Updated: Regulators won’t back down…Tiny Tim curses out Sheila Bair and Mary Schapiro…
Update from MM The regulators aren’t backing down. Excellent.
…Reuters sheds more light on the turf battle between Geithner/Emanuel and the regulators:
Top U.S. bank regulators will speak out on Tuesday against some key elements of the Obama administration’s plan to reshape financial regulation, saying parts of it were unneeded or could be disruptive.
The officials’ defiance, in prepared congressional testimony obtained by Reuters, came despite a warning given to them on Friday by Treasury Secretary Timothy Geithner.
In private remarks punctuated with expletives, Geithner urged the regulators to end their turf battles and show support for President Barack Obama’s plan, according to a person familiar with the situation on Monday.
But that seemed to have little impact on John Bowman, acting director of the Office of Thrift Supervision (OTS), an agency slated for closure under the Obama plan.
“We do not support the administration’s proposal to establish a new agency, the National Bank Supervisor (NBS), by eliminating the Office of the Comptroller of the Currency … and the OTS,” Bowman said in written remarks to be given to the Senate Banking Committee at a hearing…
Since Sheila as head of FDIC, won’t just GIVE away the regulatory power to Treasury, Timmeh is mad mad mad. No doubt he stomped his foot, making him look even more like Rumpelstiltskin were that possible….
By dequalss
Timmeh and Larry Summers together are like the Hot and Cold Misers..seriously, look at the faces…then add the personalities…
Treasury Secretary Timothy Geithner blasted top U.S. financial regulators in an expletive-laced critique last Friday as frustration grows over the Obama administration’s faltering plan to overhaul U.S. financial regulation, according to people familiar with the meeting….Mr. Geithner told the regulators Friday that “enough is enough,” said one person familiar with the meeting. Mr. Geithner said regulators had been given a chance to air their concerns, but that it was time to stop, this person said.
Among those gathered in the Treasury conference room were Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp. Chairman Sheila Bair.
Friday’s roughly hourlong meeting was described as unusual, not only because of Mr. Geithner’s repeated use of obscenities, but because of the aggressive posture he took with officials from federal agencies generally considered independent of the White House. Mr. Geithner reminded attendees that the administration and Congress set policy, not the regulatory agencies.
Mr. Geithner, without singling out officials, raised concerns about regulators who questioned the wisdom of giving the Federal Reserve more power to oversee the financial system. Ms. Schapiro and Ms. Bair, among others, have argued that more authority should be shared among a council of regulators.
Well, gee since only Ben, Tim, Mary and Sheila were in the room, and the argument is that Ben should get more power which Mary and Sheila are resisting, clearly he can only have been cursing and threatening Mary and Sheila…just like his boss, he has an issue with powerful women who get in his way…..frakker…It’s kind of TOTUS’ karma ain’t it? Everywhere he turns middle aged women are in his way….I’ve got news for them, Sheila is one tough ‘cookie’ she isn’t rolling over for anyone…heh..
Shorter Timmeh/Rumpelstiltskin “If I say we can turn this damned straw into gold then we can!”
Hey I tried not to make elf comparisons and then People mag named him and I kid you not, one of the sexiest men of the year. Well alrighty then…guess they haven’t seen any CW shows last season….
See MM for more coverage…
Johnny Cash courtesy of askeboy
Moderate in the Middle 