Geithnergate Will it Go Away?

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Would You Buy Stocks from Tim Geithner?

Tim Geithner has been President of the FED of New York since 2003, it is therefore particularly worrying that Geithner, who will be responsible for overseeing the Internal Revenue Service, forgot to pay over $34,000 in federal taxes and we are assked to believe that the reason he didn't pay was that he 'forgot' - well that's OK then - the guy's just incompetent, not a crook.

But why would Obama want someone incompetent in charge of US finances?

In addition, the Senate Finance Committee found other violations by Geithner, including his use of a "child's time at overnight camps to calculate dependent-care tax deductions", which is not allowed. And that he employed an immigrant whose work eligibility had lapsed as a household employee.

That's three counts of incompetence so far and the guy hasn't even started his job yet.

Barack Obama has called this an "embarrassment", there are plenty of people in the US who are calling it a lot more, and there other people in the US who wish it would just all go away. But will it? And should it?

The Editor of the Des Moines Register has said : "It arouses suspicion that Geithner thought he could get away with these oversights to save some money, not the sort of integrity that the president-elect has sought for his administration." The comment on his site are even more disparaging. Stormin for example wrote "The trouble is he will get confirmed cause the crooks are operating the bank and the lunatics are running the asylum."

Senators are being urged to get to the bottom of what Geithner did, but whether they will is another matter. I suspect the whole matter will be brushed under the carpet just like in the good old days before Saint Barack everything changed.

[Update : 5 weeks after taking office President Obama and Tim Geithner still have not come up with a detailed economic recovery plan - the markets have fallen around 1200 points a a result and look likely to continue falling - all the way down to 6000 on the DOW if Glodman Sachs are to be believed]