Now raising intellectual capital
So Timothy Geithner went ballistic and started throwing around some obscenities during a meeting at the Treasury over the slow pace of financial regulatory reform.
Well, good for him. It’s about time someone in the Obama administration got a little red in the face over the financial crisis.
But here’s the thing: the Treasury Secretary’s temper tantrum was misdirected and he ended up taking his anger out on the wrong parties. The people Geithner really needs to be delivering a few choice words to are the nation’s bankers — especially the ones who were bailed out by U.S. taxpayers and now act as if last fall never happened.
What’s really needed now is for Geithner to get in the face of big bank honchos like JPMorgan Chase’s Jamie Dimon and Bank of America’s Ken Lewis and tell them to start moving on mortgage modifications, in order to keep people in their homes and stop the wave of foreclosures.