It is fairly evident by now that the White House and the Treasury have been pushed into a corner and will have to nominate, or possibly appoint, Elizabeth Warren, currently the chair of the Congressional Oversight Panel created to investigate the U.S. banking bailout (TARP), to be the head of the newly created Consumer Financial Protection Bureau. While she is eminently qualified and was the inspiration for the creation of the new agency, what is their objection? The Treasury Department and the President’s Council of Economic Advisors is a an “Old Boys’ Club” headed by an out right sexist, misogynist, Larry Summers and a closet one, Timothy Geithner. While Geithner has not out right said he opposes Warren, his statement that she was qualified was not a “bell ringer”.
As pointed out by Amy Siskind at the Post this is not Geithner’s “first clash with women in power”
One of his first acts in the role of Treasury Secretary was to attempt to push out FDIC Chairwoman Shelia Bair. As Rep. Barney Frank observed: “I think part of the problem now, to be honest, is Sheila Bair has annoyed the ‘old boys’ club…we have several regulators up in the tree house with a ‘no girls allowed’ sign…”
Geithner’s inability to respectfully interact with women in positions of power was further in evidence when he was questioned in April by the Congressional Oversight Panel. Warren rightfully asked Geithner about AIG’s funneling billions of taxpayers’ dollars to Goldman Sachs: Do you know where the money went? Geithner could barely conceal his disdain: watch his angry, condescending response here.
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