Timothy Geithner

By: Andrew Gavin Marshall

Originally published: 7 July 2015

Despite the 2008 Wall Street crash and government promises of reform, the old back-scratching ways of special favors and influence are again in vogue – as if they were ever out of style, writes JP Sottile. By JP Sottile You’ve…Read more →

It’s not a bank, nor an insurance company, central bank, finance ministry or sovereign wealth fund. But it advises or owns such institutions. It operates virtually unregulated, often in the background, yet there is scarcely a company, country or region of the planet that this, the world’s largest asset management firm, does not touch or influence.

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The meteoric rise to power of Barack Obama in 2008 was propelled by one of the greatest demagogic US Presidential campaigns of all time: To millions of young Americans, he promised to end the US wars in the Middle East. To millions of working and middle class voters, he promised to end the economic crisis by confronting Wall Street. To women, he promised to protect and expand their social rights and end the gender gap in wages and salaries.

Following parts one, two and three of the Global Power Project’s Group of Thirty series, this fourth and final installment focuses on a few of the G30 members who have played outsized roles both in creating and managing various financial crises, providing a win

Former Treasury Secretary Timothy Geithner, a protégé of Treasury Secretaries Rubin and Summers, has received his reward for continuing the Rubin-Summers-Paulson policy of supporting the “banks too big to fail” at the expense of the economy and American people. For his service to the handful of gigantic banks, whose existence attests to the fact that the Anti-Trust Act is a dead-letter law, Geithner has been appointed president and managing director of the private equity firm, Warburg Pincus and is on his way to his fortune.