“Counsellor”: a euphemism for special interest promoter

Last month Obama delivered yet another speech of strong talk against Wall Street antics:
“We will not go back to the days of reckless behaviour and unchecked excess that was at the heart of this crisis, where too many were motivated only by the appetite for quick kills and bloated bonuses.” But sadly, so far, words are all we have from all the promises of reform.
This morning Bloomberg reports that under the moniker of “counsellor”, Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms:
“The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.
As part of Geithner’s kitchen cabinet, Sperling and Sachs wield influence behind the scenes at the Treasury Department, where they help oversee the $700 billion banking rescue and craft executive pay rules and the revamp of financial regulations. Yet they haven’t faced the public scrutiny given to Senate-confirmed appointees, nor are they compelled to testify in Congress to defend or explain the Treasury’s policies.”

Watch this clip: Geithner Aides Made millions helping banks, Hedge Funds
This abuse of fiduciary duty should make us noxious. It is a flagrant breach of public trust. It is an embarrassment to the government, the nation and an affront to voting people everywhere.

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One Response to “Counsellor”: a euphemism for special interest promoter

  1. Anonymous says:

    It truly is back to business as usual. With Geithner and Summers running the show, the chances that the financial system will undergo serious reform are slim to none. If the mainstream media covered financial-system shenanigans as fearlessly as Bill Moyers, I imagine Obama's hopelessly compromised economic team would be shaken up in no time.

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