Posted 2 years ago on July 9, 2013, 6:28 p.m. EST by toobighasfailed
This content is user submitted and not an official statement
The Financial Times has the news: Tim Geithner has made $400,000 in speaking fees since he left his role as Treasury Secretary—$200,000 of which came from a single speech he gave at Deutsche Bank.
In 2009, Deutsche Bank received nearly $12 billion from AIG after AIG was bailed out by the US taxpayer, with Geithner adamantly insisting that AIG receive 100 cents on the dollar (i.e. no haircut). So $200,000 was the least Deutsche Bank could do for Geithner, right?
It seems to us that Wall Street uses speaking fees as a loophole to pay public servants back for their “service” when they leave office. We’ve seen the same thing happen with Alan Greenspan and Larry Summers, and it’s a horrible precedent. If public servants know they can join the 1% simply by giving a speech or two after they leave office, then they’re bound to privilege certain citizens (the ones with the money) more than others.
It’s not public service if the public isn’t served.
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