SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
US Secretary of State Hillary Clinton (L) and US Secretary of Treasury Tim Geithner (R) detail measures to be introduced to increase pressure on Iran, in Washington, DC.
(AFP Photo/Paul J. Richards)
Time to Cash In: Geithner to Head Wall Street Private Equity Firm
Job destroying private-equity firms played a major role in the 2012 presidential campaign
Nov 16, 2013
Ex-US Treasury Secretary Timothy Geithner, President Barack Obama's key economic adviser since 2009, is joining private-equity firm Warburg Pincus, according to a statement on Saturday.
Geithner, who has spent the last 26 years in 'public service', will become president at the Wall Street-based corporate buyout firm starting on March 1st, according to a press release today from Warburg Pincus.
When Geithner left his post with the Treasury Department in January 2013, Matt Taibbi told Democracy Now: "He's the architect of "too big to fail. When this all blows up -- and it's going to blow up, for sure, because things can't continue the way they are right now -- people are going to look back in history, and they're going to say, "Who was to blame for this?" And Timothy Geithner is going to be the guy who designed this entire system."
\u201cGeithner got at least $500k advance for his book https://t.co/8RxYj3rhnk gets $200K/speech https://t.co/6NgrTcyFN6 so he had to "cash in" w/PE\u201d— David Dayen (@David Dayen) 1384618400
\u201cWho said Obama isn't corrupt? Timothy Geithner Named President of NYC Private Equity Firm\nhttps://t.co/rF8GrlS8FI\u201d— Ted Rall, the Actual Political Cartoonist & Pundit (@Ted Rall, the Actual Political Cartoonist & Pundit) 1384624016
\u201cAs seen on @maxkeiser's FB page: Timmy Geithner has a new job! "Too bad it's not making license plates!!" https://t.co/KnlcTHkyYH\u201d— Stacy Herbert \ud83c\uddf8\ud83c\uddfb\ud83d\ude80 (@Stacy Herbert \ud83c\uddf8\ud83c\uddfb\ud83d\ude80) 1384619963
\u201cWhat a surprise Geithner is joining Warburg Pincus! Goldman would have been too obvious.\u201d— Doug Henwood (@Doug Henwood) 1384612297
Politico reports:
Private-equity firms in the financial sector played a leading role in the 2012 presidential campaign, with Democrats criticizing Republican candidate Mitt Romney over deals involving his firm, Bain Capital, that led to layoffs at different companies.
For instance, in May 2012 the Obama campaign ran an ad concerning Bain's role in the struggles of American Pad and Paper that featured former employees of the company criticizing Romney.
Defenders of the industry argue it can help turn around struggling companies, but its critics, as the 2012 campaign showed, point to instances where these leveraged buyouts and the efforts to nurse a company back to health can often lead to large layoffs.
* * *
Romney Economics: Job Loss and Bankruptcy at AmpadLearn more: https://www.romneyeconomics.com With American Pad & Paper (Ampad), Mitt Romney and his partners took a small ...
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
mitt romneybarack obamabankruptromneywall streettimothy geithnerbain & companybainwarburg pincusbankruptcydebtnew yorkus treasury departmentprivatization
Ex-US Treasury Secretary Timothy Geithner, President Barack Obama's key economic adviser since 2009, is joining private-equity firm Warburg Pincus, according to a statement on Saturday.
Geithner, who has spent the last 26 years in 'public service', will become president at the Wall Street-based corporate buyout firm starting on March 1st, according to a press release today from Warburg Pincus.
When Geithner left his post with the Treasury Department in January 2013, Matt Taibbi told Democracy Now: "He's the architect of "too big to fail. When this all blows up -- and it's going to blow up, for sure, because things can't continue the way they are right now -- people are going to look back in history, and they're going to say, "Who was to blame for this?" And Timothy Geithner is going to be the guy who designed this entire system."
