the sponger games … let the payoffs begin, erm, continue

d-bag honorable mention by hip is everything

In Obama’s Wall Street-Friendly Cabinet, A Clean Sweep for Finance
by Ryan Chittum

As was reported over the weekend, Obama’s outgoing Treasury Secretary Timothy Geithner is heading to the world of private equity.The New York Times, covering the hiring of former Treasury Secretary Tim Geithner by private equity giant Warburg Pincus, writes this:
Mr. Geithner initially seemed unlikely to join Wall Street.
Seemed unlikely to whom? Oh, yes, I recall this from January as Geithner announced he’d be leaving the Obama administration:
A regulator of Wall Street but not a creature of it, he will probably be the least likely former Treasury secretary to land there.
That mystifying sentence came from the Times, as well, which also let Geithner spin, uncountered, his dismal record on housing. How naive can you get?
That story was part of a dispiriting series of parting kisses from the press to five of the principle figures in the Obama administration’s Wall Street-friendly response to the financial crisis: SEC enforcement chief Robert Khuzami, Justice Department criminal division head Lanny Breuer, SEC chief Mary Schapiro, National Economic Council chair Larry Summers, and Geithner.
Here’s where they’ve ended up:
– Khuzami took a $5 million a year job at corporate law firm Kirkland & Ellis after a six-month wait. Kirkland & Ellis represents such Wall Street firms as Morgan Stanley, UBS, American Express, and Bank of America, the latter of which got a wrist slap from Khuzami and the SEC for lying to investors—one so light that a federal judge raised a stink over it.
– Breuer, two months after leaving DOJ, went through the revolving door to his old firm Covington & Burling and makes $4 million a year as the firm’s vice chair. Covington represents a Who’s Who of the Wall Street firms Breuer failed to prosecute. Do me a favor and watch this:
– Schapiro joined the board of General Electric, a company she wrist-slapped for accounting fraud in 2009, failing to prosecute any individuals despite finding that “GE, acting primarily through senior corporate accountants, engaged in knowing or reckless fraudulent activities resulting in numerous materially false and misleading statements or omissions.” Worse, Schapiro also joined Promontory Financial Group, a sort of shadow regulator that lets former SEC types cash in to help Wall Street “navigate” regulatory structures. Her pay is undisclosed but surely well into the seven digits.
– Larry Summers is back at DE Shaw, though no word if he’s still making $5 million a year for working one day a week. He’s also advising Citigroup, Nasdaq, Lending Club, and Silicon Valley biggie Andreesen Horowitz for untold pay.
– And now Tim Geithner becomes president of private-equity firm Warburg Pincus for an undisclosed pay package that will be in the many, many millions of dollars a year. Hey, at least, it’s not Goldman.
Even that was predictable, though. Here’s something I wrote in February on Geithner and the rash of resignations from the Obama administration:
As the exit profiles stop, the real fun begins: Watching where these guys end up next. Presumably, the days of waltzing right into Citigroup, say, from high public office, for $15 million-a-year gigs with no responsibility, are over for now. More likely: A six-month break to disinterest the press followed by a sinecure at Cadwalader or a return to Covington or some such.
I’ll end with former FDIC chief Sheila Bair, talking to American Banker editor Neil Weinberg earlier this year:
“The capture, a lot of people say, is bipartisan. And when I say capture, I’m talking about cognitive capture. It’s not so much about corruption. It’s just listening too much to large financial institutions and the people who represent them and not enough to the people out on Main Street who want this fixed.”
© 2013 Columbia Journalism Review
Ryan Chittum, a former Wall Street Journal reporter, is deputy editor of The Audit, CJR’s business section.
reposted from common dreams 


p.s. don’t think of it as good-bye …
if hillary wins, they’ll be back …
count on it …
if christie or some other gop stooge wins, it’ll be like they never left …
they have rigged the entire system …
they have restructured elections …
they have rigged government and the courts …
they have sold out the american people to big pharma, the insurance companies and big oil for campaign contributions …
they are killing the environment for profit …
they have purchased the media …
they have dismantled the constitution …
they have crippled investigative journalism …
they are working on total internet control …
they have implemented a surveillance state and a police state …
they have dealt blow after major blow to the social safety nets …
they have destroyed millions of pensions, savings accounts and property values …
all for their own profits …
they have dealt blow after major blow to unions and worker’s rights …
rights? … you have none! …
and they have impoverished millions for the economic benefit of their benefactors …
it’s our move I guess …
numbers is all we have left …

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