What critics missed about treasury chief - By Jerome Corsi

OBAMA WATCH CENTRAL

Geithner presided over Wall Street collapse as regional Fed president

By Jerome R. Corsi © 2009 WorldNetDaily NEW YORK – While the nomination of Treasury Secretary Timothy Geithner generated plenty of heat because of his failure to pay income taxes for five years, almost unnoticed amid the controversy is the fact that he presided over the failure of some of the largest banking institutions in the world – institutions he was charged with overseeing and regulating as head of the New York region of the Federal Reserve Bank. On Nov. 17, 2003, Geithner became the ninth president and chief executive officer of the Federal Reserve Bank, a position he held until he was nominated by President Obama as treasury secretary. The Federal Reserve's charter makes it responsible for the strength of the financial institutions operating in each of its 12 regional districts. The Federal Reserve Bank of New York presides over Wall Street-based financial institutions. [Continue Reading]

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