Turn, Turn, Turn: Geithner's Fed appointee cashes out to Goldman

Tim Geithner is bothered that folks somehow lump him in with Goldman Sachs. He never did work there, but it's increasingly easy to understand the mistake. He counts as his mentor Goldman consultant Larry Summers. His Treasury chief of staff is Goldman lobbyist Mark Patterson.

And now, his appointee to the New York Fed, Theo Lubke, who was the Fed's point man on derivatives regulation, has cashed out to Goldman to work on, um, derivates regulation. From Bloomberg:

Goldman Sachs is hiring Lubke five months after Congress mandated the regulation of the $583 trillion over-the-counter derivatives market, which complicated efforts to resolve the financial crisis. The reforms threaten to cut profits at dealers because they will make swaps prices known to the public. Lubke’s new firm employs a former New York Fed president and has an ex- Fed board chairman as a director. The current president of the New York Fed, William Dudley, also worked there.

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Homeless swept from Polk Street alley despite lack of shelter beds

On one of the first rainy days of the fall season, San… Continue reading

SF prosecutors ‘step aside’ as federal case moves to trial in Kate Steinle shooting

A years-long legal battle that garnered the attention of President Donald Trump… Continue reading

Rooftop park the latest point of conflict between Muni and Central Subway contractor

Bills, bills, bills. They’re a common household headache, but on the $1.6… Continue reading

New skyscraper to rise in city’s skyline

A proposed 800-foot tower could soon rise in downtown San Francisco’s rapidly… Continue reading

Kamala Harris drops out of presidential race

U.S. Sen. Kamala Harris suspended her presidential run Tuesday, according to two… Continue reading

Most Read