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Geithner tells of terror of crisis in memoir

  • Former Treasury Secretary Timothy Geithner is today set to release "Stress Test," his memoir of the financial crisis.
  • In the book, Geithner describes the "the terror of those days," and "the overwhelming burden of responsibility combined with the paralyzing risk of catastrophic failure," as well as "the loneliness and the numbness."
  • Geithner raises what the FT calls the "tantalizing possibility" of the Fed helping to finance a Barclays bid for Lehman Brothers, although it proved moot as U.K. regulators opposed such a deal. Geithner felt he was otherwise powerless to prevent the "catastrophic default" of Lehman.
Comments (1)
  • Ted Bear
    , contributor
    Comments (577) | Send Message
     
    Geithner walked in the footsteps of Paulson. Paulson saw an opportunity to grab a HUGE amount of money for his employer, Goldman Sachs, and thus we got "the sun won't come up tomorrow" speech, in spite of Congress trying to do the right thing.

     

    The rest is history and baggage which these men will carry to the grave: Weak economies, high unemployment, a moribund banking system, and deficits that can never be repaid.

     

    I doubt that Turbo Timmy stated in that way, however.....
    12 May, 07:40 AM Reply Like
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