This is rich

Discussion in 'The Bar' started by Stew Nod, Nov 25, 2013.

  1. Stew Nod

    Stew Nod Hello VIP

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    http://news.firedoglake.com/2013/11/18/timothy-geithner-goes-to-wall-street-to-cash-in/

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    [TD="class: postHeader, colspan: 2"][h=2]Timothy Geithner Goes To Wall Street To Cash In[/h][/TD]
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    [TD]By: DSWright Monday November 18, 2013 10:17 am[/TD]
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    Former Treasury Secretary Timothy Geithner has, predictably, cashed in his favors to Wall Street by joining a financial services firm, Warburg Pincus. According to a press release from the private equity firm, Geithner will be President of the company and a Managing Director as well as a member of the Executive Management Group. In other words, Geithner will be well compensated at Warburg Pincus which has over $35 billion of assets under management.
    In his role, Mr. Geithner will work closely with Warburg Pincus’ Co-Chief Executive Officers, Charles R. Kaye and Joseph P. Landy, on overall firm strategy and management, investing and portfolio management, organizational and funding structure, and investor relations.

    Oh, I would imagine Mr. Geithner has quite a Rolodex of investors he can bring to the firm, investors who owe him a favor or two after he helped secure them trillions in TARP money and Fed loans. Geithner, if nothing else, has a considerable number of IOUs from his time at the New York Fed and US Treasury Department.
    Geithner is set to do quite well for himself after his “public†service. He also is getting a $500,000 book deal.
    Mr. Geithner said, “Warburg Pincus has an excellent record of performance, a very compelling global strategy and an ethical reputation of the highest regard, I look forward to working with my new colleagues and to contributing to the firm’s continued growth and success.â€

    Hiring former government officials to cash in on their connections is an ethically dubious proposition at best. So check back on that reputation.
    As if any more hypocrisy was needed in Geithner’s exploitation of his government service, the part of Wall Street Warburg Pincus operates in is private equity – the branch of finance capitalism that President Obama and Co. scrutinized continually when running against Bain Capital alum Mitt Romney.
    The Obama 2012 Campaign endlessly noted the transgressive nature of private equity business practices as well as the chiseling of solid companies through fees and the reckless piling on of debt that drives many host companies into bankruptcy. And now that the campaign is over, a top Obama Administration official has decided to join a prominent private equity firm.
    You can’t make this stuff up.
     
  2. Stew Nod

    Stew Nod Hello VIP

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    Trillions to wall st...your money...actually your grand kids will probably pay it, if it ever gets paid back

    Biggest wealth transfer in world history
     
  3. doughhead63

    doughhead63 OD'd on life itself Staff Member

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    And this shocks you?
     
  4. Stew Nod

    Stew Nod Hello VIP

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    Nope
     
  5. Lemmy

    Lemmy Douchebag Extraordinaire Gold

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    I'm more pissed that I got suckered into a $20 Xmas raffle ticket this morning. :pissed:
     
  6. Stew Nod

    Stew Nod Hello VIP

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    That's when ya pull the ...oh uhh...damn I forgot my wallet :c
     
  7. doughhead63

    doughhead63 OD'd on life itself Staff Member

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    Yeah...but you are right; it still pisses you off to see what these fuckers do...no shame at all...Dick Cheney-like behavior.
    Animals...vicious blood sucking animals.

    gphnY.gif
     
  8. Stew Nod

    Stew Nod Hello VIP

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    lol
     
  9. Lemmy

    Lemmy Douchebag Extraordinaire Gold

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    I usually do.....I started filling it out before I asked how much it was for. Dummy tax. :c
     
  10. sstressed

    sstressed enhancement toker VIP

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    one of the quickest ways to wealth in this country is to be a politician or the friend/relative of politicians. local, state or federal, it doesn't matter.

    they all get lifetime benefits for "serving" the people.

    nice gigs if you can get them.
     
  11. doughhead63

    doughhead63 OD'd on life itself Staff Member

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    Nah, you are a good dude; they were taking advantage of your generous nature :hat:

    Never been a more correct on post on the interwebs...
     
    Last edited: Nov 25, 2013
  12. Schmoopy

    Schmoopy Shit Mult Hunter

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    Thanks Obama. :facepalm:
     
  13. Popeye Saavedra

    Popeye Saavedra Well-Known Member

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    Lemmy, you sucker. :c
     
  14. VarmintSam

    VarmintSam Well-Known Member VIP Gold

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    bump
     
  15. synch22

    synch22 Well-Known Member

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    Happiness with loved ones is rich. Not those digital digits these guys can fuck with to decide whose winning $ wise. Its shit
     
  16. Stew Nod

    Stew Nod Hello VIP

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    Just feel like pointing this disgusting shit out......Our media seems to have the middle class focusing on social welfare abuse....no doubt it exists and it's wrong

    but it's a drop in the bucket compared to this stuff
     
  17. Daveindiego

    Daveindiego Confirmed Internet Legend Gold

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    a.) Old news is very very old.

    b.) Geitner spent his entire working life in public service. He is a brilliant mind, why should he not cash in on his education and ability?


    Last I checked, that is the American way, right? :smile:
     
  18. Stew Nod

    Stew Nod Hello VIP

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    I'm shocked....Dave is defending yet another disgusting display of Obama's vile policies.....Crime of the century and he defends it

    shocked I tell ya
     
  19. Daveindiego

    Daveindiego Confirmed Internet Legend Gold

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    The man left Government service (after a lifetime) to go into the private industry. What is the problem here? :scratch:


    Once again, this is America, in case you forgot. :smile:
     
  20. Stew Nod

    Stew Nod Hello VIP

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    The guy who runs on open and fair government, no more cronyism

    Appoints a wall st connected tax cheat to run the Treasury dept in his first month. Then reappoints Bernanke to the fed, proving they are all the same.....repubs and dems. Run by wall st

    :facepalm: