In September 2005, Timothy Geithner made one of his most visible moves as a supervisor of the U.S. banking system. He summoned the nation's top financial firms and their regulators to streamline an antiquated system that threatened Wall Street's boom. Full Story »
Posted by Derek Hawkins
There is no mention here of the faulty risk algorithms that were accepted without question. Who was delegated to check the math? Where is the competence to regulate? Surely not from the head of Greenspan... This is a story of corruption and collusion, or a story of incompetence. Expert opinion seems lacking.
he and the Federal Reserve system did not act with enough force to blunt the troubles that ensued 1. That was largely because he and other regulators relied too much on assurances from senior banking executives that their firms were safe and sound
No s**t, bankers lied to him!!? Is he still believing them?
If he failed because he failed to regulate, why is he promoted up to chief regulator? That sounds like a coverup. I can believe there was not enough funding to do an adequate job of oversight. But that presumes there would have been a desire and will to regulate.