Geithner comes up empty
Tim Geithner took center stage on Capitol Hill today and once again he disappointed.
Geithner went before Congress to sing the praises of the Obama administration’s plan for regulating derivatives–something that’s much needed. But once again, Geithner failed to explain the criteria that will be used to distinguish standard derivatives from so-called customized derivatives.
And that’s pretty important since the crux of the Obama plan is for regulating standard derivatives. A week ago I pointed that the Obama administration had failed to explain the difference betwee the two. And Geithner still hasn’t met this important challenge.