The U.S. Treasury Department is the central headquarters of Wall Street, and Timmy Geithner is its demigod. The coup of the Treasury Department, which promotes itself as the “steward of U.S. economic and financial systems,” means an economy and financial system run by and for the Wall Street oligarchy, with Goldman Sachs spearheading the ruling class.
Bloomberg runs a “breaking news” headline at the top of its page this morning: “Geithner Aides Reaped Millions Working for Banks, Hedge Funds.” It summarizes what we already knew – Timothy Geithner’s aides/advisors/kingpins are reaping huge salaries from Goldman Sachs and other Wall Street megalomania brokers at they same time that they influence policy that affects the entire economy and financial system. However, the details of the story are startling.
The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.
Sperling and Sachs are each paid $162,900 at the Treasury. Along with four others, they hold the title of counselor to Geithner.
The justification for this cozy arrangement never wavers – we need these “top people” (brilliant people that cannot be found anywhere else) who have knowledge of the markets and financial system. Lynn Turner, a former chief accountant at the SEC, asks, “You just wonder, who is representing middle Americans?” No one, Miss Turner. The socialist-corporate oligarchy has become institutionalized within the American System, and all Main Street can do is elect presidents who further enrich the evil institution and call it “security” (Bush) or “change” (Obama). And the Federal Reserve overlords call it a path to “prosperity” for the middle class.