From U.S. Treasury Secretary Timothy Geithner’s Capitol Hill testimony to former Citigroup CEO Sandy Weill’s call to break up the big banks, Rolling Stone contributing editor Matt Taibbi and “Viewpoint” host Eliot Spitzer review the week on Wall Street.
“To me, the most startling thing about what Geithner said this week in the hearings when he testified before Congress was that he didn’t inform the Department of Justice about any of this because it was in the press,” Taibbi notes. “He said that there were press reports, so clearly they could have picked it up by reading the newspaper — it wasn’t his job to go do that, which is an extraordinary mindset for a regulator to have.”
Taibbi also reflects on Weill’s news-making CNBC “Squawk Box” interview: “To me, the very funniest thing about it was this moment when even the CNBC reporters — you know, the softest touch in the entire landscape of financial journalism, right? — even they were like, ‘Dude, you created too big to fail, don’t you see the contradiction?’ And he’s surprised by the question. You could actually see this in the YouTube clip that it had never occurred to him that he would get that criticism.”