Turn, Turn, Turn: Geithner's Fed appointee cashes out to Goldman 

Tim Geithner is bothered that folks somehow lump him in with Goldman Sachs. He never did work there, but it's increasingly easy to understand the mistake. He counts as his mentor Goldman consultant Larry Summers. His Treasury chief of staff is Goldman lobbyist Mark Patterson.

And now, his appointee to the New York Fed, Theo Lubke, who was the Fed's point man on derivatives regulation, has cashed out to Goldman to work on, um, derivates regulation. From Bloomberg:

Goldman Sachs is hiring Lubke five months after Congress mandated the regulation of the $583 trillion over-the-counter derivatives market, which complicated efforts to resolve the financial crisis. The reforms threaten to cut profits at dealers because they will make swaps prices known to the public. Lubke’s new firm employs a former New York Fed president and has an ex- Fed board chairman as a director. The current president of the New York Fed, William Dudley, also worked there.

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Timothy P. Carney

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