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Tim Geithner's "Star" Turn: Obama Stands by the Bank-Bailout Champion

Posted Feb 22, 2010 09:39am EST by Aaron Task in Newsmakers
Related: AIG, FNM, FRE, XLF, C, ^DJI, ^GSPC
Ahead of his Congressional testimony on Wednesday, The Wall Street Journal chronicles the political pressures facing Treasury Secretary Tim Geithner.

The thrust of the story is about how Geithner is facing pressure from Democrats who feel he's out of sync with the party's populist push, leaving him politically vulnerable. Two tidbits caught our attention:

  • -- For all the talk about Geithner being an albatross to the administration, "the president's view is that Tim is one of the stars," Obama's chief of staff Rahm Emanuel tells The WSJ.
  • -- 54% of Americans either don't know who Tim Geithner is or have no opinion of the current Treasury Secretary and one of the chief architects of the 2008-09 bank bailout bonanza.

Perhaps Geithner's poor name recognition among average Americans explains his ability to withstand some withering criticism from Beltway politicians of both parties and pundits nationwide. There's "safety in anonymity," as Henry says in the accompanying clip.

But at the end of the day, no "charm offensive" can change the fact Geithner championed policies which, to date, have disproportionately benefited banks and bondholders at the taxpayers' expense.

Either Barack Obama is serious about taking on the "fat cats" on Wall Street or he's sticking with Tim Geithner. You can't have it both ways, Mr. President.

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