Geithner wins confirmation as treasury chief
Timothy Geithner was just confirmed by the US Senate to be treasury secretary -- his expertise and the depth of the economic crisis trumping concerns about his lax taxpaying habits.
The Senate voted 60-34, after his nomination was recommended by the Senate Finance Committee on an 18-5 vote last week.
Within a little more than an hour of the approval, Geithner was sworn into office.
Obama attended the ceremony and thanked senators for their show of confidence in Geithner.
He said Geithner is needed at such dire times. "We cannot lose a day because every day the economic picture is darkening," he said.
Geithner won approval despite opposition from some senators, including Senator Susan Collins, the moderate Republican from Maine.
While acknowledging Geithner's experience and expertise, Collins said on MSNBC that his failure to pay self-employment taxes while working at the International Monetary Fund -- including for two years after an audit pointed out the lapse -- disqualifies him.
Collins, whose influence is outsized because Democrats are just shy of a potentially filibuster-proof majority of 60 votes in the Senate, said she "just cannot get past" the tax transgression, which she called "inexcusable negligence."
"I just think that's unacceptable," she said, for someone whose department includes the Internal Revenue Service.
There are other competent economists who can serve in the post, she added.
Democratic Senator Tom Harkin of Iowa agreed, asking how someone of Geithner's "financial sophistication" could innocently not pay the taxes and then head up the agency that oversees the IRS.
"How can Mr. Geithner speak with any credibility or authority?" Harkin asked, according to the Associated Press.
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No kidding! Any thinking human being would see that this nominee - no matter how bright - has a serious ethical problem. He certainly will be unable to lead the nation in what VP Biden calls our 'patriotic duty' to pay more taxes. Shame on every Congressman and woman who supports this man. What a horrible message to send to our children - "Don't worry, honey. It doesn't matter if you are honest, as long as you are smart!"
Serious ethical problem, eh?
The President needs this guy to save our asses. And it's no skin off his nose if he doesn't get the job. The only people who are going to suffer is ourselves.
And what in God's name are Republicans doing complaining about ethics? They're the ones who got us in this mess, because of their lack of ethics. Remember the "Contract With America?" Well, they broke the terms of that agreement. Ethics ineed.
I think Obama is great, but I reallly don't feel right about Geithner.
I hope they keep a close watch on him.
On the other hand, the last Treasury Security was not exactly a study in ethics. But I expect Obama to do better.
The standard was set when Kimba Wood and Zoe Baird were disqualified for tax reasons and illegal house workers. Why is there a double standard now that these situations are effecting Time Geithner? This is a huge disappointment and NOW and other women's organizations hould be all over this!
geith-nerd needs to go. his failure to not pay taxes is called a error, but to rest of us is called tax evasion. the guy is crooked.
I'm a Democrat from Maine and would love to have all of Mr. Obama's picks sail through smoothly, but this one does try one's sensibilities.
Tim Geithner to be his Treasury Secretary! What kind of CHANGE does that represent? SHORT-CHANGE for the IRS and presumably his servant's social security and medicare - since she was unauthorized during the latter stages of her employment. Shame on them both.
President-elect Obama offered us CHANGE from the status quo. If he, as President , thinks a tax-evader can evade public scrutiny he might find that the public will offer him Short-CHANGE in four year's time.
This is very unethical to say the least. A friend of mine has to pay the "self employment tax" and it's a huge chunk of change and he knows its coming every year. This is clearly blatant disregard and he should excuse himself. If he takes the position, then shame on everyone who allowed this to happen. I'm going to hide my money in a mattress or coffee can like my grandparents did.
Post #1 is from an idiot. Lets disqualify qualified people and hire idiot #1 for the post of treasury secretary. Please. Like Geithner will not be watched like a hawk?
Republicans want to latch onto something. Anythings. Sad.
what are we saying to our children if we confirm this man? We are saying it is o.k to be dishonest. You can still reach the top if you are smart and connected. How can we fix the root of wall street greed if our top man is greedy by not paying his fair share of tax. Is our nation running out of talent that the president has to pick this man. What is it saying about the presedent himself and the shame of those who vote for Geithner
Collins is right. He should not be approved. It was not an honest mistake - he tried to cheat (it was a clumsy excuse he gave that it happened because of TurboTax). He is dishonest. Plus, he was a part of the first bailout that failed miserably. The banks deserve to go bankrupt - no bailouts for them.
Smells like Chicago politics and just wait, there's more to come... Is this the "change" we have to look forward to in Washington Dems???
Are you really serious? Where has teh republican ethical compass been for the past 8 years. The republicans should really start doing some soul searching before they call anything unethical!
Ethics for the citizens, dodgery and excuses for the powerful. Mr. Obama has his first flub, I hope the senate will be alert enough to insist on someone else.