\u201cGeithner got at least $500k advance for his book https://t.co/8RxYj3rhnk gets $200K/speech https://t.co/6NgrTcyFN6 so he had to "cash in" w/PE\u201d— David Dayen (@David Dayen) 1384618400
\u201cWho said Obama isn't corrupt? Timothy Geithner Named President of NYC Private Equity Firm\nhttps://t.co/rF8GrlS8FI\u201d— Ted Rall, the Actual Political Cartoonist & Pundit (@Ted Rall, the Actual Political Cartoonist & Pundit) 1384624016
\u201cAs seen on @maxkeiser's FB page: Timmy Geithner has a new job! "Too bad it's not making license plates!!" https://t.co/KnlcTHkyYH\u201d— Stacy Herbert \ud83c\uddf8\ud83c\uddfb\ud83d\ude80 (@Stacy Herbert \ud83c\uddf8\ud83c\uddfb\ud83d\ude80) 1384619963
\u201cWhat a surprise Geithner is joining Warburg Pincus! Goldman would have been too obvious.\u201d— Doug Henwood (@Doug Henwood) 1384612297
Politico reports:
Private-equity firms in the financial sector played a leading role in the 2012 presidential campaign, with Democrats criticizing Republican candidate Mitt Romney over deals involving his firm, Bain Capital, that led to layoffs at different companies.
For instance, in May 2012 the Obama campaign ran an ad concerning Bain's role in the struggles of American Pad and Paper that featured former employees of the company criticizing Romney.
Defenders of the industry argue it can help turn around struggling companies, but its critics, as the 2012 campaign showed, point to instances where these leveraged buyouts and the efforts to nurse a company back to health can often lead to large layoffs.
* * *
Romney Economics: Job Loss and Bankruptcy at AmpadLearn more: https://www.romneyeconomics.com With American Pad & Paper (Ampad), Mitt Romney and his partners took a small ...
Ex-US Treasury Secretary Timothy Geithner, President Barack Obama's key economic adviser since 2009, is joining private-equity firm Warburg Pincus, according to a statement on Saturday.
Geithner, who has spent the last 26 years in 'public service', will become president at the Wall Street-based corporate buyout firm starting on March 1st, according to a press release today from Warburg Pincus.
When Geithner left his post with the Treasury Department in January 2013, Matt Taibbi told Democracy Now: "He's the architect of "too big to fail. When this all blows up -- and it's going to blow up, for sure, because things can't continue the way they are right now -- people are going to look back in history, and they're going to say, "Who was to blame for this?" And Timothy Geithner is going to be the guy who designed this entire system."
\u201cGeithner got at least $500k advance for his book https://t.co/8RxYj3rhnk gets $200K/speech https://t.co/6NgrTcyFN6 so he had to "cash in" w/PE\u201d— David Dayen (@David Dayen) 1384618400
\u201cWho said Obama isn't corrupt? Timothy Geithner Named President of NYC Private Equity Firm\nhttps://t.co/rF8GrlS8FI\u201d— Ted Rall, the Actual Political Cartoonist & Pundit (@Ted Rall, the Actual Political Cartoonist & Pundit) 1384624016
\u201cAs seen on @maxkeiser's FB page: Timmy Geithner has a new job! "Too bad it's not making license plates!!" https://t.co/KnlcTHkyYH\u201d— Stacy Herbert \ud83c\uddf8\ud83c\uddfb\ud83d\ude80 (@Stacy Herbert \ud83c\uddf8\ud83c\uddfb\ud83d\ude80) 1384619963
\u201cWhat a surprise Geithner is joining Warburg Pincus! Goldman would have been too obvious.\u201d— Doug Henwood (@Doug Henwood) 1384612297
Politico reports:
Private-equity firms in the financial sector played a leading role in the 2012 presidential campaign, with Democrats criticizing Republican candidate Mitt Romney over deals involving his firm, Bain Capital, that led to layoffs at different companies.
For instance, in May 2012 the Obama campaign ran an ad concerning Bain's role in the struggles of American Pad and Paper that featured former employees of the company criticizing Romney.
Defenders of the industry argue it can help turn around struggling companies, but its critics, as the 2012 campaign showed, point to instances where these leveraged buyouts and the efforts to nurse a company back to health can often lead to large layoffs.
* * *
Romney Economics: Job Loss and Bankruptcy at AmpadLearn more: https://www.romneyeconomics.com With American Pad & Paper (Ampad), Mitt Romney and his partners took a small ...
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.