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CONTACT: Project On Government Oversight Keith Rutter |
Secretary Geithner Sends Wrong Message on Oversight by Opposing Elizabeth Warren
WASHINGTON - July 16 - The Project On Government Oversight (POGO) is troubled by reports that Treasury Secretary Timothy Geithner is opposing the nomination of Elizabeth Warren to head the newly created Consumer Financial Protection Bureau.
Although Treasury officials have since stated that Professor Warren is "exceptionally well-qualified" to head the Bureau, an earlier report by The Huffington Post cited her "persistent oversight" as Chair of the Congressional Oversight Panel as a major reason for Secretary Geithner's opposition.
"If Secretary Geithner is serious about protecting consumers, he should be calling for a tough and relentless watchdog to head up the Bureau," said POGO Executive Director Danielle Brian. "Opposing Elizabeth Warren for her persistent oversight undermines the spirit of Congress's reforms, and sends the wrong message to the millions of consumers who are still reeling from the financial crisis."
Professor Warren has been a tireless advocate on behalf of American consumers, and is one of the nation's top experts on consumer financial products. As Chair of the Congressional Oversight Panel, she has also been a highly effective watchdog of the Treasury Department's bailout programs, questioning the government's bailout of AIG and holding the administration accountable for failing to assist homeowners facing foreclosure.
Secretary Geithner has made previous statements in support of a strong consumer protection watchdog, promising that it will have an "independent seat at the table in our financial regulatory system." Appointing someone with the right experience and qualifications to head the Bureau is the only way to ensure that it operates with enough independence to protect consumers from risky financial products.
4 Comments so far
Show AllNo big shocker here.
What else would one expect from Obama, Geithner, et al?
"If the Democratic leadership really wants to win in the November elections, they should think very hard about the further consequences of Mr. Geithner." -Simon Johnson, from "Tim Geithner's Ninth Political Life". http://baselinescenario.com/2010/07/15/tim-geithner%e2%80%99s-ninth-political-life/#more-7847. It's a good article on Geithner's failures.
Elizabeth Warren and people like her will always pose a threat to the Geithners' of the world whose behaviors clearly favor the banksters and not the protection of consumers.
So what excuse will this administration think of to deny her appointment after this report? The fact that Geithner continues in his position clearly shows the position held by this presdient.
Dear Lewis Carroll...please forgive me, but you have captured Mr. Geithner so perfectly ( sorry I had to make a few changes.)
" A Change in the Menu"
from stardust
"The time has come." the Geithner said,
"to speak of Lizzie Warren.
Consumer rights and icky stuff
the people want a growin'.'
"But wait a bit," the Bankers said,
"before we diss on that.
For all of us are out of funds,
our wallets are not fat!"
"Don't worry, then,' the Geithner said,
"For you --I've come to bat!"
"A wad of cash," the bankers said,
"is chiefly what we need,
and more and more on top of that,
for PEOPLE, they must bleed!
For PEOPLE, like those oysters there,
taste very good indeed."
" Do not eat us, "the people cried,
the TARP we paid for you,
After such a plunder? MORE ?
A hateful thing to do!
For the "Warren "has come to our aid,
to beat the likes of you!"
The Geithenr said, "A woman? Piff,
and poo and piffle too!"
The Bankers winked, made noisy stink,
and gave an extra boo!
They feared this maid, of ethics staid,
and want to ruin her too.
"I feel for you, oh people blue,but
in this stew--- of finance you must go,
So Lizzie Warren we will fight,
for WE must run this show!"
"Oh Bankers, Geithner, Lizzie said,
you've had a pleasant run,
Consumer rights and fairness too,
Old boy groups-- you're undone!"
'Shall we go off to Senate then,
for Confirmation Day?'
But none they answered her at all,
For they had run away!
"The time has come ,"Ms Warren said,
"to speak of equity,
it's time we had this freedom here,
from sea to shining sea.
The Geithner, Bankers have all run,
so this shall truly be!"
America, America,
you shed your grace on WE!