Hey SWright and Sen. Collins,
He PAID the TAXES. GET OVER IT. YOU BOTH SHOULD BE ROOTING FOR THE U.S. TO IMPROVE THE ECONOMY FOR THE PEOPLE.
HAVEN'T WE HAD ENOUGH PARTISANSHIP. THIS IS THE REASON FOR MOST OF THE PROBLEMS THE COUNTRY IS HAVING.
Sen Collins, I'm sure there are more pressing items on your constituants agenda.
If this was me I would be throw in jail. Where is justice equal? It's seems to be alright for people in high position to say its, a mistake, or it was overlooked, or I am sorry, it was just a burp. Then these people are promoted to higher positions. It really makes you wonder about the moral ecthics of our people in goverment.
I agree that this man should be ask to leave town. He has no place in this or any other administration. I would further ask that there be a deeper investigation into this mans financial dealings.
Wait one minute . . .
99.9 percent of the Bush Administration had ethical problems. Ok--so, Tim Geithner isn't perfect like YOU.
There are other competent economists who can serve in the post, she added. WHO ARE THEY? DO THEY WORK FOR YOU?
Any thinking human being would see that this nominee - no matter how bright - has a serious ethical problem -----
herein lies your error, a belief that ethics have anything to do with this administration....
or that thought went into it.... it's Chicago style Politics in DC (also stands for Dem Congress, at least till 2010).... you can Cheese up the dogmeat, but the PIZZA still leaves a bad taste in your mouth (figuratively of course)....
You don't even have to be smart, obviously, since Geithner was repeatedly informed he owed SE taxes and was subject to Alternative Minimum tax, by accountants at the WORLD MONETARY FUND, where he was a ranking official ...
if he's so savvy, why try to skate on money you know you owe.?
No doubt these conservative republicans should all look under their own filthy beds and closets to see corruption to the hilt, taking bribes, PAC money, their year marks and the even worst other transgressions of bribes along with the simple fact that the 85% of US Population has no confidence in the US Congress.
Where was the likes of Ms. Collins, when the nit wit Bush and these like minded SOB ran down this country into the worst ever economic terror starting with the fraud Iraq war and thousands of billions of waste fraud and abuse of tax payers money.
.
Am I allowed to make an "honest mistake" on my taxes and not be subjected to all forms of fine and possibly jail? Maybe I want to be under secretary of the treasury! I'd have one of the main qualifications. But since I'm not a registered Democrat those little winks and nods and excuses won't apply to me.
He's not 'smart' enough to figure out his own income taxes and yet he wants to be in charge of OUR taxes? Of he has any ethics at all he would withdraw his name and apply for a job at TURBO TAX.
Nobody is above the law! Although some senators seem to think different.
For those of you who voted for Barack Hussein... the caliber and character of this guy is a direct reflection of the socialist who nominated him to the post. And... where's the change? They're all Clinton crooks and losers. I'm surprised the man for Capone City didn't nominate Sandy Berger to head the CIA.
can't imagine how he was able to circumvent this tax non payment. i was on similar situation not because it was my fault but a 401k of mine that i have withdrawn - the company that manages that account did not send me a 1090? so i forgot about it. and you know what, i was slapped with interest and penalties month after month. and this guy, with all the knowledge and so called expertise of tax code would continue to cheat and it is okay in the obama administration. so much more for change and accountability. so lets bring chicago politics to washington then.
She is right to do this. It is an insult to the American people who must pay their taxes for a tax avoider to be given a high office in our government. Thank-you for standing up!
Poor judgement got us in this mess another wrong choice will not get us out of this mess. Omaha should fire the people who recommended this man for Secretary of the Treasurer.
According to the logic of some posters above, Geithner should get a pass on his indiscretions because some Republicans do unethical things, too, and get away with it.
So much for "change we can believe in." *Plus ça change, plus c'est la même chose*, eh?
Any Senator who voted to confirm Geithner has abdicated their moral leadership and should not expect our votes in the future. I registered my opposition to this nomination with my Senator - Kerry- but it fell on deaf ears. I fear our new Treasury Secretary is a weasel.
If you did an audit of every person complaining about Mr. Geithner's tax issue, you would find that most of them have cheated or skirted their taxes too. Is it moral? No. But, that is the way life is and you'd be lucky to find someone who has the same qualifications as this man and hasn't done something shady. If you work your butt off and get to where he is in life, exceptions can be made for small instances like this. If you are a fat ass Republican who sits on message boards all day complaining about Mr. Geithner then I have no sympathy for you and just wish that you would get a job.
Wonderful!
Obama has named a tax evader to head up the Treasury!
Not only should Geithner's unwillingness to pay his taxes diswuaify him, but Geithner is one of the architects of the current economy. As the NY Fed chief, he was right there alongside Bernanke and Paulson.
