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November 19, 2013

A Conflict in Geithner’s New Job? Not Exactly

Within 24 hours of  Timothy F. Geithner’s announcement on Saturday that he would join Warburg Pincus, the private equity firm, a parade of naysayers emerged, almost like clockwork, to criticize the former Treasury secretary’s move as a prime example of the evil of the government’s revolving door.

“’It’s hard to believe someone like Geithner, with no investment or private sector experience, would be worth the millions he will surely earn each year if he didn’t also turn heads at the highest levels of government,’ Noam Scheiber of The New Republic wrote.

Dennis Kelleher, president of Better Markets, a Wall Street watchdog organization, sent an email statement: ‘Geithner’s spin through the revolving door to cash in on his ‘public service’ will enrich himself, further erode public confidence in government and give the finance industry more access and influence at the highest levels of government worldwide.’

While there’s nothing good about the ‘revolving door’ between Washington and Wall Street, there’s something quite odd about the developing narrative about Mr. Geithner’s move, because it is hard to argue Mr. Geithner ever spun through the revolving door even once.”

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Read full New York Times article here

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