Good grief, we're doomed if these people are in charge. Who really trusts bankers overseeing bankers? Geithner's NY Fed wasn't able to muster any criticism for Wall Street during the meltdown so why should we expect anything more from this banker-friendly bunch? The system is rotten to the core so handing over even more power to this particular group looks like yet another poor policy initiative led by Geithner.
The Federal Reserve could become the supercop for "too big to fail" companies capable of causing another financial meltdown under a proposal being seriously considered by the White House.What else would we expect from a team who can't find time to crack down on an industry that has bled the country of over a trillion dollars?
The Obama administration told industry officials on Friday that it was leaning toward making such a recommendation, according to officials who attended a private one-hour meeting between President Barack Obama's economic advisers and representatives from about a dozen banks, hedge funds and other financial groups.
Treasury Secretary Timothy Geithner and other officials made it clear they were not inclined to divide the job among various regulators as has been suggested by industry and some federal regulators. Geithner told the group that one organization needs to be held responsible for monitoring systemwide risk.
