Who Knew?

(Author’s Update Below)

Well, well, well. When Davis, Polk & Wardwell are sitting on your site day in and day out; you just gotta wonder why? I am a patient monster; really, I am, and I think that maybe this proves the point about bloggers being followed because we actually do have our fingers on the pulse of America.

Treasury secretary’s choice for deputy withdraws

WASHINGTON (AP) — The person Treasury Secretary Timothy Geithner wanted as his chief deputy has withdrawn from consideration, dealing a setback to the understaffed agency as it struggles to address the worst financial crisis in decades.

Annette Nazareth, a former senior staffer and commissioner with the Securities and Exchange Commission, made “a personal decision” to withdraw from the process, according to a person familiar with her decision.


Nazareth, 53, a partner at the law firm Davis Polk & Wardwell, could not be reached for comment.

So as of this morning, Annette Nazareth and Dr. Gupta have declined the invitation to serve at the pleasure of the president and Timmie is flying solo at Treasury, and we all know that having the Treasury run by one Turbo Tax dodging corruptocrat is probably counter-productive.

Geithner has been criticized for staffing his department too slowly as it grapples with a banking crisis that has crippled the economy. Uncertainty about Treasury staff also has unnerved financial markets.

Five weeks into his tenure, he has yet to name a single top deputy or assistant secretary. This has left Treasury with too few people authorized to make decisions or represent the department in meetings with stakeholders.

After initially declining to comment, Treasury spokesman Isaac Baker emailed a statement saying 50 political appointees at the department already are hard at work.

“Any rumors of vetting problems or delays in the process are simply not true,” Baker’s statement read.

The department has been meeting with members of the financial services industry as it oversees the government’s $700 billion financial bailout and other parts of President Barack Obama’s financial stabilization plan.

But at a Senate hearing Thursday about failed insurance giant American International Group Inc. — which has received four separate bailouts totaling more than $170 billion — Sen. Chris Dodd said he had asked Treasury for someone to appear, but that no one was available.

“I am not pleased that we don’t have someone here from Treasury to explain what their role in this is,” Dodd said.

Geithner’s choice for undersecretary of international affairs, Caroline Atkinson, also withdrew from consideration, the Wall Street Journal reported Thursday.

Nazareth’s withdrawal may signal what we all knew from the beginning; that the center (Bambi)  IS actually smoke and mirrors, and of course, cannot hold.  It is like watching rats jumping off a burning ship.  I personally love the idea that this “money person” is not going to be anywhere near our government financial system considering she is part of the problem.

Nazareth joined the SEC in 1998 as senior counsel to then-Chairman Arthur Levitt, later directing the Division of Market Regulation. She is credited with creating numerous key policy changes.

She created the voluntary program intended to supervise large investment banks including Goldman Sachs, Morgan Stanley and the now-defunct Bear Stearns and Merrill Lynch. The program was canceled in September as the financial crisis erupted and the remaining investment banks converted themselves into bank holding companies.

Some on Capitol Hill had expressed concern that Nazareth was too closely associated with the weak federal oversight that contributed to the banking collapse. Among her responsibilities at Treasury would have been overseeing the creation of a new regulatory system for large financial institutions.

Geithner told a Senate panel Wednesday that he hoped “to come up for the committee soon with a full slate of very strong people.”

“We’re doing this carefully, as you would expect, and … trying to make sure we have the best talent in the country,” he said.

Geithner’s lack of a senior staff has raised concerns on Wall Street.

“This doesn’t help confidence,” said David Wyss, chief economist at Standard & Poor’s in New York. “Geithner is stuck there all by himself trying to do everything. They don’t have anybody confirmed, and Treasury is a big shop to try to run with one person, especially right now.”

And it appears the rest of the country is catching up to us when we knew that these corruptocrats were not qualified to run the biggest economy in the world.  I’m still for drafting Steve Wynn for president until the economy turns around.  I am sure that a company that has the foresight to have $1.1 BILLION in cash on hand at a time like this, and is cutting spending and reducing salaries instead of laying people off might actually know how to turn this economy around; Timothy?  Not So Much.  (Back to Bambi’s Buddy)

David Jones, head of Denver-based economic consulting firm DMJ Advisors, said that Geithner’s missteps in putting together a financial rescue program and his inability to assemble a team at Treasury were raising concerns about whether the new administration’s economic team is up to the challenges confronting them.

“There is no question that Wall Street is losing patience,” said Jones, who for more than three decades served as a top economist at a major bond trading firm. “If there was ever a time when we need an effective and strong Treasury secretary, it is now.”

Jones said that investors had initially viewed the economic team that Obama was assembling favorably because it included experienced hands such as Summers and Volcker.

“There were high expectations for this team, but at this time of crisis, it doesn’t seem to be functioning effectively,” Jones said.


