Stop Trading! Geithner Is Innocent (1/13/09)

Stocks discussed on Jim Cramer’s Stop Trading! TV program, Tuesday January 13.

While Cramer has had some harsh words in the past for Tim Geithner, Obama’s choice of Treasury Secretary, he doesn’t believe the allegations that Geithner hasn’t paid all of his taxes and had an illegal immigrant working in his home, “I am going to give this guy enough credit to say that this could not have happened,” Cramer said, “and that Geithner didn’t do this. It’s just too shocking.” No normal person would risk being in the public eye and embarrassing the President if he had this on this record. However, if the allegations are true and if Geithner has to withdraw his nomination, Cramer thinks Sheila Bair should step in.

CNBC’s John Harwood said the Republicans are making a lot of sound and fury over this and the allegations are a “trivial technical violations”: the housekeeper’s immigration papers expired while she was employed and she later got a green card. Geithner reportedly sorted out his tax irregularities a while back. CNBC’s Steve Leisman said there is a disagreement about how International Monetary Fund officials should be taxed (the problem happened while Geithner was working there) and when Geithner was audited, he paid what he owed.

“We’ve seen egregious examples of this,” Liesman said. “This is not shaping up as if it’s one right now.”

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Comments

[Duke Wong:]

Recently, we have too much bad news. At this moment, I more concern about our economic. Does Tim Geithner have enough ability to take care his job as Treasury Secretary? Could he be able to resolve the currently crisis?

Jan 14 08:26 AM

[sr9web:]

If this guy had been nominated by Bush, the media would be SCREAMING about this...

Jan 14 03:05 PM

[Britishsteel:]

Be aware I posted earlier and told it like it is and they removed my post seeking alpha censors you I posted nothing inappropiate just the facts

Jan 15 12:21 AM

[Fitz9:]

Mainstream news services have not reported on this story correctly. Dennis Gartman and Cumberland Advisors have. The facts seriously call into question Geithners judgment. Is this Change we can believe in?

Jan 15 11:56 AM

[overtaxed42...:]

I've seen nothing but negative facts coming to the surface about this nominee to treasury. He should not be the secretary of treasury for the simple fact that he could not even do his own books or get away with trying to cheat on them. He will be a ram-rod puppet for the likes of Bernanke and the world banking community. Oh well-if Obama wants him, the Congress will approve him since its all about partisanship these days. Yeah for the way of our country's political system. Set up to screw us all and benefit the ones on top. All the way from Washington to Wall St. Take our money and give it to huge corporations that have screwed up and screwed us completely now for over thirty years.

Jan 22 01:43 AM