What happened a year ago? Vanity Fair is running an excerpt from a “tell all” book Read it here.
In the first few paragraphs we hear the thoughts in Tim Geithner’s head as he is starting his morning run… I’m not sure how a book author knows that – other than by talking to Tim Geithner or making up narratives based on what people might have said. Probably interesting to read – I would assume its ultimate purpose is to whitewash the Goldman connection and paint Bernanke, Paulson and Geithner as the heros…
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Having read the entire excerpt now, it confirmed my basic guess about Tim Geither (and Paulson). They view the US Treasury as a giant private equity fund with an unlimited credit line. They viewed it as their role to bully and take over banks and force marriages as if they were still working for Goldman Sachs M&A department, rather than letting the market forces and the people smarter them work out the solutions. The job of the U.S. Treasury Secretary is to protect the assets and credit reputation of the United States Government, not to find new ways to spend its money.