I personally am calling for the President and Treasury Secretary to step down and let the grown-ups who have actually done the homework, read their history, and are not trying to turn this country socialist, work their magic on the economy.

A message for Rahm, Hillary and the rest of the Alinsky “never waste a good crisis” crew; we know what you are doing and we are not going to let it happen. Keep pushing, and we will push back.


Author’s Update:

Message (3-9-09):

Davis, Polk & Wardwell:

As much time as you are spending here, you might want to join in the conversation and enlighten the unwashed masses, yes?

By Logistics Monster


  • What can you expect when you put a tax cheat in charge of the money? The people he would pick to work with him have to be as crooked as he is, and with the bloggers working overtime these days vetting the people the politicians won’t, it is difficult for him to find someone who fits his reqirements and would still pass muster. If you can’t even use Turbo Tax successfully you must not be the brightest bulb in the chandelier.

    Both Summers and Volcker carry baggage too, although of a diffenent kind.

  • VEEERRRRYYY interesting. I love your investigative pieces- you are amazing.

    The visual images of rats jumping off the burning ship is absolutely spot on! I am praying the biggest Rat of them all gets impeached soon!

  • Yeehaw! That is a great post, Diamond! Please keep us informed of who comes by to read this one.

    You are a rare, and wonderful blessing, my friend!

    Thank you.

    God bless America!

  • LAUGHING OUT LOUD! And if I have my way Sebelius won’t be confirmed….if she is confirmed my bet is she won’t last long because she will be up on charges in the State of Kansas for pay-to-play!

    OMG! I know what the politicians are up to in Kansas. They are waiting for Sebelius to be confirmed then they will take her down! My state senator friend is a very smart woman! Got to love those Kansans!

  • Someone, probably one of you loyal readers has sent me a birthday card via Hallmark and I unfortunately cannot read it. I appreciate the thought though. If you want to resend it – (because I am dying to read it), send it to LogisticsMonster at yahoo dot com.


  • I guess the fact that “your mommy worked for my daddy” can only get you so far, eh Turbo Tax Timmy? Is that the distinct odor of rubber I smell? Bus tires, perhaps?

  • I love coming here. Your posts are so right on. Your ability to do this research in your “spare time” [loving that idea] is impressive. Thank you, for teaching me so much about the economy and our government. Even those of us who knew we were being led by fools learned, and will continue to learn, a great deal from you.

  • Happy Birthday, late! Mine is March 4, & it basically sucked, but am so happy to still be here to fight the good fight that the sucky part just doesn’t really matter.

    We fishes must stick together & avoid the nets!

    God bless America!

  • Mary Ellen -

    David Gergen was on Larry King Live last night and he was complaining and whining about how difficult the vetting process is and thinks that we are being too hard on those who Obama and Company want to be in the Cabinet positions. He thinks we should lighten up and allow all those tax cheats and lobbyists to slide in. Why vet at all? I can’t imagine that any Democrat would have said this about the Republicans. They would be the first to cry foul if they wanted to lighten up on the vetting process. Honestly, these people are such hypocrites!

  • Mary Ellen -

    Ooops! I just read through the comments and realized that a Happy Birthday is in order, so here goes….



    Now, where’s the cake? There is cake right? Did I miss it???? Dang. 🙁

  • Genie! Happiest of Belated Birthdays to you! …and Davis showed up this morning, 3-7-09.

    Thanks to all for the b-day salutations!!

  • Thanks for the birthday greetings, Diamond & GG!

    Saudi Oil Co. & Davis, got it.

    Did you get a chance to see the video link I sent you of the Marines greeting “W” & Barry?

    The contrast is mind-boggling, even if you kind of expect it. The arrogance of the criminal punk immediately following W’s entrance at Anbar on Labor Day is sickening.

    The brief video is at American Thinker.

    God bless America!

  • We have talked often about Pampers not being President after a few months. Impeachment on the grounds that he can’t seem to hire anyone sounds as good a reason as any.

    Every putz in America that voted for this douche should get a punch in the stomach.

  • Shtuey, “every putz in America that voted for this douche should get a” one way trip to the communist country of our choice. “Our” meaning everyone who had the good sense to not vote for the criminal punk. Then be given the gift of having the criminal punk join them when we kick his worthless ass out of here!

    God bless America!

  • May I recommend Pok-ee-stan? I’ll bet they love him there!

    The only problem with that idea is that he might Kool-Aid his way back into power and attack America. I’ll stick with Guantanamo Bay.

  • The angst is there every day, I think. Sometimes we have to allow a little to escape so we don’t explode!

    I did that with my latest blog rant, & received my first ever anonymous comment: “you are nuts”

    I thanked whomever left the comment & said that I took it as a great complement from anyone who would say it.

    God bless America!

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