Tim Geithner Isn't a Fan of Obama's Bank Plan

Wall Street rules must be followed.


President Barack Obama’s newest Wall Street crackdown was met with hesitation from Treasury Secretary Timothy Geithner, who voiced concern that politics could sacrifice good economic policy, according to financial industry sources.

Geithner is concerned that the proposed limits on big banks’ trading and size could impact U.S. firms’ global competitiveness, the sources said, speaking anonymously because Geithner has not spoken publicly about his reservations.

He also has concerns that the limits do not necessarily get at the root of the problems and excesses that fueled the recent financial meltdown, the sources said.

This leak coming out might indicate the President is going to be making a change in his economic team, or so as to not indicate weakness, he’ll be making decisions despite them.

Oliver Willis is the blogmaster at Like Kryptonite To Stupid