Treasury Secretary: Tim Geithner

[Sam Spade]

Sounds like the perfect guy to succeed Paulson.

[Sam Spade]

Regardless, anything is an improvement to Paulson.

Geithner is different from Paulson, how

(other than Paulson may know how to report his taxes correctly)

[Sam Spade]

Pretty much expected. Clever timing on the announcement though. Now the endangered banks have 60-70 hours to figure out a game plan for next week.

huh?

As president of the New York Federal Reserve Bank since Oct 2003, it was Tim Geithner's job to regulate the banks, and we can see how that went.  Then, in mid Sept 2008, it was HIS decision to let Lehman fail even though it was too big to fail without bringing down the whole banking system.

And now this guy is going to be Treasury Secretary?!

ooops!  Now it comes out that Geithner failed to pay taxes totally $34k from 2001 thru 2004, and has recently had to pay other sums of unpaid taxes immediately prior to his nomination...and this guy is going to run the Treasury?!

D:

how does someone get away with not paying their taxes when they're the head of a freakin' regional fed bank?



edit. okay, it was while he was working for the IMF, he was technically self-employed somehow, so he had to pay payroll taxes on himself both as an employee and employer (which seems kind of silly- I didn't know people had to do that) but he didn't do both. Apparently as soon as the IRS pointed it out he paid them back with interest.

So, not quite as bad as it first sounded. Possibly even a misunderstanding?

source:

http://online.wsj.com/article/SB123187503629378119.html?mod=googlenews_wsj

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every dba or self-incorportated person knows you have to pay both sides of Social Security, it is clearly spelled out in Schedule SE.  The fact that didn't know the mere basics of the tax code while working for the IMF is shocking predictable.

Corrected.