Disaster you can believe in!
This guy is a joke and if he were a republican this would be on the front page of every major news publication in the world, but gets a pass because Obama picked him. And for every ethic republican ethic violation over the past 8 years, there is at least one from a democrat... and thats just the Clintons.
I think Senator is right. His tax transgressions should disqualify him right away. I don't buy the excuse that there is no one else more qualified. Neither do I agree to the conecpt of confirming someone for the sake of expediancy.
Fatima
Tim Geithner, Eric Holder. Obama's cabinet will have less credibality than Bush's. Is this the change we were promised?
"Collins said she "just cannot get past" the tax transgression, which she called "inexcusable negligence."
Oh Susie is upset because a nominee didn't pay his taxes, but when it came to sending troops to their deaths based on a series of lies, she was down with it. How Tom Allen ever lost to this idiot is beyond me.
You people blaming republicans or democrats and following party lines are the problem. People wake up and realize neither party is doing anything for the people. Their only goal is more power, money and control. Wake up, stop following party lines. Your senators and congressman really don't care what the people want, think about it. 95% of people polled did not want the TARP... it passed now $350B is gone... Oh but CIti just got a new $50M jet thanks to our taxpayer money. 95% did not want Geithner, yet he is still voted in. Hold your reps accountable, email, call, complain, then vote them out.
I thought the IRS sent tax cheats to jail, or at least levied a fine. Putting this mug in the administration sends a signal: cheat on your taxes and get a reward from Obama. This action may clear the way for Blago to be employed in the federal government. I'm sure the administration has some top posts still open that can be sold for the right price.
um... anyone want to point out that he has since paid his taxes AND penalties? We've made money off of his transgression. Thanks to Tim for contributing more to turning our national debt around.
Geithner made a serious mistake when he filed his taxes; when discovered he paid the arrears. Surprising he didn't have a tax advisor when he filed his taxes, but he didn't; that's life. People do make mistakes that are not the least bit intentional - I'm willing to give him the benefit of the doubt. I assume the Obama people vetted him pretty carefully so there aren't more hidden proble,s
He's a smart guy who knows a lot about the big-scale financial picture and the various entities that are involved; I'm glad he'll be Treasury Secretary.
cool, i'm not going to pay MY taxes for 4 years and see what kind of promotion I get..sweet, cant wait. I'll start this April.
He is either dumb or dishonest. We don't need him and Obama can do better than this.
Geithner is an embarrassment to the human race, let alone the Obama administration and the Treasury Department.
Kinda like a Constitutional "expert", one who taught Constitutional Law choosing to "ignore" a simple matter of being a natural born citizen to be President of the United States by virtue of his obfuscation in producing a Certification of Legal Birth, having all his records sealed, and just not telling anyone where he was born. Sound like anyone we've all seen 'til we're sick of him?? Dave.
The worst part is he did not file showing he had to pay. And his employer the IMF
GAVE him the money to pay the self employment tax Sounds like double dipping to me! And he only paid up for the 2 years he was audited 2 days before he was nominated He owed for 4 years. Bet you didn't hear that on MSNBC.
My new heroes: Dems Tom Harkin, Russ Feingold, and Robert Byrd, moderate Republican Susan Collins, and that great Vermonter, Independent Bernie Sanders, all of whom voted against Geithner for pretty much the same reasons. I support Obama, but this nomination, as most of the commenters have stated, is an insult to ALL Americans. Yes it is important that the Treasury Secretary be ethical about paying taxes (if you think this is a "small, innocent" mistake, you are naive: talk to the thousands of people who have to pay unemployment taxes--and most of them aren't "geniuses"), and yes, there are other brilliant minds out there who were not part of the financial problems for several years (as Geithner has bee.n)
All these comments about the Bush admin being corrupt are so stupid. Yeah, Bush & Company WERE corrupt. But we are NOT talking about Bush here. Bush's corruption is 100% irrelevant to the fact that a corrupt guy was just confirmed for Treasury Secretary. It is an absolute disgrace that a tax dodger got confirmed. I don't think this reflects well on Obama, particularly considering he nominated Hillary Clinton for Secretary of State. She is going to be doing diplomacy with nations that gave millions to her husband's foundation. Any conflict of interest here, folks? Say all you want about Obama, but he reeks of corruption too.
President Obama said Geithner is a financial genius. If that's true then it's not likely he made an "honest mistake", he filed fraudulent tax returns, which is a crime. If it was an "honest mistake" then he is no genius.
When you consider the financial advisers for both presidential campaigns, and the cast of wanna-be tyrants, shysters, liars and thieves appointed to powerful positions by President Obama, it's apparent that the most desirable qualification of those being appointed is the ability to steal large amounts of money.
