I agree with O'Rourke. I opposed Geithner's appointment as SecTreas, but his not paying $34,000 isn't why. That this miniscule item arose in the Congressional hearings shows Congress lack of perspective on its duties. Congress can look into steroid use in baseball, but doesn't supervise the SEC. What a joke. If Uncle Sam needs $34,000, let him ask Lloyd Blankfein for it. I'm sure Goldman Sachs (GSG) has $34,000. Didn't GSG get $10 billion in bailout money in December? It must have $34,000 left.
Wednesday, February 4, 2009
"As Mike O'Rourke, strategist at broker BTIG, remarked with a dismissive tone: 'Congress allowed [Tim Geithner] to shell out $30 billion with questionable legal authority for the Bear Stearns acquisition and now they are complaining about $30,000", Michael Santoli at Barron's, 19 January 2009.
"It now falls to Geithner to lead the way out of this mess. ... Colleagues say Geithner privately acknowledges that the U.S. economy is still sinking fast and the root cause of the problem--the housing bust and ensuing credit crunch--is still very much with the nation", my emphasis, Bill Powell at Time, 26 January 2009.
Privately? Why listen to anything Geithner says?