Geithner, Tim, Kissinger & Associates, Third Generation of the Metzitzah b'peh CULT of Mutilation of our Male Species & The NYT

Andrew Ross Sorkin, the financial columnist and editor of the “Dealbook” section of the New York Times, was quick to defend Geithner against charges of spinning the revolving door between government and Wall Street for his personal enrichment. In a column published Tuesday entitled “Hard to See a Sellout in Geithner’s Job Choice,” Sorkin wrote sympathetically: “Mr. Geithner, up until now, has hardly been in the big money leagues. He was paid $191,300 as the treasury secretary after taking a pay cut from his role as the president of the Federal Reserve Bank of New York, which paid him $411,200.”

Barofsky went on to say: “It was shocking how much control the big banks had over their own bailout and how they often would dictate terms of some TARP programs and the overwhelming deference shown by Treasury officials to the banks. I saw no differences in these core issues between the Bush and Obama administrations.”

Geithner’s new home, Warburg Pincus, like most private equity firms, makes money by buying companies on credit, cutting costs and jobs and stripping assets, and selling off the downsized firms for a profit. It bought the eye-care firm Bausch & Lomb in 2007 and sold it this year after eliminating hundreds of jobs.

By taking a job with a private equity company rather than a bank, Geithner stands to make an even greater fortune. As the Financial Times wrote on Monday: “The private equity business model, taking 20 percent of the upside from investments in addition to an array of fees, has made executives at these firms vastly richer than their counterparts at banks.”

http://www.globalresearch.ca/timothy-geithner-moves-from-us-treasury-to-wall-street/5358916 <<