Tim Geithner, Super Star Or Super Slug? Who is to Blame?

timothy_geithnerHow could anyone have said Tim Geithner was the only person to handle our Treasury Department?  What idiot or idiots would select a ’financial wizard’ that can’t even figure his own taxes to be in charge of the Internal Revenue Service?  Who voted to approve him after he was determined to be a tax cheat?  Does this guy inspire confidence in you?  Should the people who put him in his current position get a free pass by simply pointing their finger at him and others?  What about his job performance?  What about their job performance?  What about you and me for voting for them?  Oops, I didn’t vote for them!

Things We Knew Then

Here is what we knew before he was confirmed by the House and Senate to lead our Treasury Department: (click here)

  1. He looks like a wimp.  (reminds me of the guy in the Movie “Ghost” that tried to steal the money)
  2. He has an Ivy league education with lots of political connections.
  3. He was a young “up and comer” in the his field.  Definitely not a Boomer!  I ran into a few of these types myself in industry.  They can influence and impress the crap out of the key executives with Power Point Presentations but can’t figure out how to poor piss out of a boot with the directions written on the heel.  He even looks like one of them I remember we called “Opie”.   His initials were A.S.S.
  4. We were told by the Obama Administration that Tim Geithner was the only person capable of leading the Treasury Department through this economic crisis.   (If you can’t Dazzle them with the Data, then Baffle them with Bull shxt)
  5. He played a pivotal role in the decision to bail out AIG and also the decision not save Lehman brothers from bankruptcy.
  6. Here is a guy who hasn’t held a single job in his career for more than three years!  I call them job jumpers.  They usually end up as consultants because no one will hire them anymore.
  7. He cheated on his taxes … at least twice!  (Claims he used Turbo Tax).  I have used Turbo Tax myself for many years.  Some of my returns were very complicated, some were not.  I can tell you this for sure.  Turbo Tax is an excellent, simple to use program.  It is well designed to insure your taxes are correct and all inclusive.  Turbo Tax simply won’t let you make errors unless you know how to cheat on your taxes.   I call it “Tax Returns for Dummies”.  It is unthinkable that this administration put in place a person to lead the US Treasury Department (including the IRS) that can’t figure out how to use Turbo Tax.  Timmy cheated on his taxes! … Intentionally!!

See the following excerpts from Wikipedia:

  • At the Senate confirmation hearings, it was revealed that Geithner had not paid $35,000 in self-employment taxes for several years, even though he had acknowledged his obligation to do so, and had filed a request for, and received, a payment for half the taxes owed. The failure to pay self-employment taxes was noted during a 2006 audit by the Internal Revenue Service(IRS), in which Geithner was assessed additional taxes of $14,847 for the 2003 and 2004 tax years. Geithner also failed to pay the self-employment taxes for the 2001 and 2002 tax years until after Obama expressed his intent to nominate Geithner to be Secretary of Treasury. He also deducted the cost of his children’s sleep-away camp as a dependent care expense, when only expenses for day care are eligible for the deduction.  Geithner subsequently paid the IRS the additional taxes owed, and was charged $15,000 interest, but was not fined for late payment. As President of the Federal Reserve Bank of New York, Geithner annually completed an ethics statement noting any taxes due or unpaid, along with any other obligations. Geithner’s completed statement did not surface during confirmation hearings.
  • In a statement to the Senate panel considering his nomination, Geithner called the tax issues “careless,” “avoidable” and “unintentional” errors, and he said he wanted to “apologize to the committee for putting you in the position of having to spend so much time on these issues.”  Geithner testified that he used TurboTax to prepare his own return and that the tax errors are his own responsibility.  This statement is in conflict with statements by the Obama campaign that Geithner was advised by his accountant that he did not owe the taxes.   The Washington Post quoted a tax expert who said that Turbo Tax has not been programmed to handle self-employment taxes when the user identifies himself as being employed.  Geithner said at the hearing that he was always under the impression that he was an employee, not a self-employed contractor, while he served as director of the Policy Development and Review Department of the IMF.  Geithner comments are contradicted by the Senate report that showed he was not only informed of his status, but that he actively applied for the allowance.

The “Peter Principle”

Most boomers remember the “Peter Principle”?  If not, it simply states that in a hierarchically structured administration, people tend to be promoted up to their “level of incompetence”. (click here) Tim Geithner, Barney Frank, Nancy Pelosi, Harry Reid, Chris Dodd, and most all of our other Representatives and Senators are perfect examples of the “Peter Principle”!  All have risen through the hierarchy structure and have already reached their level of incompetence.

Timmy’s Resume – A Quick Study – Doesn’t Spend Much Time Anywhere!

