Fed's Geithner Evaded
Taxes at IMF, Used Statute of Limitations Later, Mishanded Citigroup
Byline: Matthew Russell Lee of
Inner City Press at the UN: News Analysis
January 14 -- While working for the
UN-affiliated International Monetary Fund earlier this decade, Treasury
Secretary-nominee Timothy Geithner did not pay required taxes to the
Department's Internal Revenue Service. This would seem to be
be diplomatic, Geithner's ability to gain confirmation by the U.S.
oversee the IRS.
This would seem to
be problematize, to be
diplomatic, Geithner's ability to gain confirmation by the U.S. Senate
oversee the IRS. But Democratic Senators and Barack Obama himself are
Geithner's an "innocent mistake" which should not impinge on
confirmation. Some ask how a financial whiz, head of the Federal
of New York, would claim ignorance of basic tax law as a defense.
hid behind the statute of limitations to refuse to pay $25,000 in taxes
and 2002: "A three-year statute of limitations had precluded the [IRS]
auditing the 2001 and 2002 tax returns." But his supporters argue that
Geithner's expertise is needed to confront the global financial crisis.
But what of
Geithner's role, as the President of the New York Fed, in
an institution which has already swallowed $45 billion in Troubled
Relief Program funds, and billions more in guarantees for toxic loans
its books? Said otherwise, how can those who oversaw -- or turned a
to -- the origins of the financial meltdown be presented as the only
can now save the day?
Barack Obama introduces Timothy Geithner,
unpaid taxes and Citi-snafus not shown
Citigroup, sources say that the Feds are pushing Richard Parsons to
as the embattled company's chairman. He ran Dime Savings Bank, part of
now-collapsed Washington Mutual franchise. At Citigroup's annual
Inner City Press asked questions about predatory lending from the floor
Carnegie Hall, Parsons never spoke up.
What did he think of the questions, of Citigroup's
predatory lending with Commercial Credit, Associates First Capital and
CitiFinancial? The questions should be answered.
Federal Reserve Board is Randy Kroszner, who had served the Fed's point
Governor on community and consumer issues. A new Fed advisor on these
was recently withheld from the press without explanation by the Fed's
relations office. Fed chairman Ben Bernanke hides behind the Federal
Markets Committee news blackout requirements in order to skip speaking
non-financial audiences, but disagrees with and ignored the requirement
public notice and comment while granting bank holding company status to
Stanley, CIT, Goldman Sachs and GMAC.
approach to the law, by both
Bernanke and Geithner -- is this what would help to solve the financial
Click here for Inner City Press'
review-of-2008 UN Top Ten debate
Click here for Inner
City Press' December 24 debate on UN budget, Niger
Click here from Inner City Press'
December 12 debate on UN double standards
Click here for Inner
City Press' November 25 debate on Somalia, politics
Click here for Inner City
Press Nov. 7 debate on the war in Congo
Watch this site, and this Oct. 2 debate, on
UN, bailout, MDGs
and this October 17 debate, on
Security Council and Obama and the UN.
* * *
usually also available through Google
News and on Lexis-Nexis.
for a Reuters
AlertNet piece by this correspondent
about Uganda's Lord's Resistance Army. Click
for an earlier Reuters AlertNet piece about the Somali
Reconciliation Congress, and the UN's $200,000 contribution from an
undefined trust fund. Video
UN Office: S-453A, UN, NY 10017
Reporter's mobile (and
earlier Inner City Press are listed here, and some are available
in the ProQuest service, and now on Lexis-Nexis.
2006-08 Inner City Press, Inc. To request
reprint or other permission, e-contact Editorial [at]