The government should do absolutely nothing about the economy.It'll fix itself in a few years.Any more interference will cause problems for decades.
When Senator Kyl (AZ) questioned Geithner about his taxes, Geithner admitted that he paid the taxes for 2003 and 2004 but that he did not pay his unpaid taxes for 2001 and 2002 because an IRS agent told him that the statute of limitations precluded the IRS from going after those years.
He further admitted that he asked for a waiver of the penalties involved in '03 and '04, which penalties were partially granted.
It appears that Geitner is willing to do only the minimum that would be expected of the rest of us.
A tax on the peoples wages salaries tips and commissions is NOT an income tax. City of New Orleans vs Scramuzza ... ever think the fellow knows more about tax laws than YOU.
As for me I will never file or pay income tax again and have not since 1993. In the event I discover I am doing something taxable I will quit doing it.
he did not pay his taxes until he got the nominee to be treaury secretary.
and to you dems/libs, why do you blame republicans for the economic downturn when it was your party who has been in control of congress since 2007. the economy was booming before they took control. your party just wants to steal from one person to give to you idiots who want government to take care of you form cradle to grave.
i do not want my tax dollars to pay for abortions either or to go to groups like acorn,known for voter fraud.
the "elitist" of the democratic party are above all rules, regulations. Because they are smarter than the rest of us (or at least some "think" they are) we allow their choices because he will fix the problem with the economy. Geithner helped
create the sub prime mortage mess we are in during the Clinton administration.
Wrong is wrong even if everyone is doing it.
Here’s a question I have not heard asked. How is it that the IRS never went after Geithner for his unpaid taxes before this all came to light? Maybe another example of special treatment for the ruling Ivy-league elite? The average person would have been destroyed by the IRS for such an “oversight.”
Prediction: When Geithner does not do what The One wants, or when this recession turns to depression, some other “oversight” on the part of Geithner will come out – much to everyone’s surprise and dismay – and he will be gone; replaced by someone much closer to The One’s Marxist beliefs.
Susan Collins is now my hero. Sad that it doesn't take much to be my hero these days. All it takes is doing the right thing.
Anyone that cannot understand Turbo Tax, should not be in charge! He failed to pay taxes, we would have been hounded to the grave if it were one of us.
When our government picks and chooses what laws to enforce, we slide into lawlessness. As they turned their heads on our immigration laws, they will now turn their heads on this and other things...Barney Frank & Chris Dodd should be sent home!
I wish I could cheat on my taxes, hire illegals and avoid jail time for doing so. Better yet, then walk into a 6 figure job making others do things (pay taxes) that he chose not to do! What a wonderful, ethical administration we are getting!
Such a travesty. We have truly entered a bizarro world where wrong is called right. He whould be in jail, not a cabinet post.
To the libs who keep spouting that Bush ran the economy into the ground - It was the Democratic Congress who ran the economy into the ground!!!!!!!!! What part of this do you idiots not understand????????
Geithner is a cheat who does not deserve to hold this office. Anyone with any integrity who had so much scandal surrounding themselves would have withdrawn from consideration. Everything he does will be suspect.
Wow, what a pack of geniuses we have posting here. "Go ahead and hire the criminal to oversee the money. He's going to save us all. We'll just watch him closely." How about not hiring the criminal? Pathetic.
Obama is a genius - what better way to fix the economy that the Geithner's
good example for everyone. Don;t lose your hard earned money to the big government reckless spenders. Keep it and spend it into the market yourself.
Right out of the gate, President Barack Obama has re-authorized federal tax revenue to perform abortions around the globe and appointed a tax cheat to run the Treasury Department. His new Attorney General was involved with Bill Clinton’s dubious pardon of a billionaire financier who fled the U.S. to avoid federal tax evasion charges. I can hardly wait for Obama’s Supreme Court picks. Americans deserve the government they get. And for the next four years we’re going to get it good and hard.
Funny, where was the NeoCon reaction to all of the Bush cronies who evaded taxes, Jail or testifying in front of congress. So glad Geithner was confirmed because now you foolish NeoCons know how the rest of real America felt. HA HA!
Who are the Republican turncoats who voted for Geithner? Why are they not named in this article?
A Skunk by any other name is still a skunk and this guy stinks.
Same bankster strings New clueless puppet
Whether you support Rep's or Dem's, why should that make you march behind the pied piper? I'm coming to believe that our two parties have just created a system to keep our collective eyes off the ball...I mean really, what good has either party accomplished in your lifetime?
Those of you who think Geithner is a good choice because of Bush's bad choices must not have voted for Obama because he was going to change things --right? To excuse Geither's lack of integrity and poor judgement in paying his income taxes and approving him as Secretary of Treasury is inexcusable. I guess there is more transparency now - we know beforehand he is unethical.