  • After completing his studies, Geithner worked for Kissinger and Associates in Washington, D.C., for three years.
  • He then joined the International Affairs division of the U.S. Treasury Department in 1988.
  • He went on to serve as an attache’ at the US Embassy in Tokyo.
  • He was deputy assistant secretary for international monetary and financial policy (1995–1996).
  • He was senior deputy assistant secretary for international affairs (1996-1997).
  • He was assistant secretary for international affairs (1997–1998).
  • He was Under Secretary of the Treasury for International Affairs (1998–2001) under Treasury Secretaries Robert Rubin and Lawrence Summers. Summers was his mentor, but other sources call him a Rubin protégé.
  • In 2002 he left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department.
  • He was director of the Policy Development and Review Department (2001-2003) at the International Monetary Fund.
  • In October 2003, he was named president of the Federal Reserve Bank of New York. His salary in 2007 was $398,200.
  • Once at the New York Fed, he became Vice Chairman of the Federal Open Market Committee component. His somewhat caustic and arbitrary management style was often evidenced during his tenure with the Federal Reserve.
  • In 2006, he also became a member of the Washington-based financial advisory body, the Group of Thirty.
  • In March 2008, he arranged the rescue and sale of Bear Stearns.
  • In the same year, he is believed to have played a pivotal role in both the decision to bail out AIG as well as the government decision not to save Lehman Brothers from bankruptcy.

Things We Know Now!

  • Who cares?  Obama said confirm him Anyway! … And they did!
  • In spite of the all these things everyone knew, he was confirmed anyway by the Democratic House and Senate without much opposition from Republicans.
  • There were no tough questions  like I remember from the same Democratic Representatives and Senators over every single appointment made by the prior administration.  No Contest!  Only answer, “We Won!  You Lost!
  • The very people who voted to confirm him claim zero responsibility.
  • The very people who voted to confirm him act like they had no idea that this guy might not always act in a credible and ethical fashion.
  • The very people who voted to confirm him in are now bailing ship on him and asking for his resignation.
  • Even Barney Frank who was a strong supporter claims no personal responsibility for this current financial blunder.
  • Barney is now pointing his finger and wanting to tie performance to bonuses at AIG.   Here is a guy that if you tied his job performance to a bonus plan, it should have resulted in a strip search and disinfectant shower before being locked up!
  • He still looks like a wimp, but now we know why he was the only choice.  He just doesn’t have the balls to stand up to the administration!  He is a blind follower, not a leader.

Living Up To Low Expectations

What do these people expect?  When is it time to hold those responsible for the ignorant political partisan decisions responsible for their acts of stupidity?  When is it time for our Senators and Representatives to represent us?  When is it time to quit blaming the prior administration for every stupid partisan decision made not only in the past, but also being made in the present and future?

The simple American worker is expected to file an accurate income tax return once a year, regardless of their intelligence, education level, or experience.  Shouldn’t we at least expect the person selected to head up the US Treasury and the IRS  be capable of doing the same?  A doctor, nurse, factory worker, janitor, garbage man, teacher, mechanic, construction worker … etc. are all expected to now how to do this, but the Secretary of the United States Treasury (including the IRS) is not!  When is it time for them to quit assuming we are all idiots?  Who are the real idiots?

So … Who is to blame?

  • We (the American public) are … at least partly … for living up to the low expectations of our representatives!  They continue to think we are idiots and we continue to act like it by continueing to vote for them.  We just promoted a pretty good, but inexperienced, junior Senator from the Illinois corruption machine to President of the United States per the “Peter Principle”.  No real accomplishments, no real experience, no real background check, no matter.
  • They (the politicians) are … a whole lot … for not putting the American taxpayer ahead of their party and personal gain or ever taking responsibility for their actions.  They don’t even read the bills they vote on.
  • Him (Tim Geithner) is … but only … for being stupid and arrogant enough to think he knows the answers.  It really isn’t his fault.  He is simply an living example of the “Peter Principle”!  Would you turn down a job that you weren’t qualified for?  I bet this  job doesn’t last long either.

Advise From P. B.

It is time for someone … anyone … to step up and say they just may have made a mistake!  However, they are all so erkel-obamaincompetent and wrapped up in their own personal politics they refuse to admit that possibility.  Unfortunately, if we get rid of all the incompetents in the House and Senate there won’t be anyone left to vote for.  As for our President, he still hasn’t even acknowledged “the serge”  in Iraq  just might have worked!  He isn’t about to admit to his calamity of errors in choosing his own cabinet.  He officially took office in January and is still is blaming the prior administration for bills that haven’t been signed yet in March.

Here’s some advice for ya, Barrack … don’t sign them!  While you are at it, fire Geithner and give Nancy P. a big kiss for all of us.  Preferably not on the  A___! … again!  Papa B.

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