financial institutions, stunned the group with the audacity of his answer. He proposed asking Congress to give the president broad power to guarantee all the debt in the banking system, according to two participants” in that meeting.
“But in the 10 months since then,” the article goes on, “the government has in many ways embraced his blue-sky prescription. Step by step, through an array of new programs, the Federal Reserve and Treasury have assumed an unprecedented role in the banking system, using unprecedented amounts of taxpayer money, to try to save the nation’s financiers from their own mistakes. Read more here, and here.
