Obama's presidency is already contaminated

Geithner stinks- Obama picks are beyond anything good- The NY FED headed by Geithner was responsible for overseeing the Investment banks - and he completely failed to do so - he is partly responsible for the Lehman disaster - so what the hack does Obama think he is hiring here for what. Summers is not a good choice either - got the impression the sponsors of Obama are calling in their guys to finish the agenda. He has not made one single choice so far which would prove his change theme was anything but a huge marketing campaign. The mess we have today started with B. Clinton and his people and that are exactly the guys Obama puts into charge. He was made president by a powerful group that is obvious now - this will turn out as senior Bush's famous statement 'read my lips - no tax increase' - you might remember what happened. Obama is still right about one thing America and the world needs change - it cannot be run by people who already destroyed about 60 tril. so far and driving the world in to a depression. The 700 bil program might trigger a sucker rally but it will not solve the problems. This despicable bailout of Citigroup, which is again done with a strange bias of not admitting how much it will cost taxpayers is a prove of how incapable and unfaithful this entire issue is dealt with.

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http://www.bloomberg.com/apps/news?pid=20601087&sid=adMTil3SrSLo&refer=home

Geithner Is Obama’s Pick for U.S. Treasury Secretary (Update1)

By Rich Miller

Nov. 23 (Bloomberg) -- President-elect Barack Obama picked Timothy Geithner, head of the Federal Reserve Bank of New York, to be his Treasury secretary and Lawrence Summers is getting the top White House economic job, aides said.

Summers, former President Bill Clinton’s last Treasury chief, would be positioned to succeed Ben S. Bernanke as Fed chairman in 2010. Summers will head the National Economic Council, a Democratic aide said. Obama is due to announce his economic team tomorrow.

Obama adviser David Axelrod said on “Fox News Sunday” the president-elect’s recovery program will depend on topnotch officials to implement. “We need the best people we can find, the best minds in our country, to help us accomplish that plan, and people like Tim Geithner and Larry Summers are among those people,” he said.

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http://www.bloomberg.com/apps/news?pid=20601087&sid=afJphVfI1_0s&refer=home

Obama Will Get Stimulus Bill First Day, Democrats Say (Update1)

By Daniel Whitten

Nov. 23 (Bloomberg) -- Congress will send President-elect Barack Obama an economic stimulus package the day he takes office Jan. 20, two Democratic lawmakers said today.

Senator Charles Schumer of New York said on ABC’s “This Week” program that the package will be between $500 billion and $700 billion. House Majority Leader Steny Hoyer, of Maryland, said on “Fox News Sunday” that he believed the Inauguration Day goal would be met, but he declined to put a price tag on the bill.

“I think Congress will work with the president elect starting now and will have a major stimulus package on his desk by Inauguration Day,” Schumer said. “I think it has to be deep. My view it has to be between five and $700 billion.”

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http://www.bloomberg.com/apps/news?pid=20601087&sid=a_rp_i7EWcH8&refer=home

Citigroup, Fed Said to Weigh Plan to Limit Losses (Update1)

By Bradley Keoun and Alison Vekshin

Nov. 23 (Bloomberg) -- Citigroup Inc. and U.S. regulators are in talks to limit the bank’s potential losses on more than $100 billion of toxic assets after the stock’s plunge last week sparked concerns about the company’s fate, four people familiar with the matter said.

The Federal Reserve and Treasury Department were locked in discussions with Citigroup and other regulators throughout the weekend and a deal may be reached as soon as today, according to the people, who declined to be identified because the negotiations are confidential. The assets would remain at Citigroup, with the government agreeing to assume losses beyond a specified amount, two of the people said.

The holdings that may be guaranteed are a portion of the $400 billion pile of mortgages, bonds, auto loans and corporate loans that Chief Executive Officer Vikram Pandit pledged in May to shed within three years, the two people said. While the amount to be covered under the plan is under discussion, the talks are focused on about $100 billion to $200 billion of the assets, they said.

“If anybody’s too big to fail from the financial system’s point of view, it’s Citi,” said Brian Barish, president of Cambiar Investments LLC in Denver, which manages about $6 billion and doesn’t own Citigroup stock. “The government doesn’t need to be in this to make money. If they lose a few bucks on this, but save the system, it’ll be worth it.”