Fire Geithner?

Posted 2009-02-12 14:11
by Karl Denninger

Goldman sachs says the meeting was planned well in advance. But people who attended tell CNBC that they received the invitation after the speech and decided to attend because of the speech. Goldman Sachs initially denied that the meeting, hosted by co-presidents John Winkelried and Gary Cohn, took place.
....
4. Some actually had met with officials at the New York Federal Reserve after Geithners speech and were told the plan is still weeks away. That wasn’t received well.

Working since when? Certainly formulating plans since his nomination was announced - and for Obama, since he was elected - right?

"Weeks away"?

Nice bomb to drop on the market - never mind trying to deny that the meeting took place at all.

Mr. President, confidence is rapidly evaporating.

Triangle break and the S&P 500 below 500 anyone?

I suspect if President Obama fired Geithner and replaced him with Volcker - who the meeting notes say is feared to have been "shut out" (presumably by Summers) the DOW would rise 500 points.

Something to think about - if President Obama wants to regain the confidence of the markets.

PS: Goldman now is denying the story. If they say so.

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