“Geithner was president of the Federal Reserve Bank of New York from 2003 to 2009, the critical years leading up to and including the financial crisis. He has never worked on Wall Street. By design, the New York Fed has traditionally been the most powerful of the Federal Reserve banks, because of its proximity to the powerful Wall Street banks that it regulates. And Geithner played a major role, along with Bernanke and then Treasury Secretary Henry Paulson, in the bailouts of Bear Stearns Cos., Merrill Lynch, American International Group Inc. (AIG) and in the decision to allow Lehman Brothers Holdings Inc. to go bankrupt.”

http://www.bloomberg.com/news/2012-12-16/smart-money-is-on-geithner-to-replace-bernanke.html

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