Theodore's World: Geithner for Treasury?? Big Mistake!

« Obama Sets Up National Network: "Organizing for America" | Main | Obama Bashes Declaration of Independence at Start of His Train Tour »

January 18, 2009

Geithner for Treasury?? Big Mistake!

Geithner Questioned on Tax Returns

Timothy F. Geithner, President-elect Barack Obama’s choice for Treasury secretary, failed to pay more than $34,000 in federal taxes over several years early this decade, and also faces questions about the employment papers of a former household employee, suddenly complicating what had seemed to be an easy confirmation process in the Senate.
In Mr. Geithner’s case, he has paid a total of $43,200 in back taxes and interest for underpayments from 2001 to 2004, according to the Obama transition office. The Finance Committee disclosed that he paid a slightly higher total of $48,268, which includes payments on unrelated tax liabilities the committee uncovered.
The issue involving a former housekeeper of the Geithner family is separate. The woman was in the country legally and was authorized to work when Mr. Geithner and his wife hired her in 2004, but her employment authorization expired three months before she quit working for them. The issue was discovered by the Senate Finance Committee, not by the Obama team, and it came as news to Mr. Geithner, according to a Democrat who was briefed on the situation.

And this...... it is Rush Limbaugh's take on this and it is excellent:

RUSH: Now we have learned, ladies and gentlemen, well, we've learned a lot about Tim Geithner. He's not gonna get away with ignorance. The International Monetary Fund informed Geithner on his taxes, they informed every employee four times a year when the quarterly estimates are due, what their taxes are. They are paid the gross. Oh, you know what else I learned about this? All IMF employees are paid the gross, and then every quarter they have to file estimated taxes based on their earnings for that quarter or a percentage of their previous year's earnings divided by four, whichever is the most advantageous for you.

And they get statements every quarter, four times a year, explaining what their approximate tax is based on how much they've been paid. He knew all of this. He just chose not to pay it. He just chose not to pay it, but you know what else they did at the IMF? According to Byron York at National Review Online, the IMF grossed up all of their employees that are paid the gross. I'll put it in terms you can understand.

Let's say that your boss wanted to give you a $25,000 net bonus. Your boss would gross up whatever it cost so that your net would be $25,000 after all the taxes, fees, and everything else were deducted. So it might cost your boss $32,000 or $33,000 to get you a note bonus of 25.

The IMF grossed up the amount of taxes employees would owe so that their actual pay was a net, not a gross. And he still claimed ignorance. They sent out memos all the time from the IMF to their employees, they had a manual explaining all of this.

He's the only one that understands the recovery, he's the only one that can fix our recovery, he's too big to fail, it's an innocent mistake, it's a mistake a lot of people make. I would love for Obama to give me the same kind of tax holiday that Geithner got. I wish the whole country could get that same kind of tax holiday that he got.

This guy intentionally evaded his taxes, it was not an honest mistake, the party of taxes has to start taking responsibility for it. Whether Lindsey Graham likes it or not, we put up with Charlie Rangel as a crook now running the Ways and Means Committee. He should be thrown out of office. There's no reason to promote a guy who purposely didn't pay his taxes.

Look, this resonates with the public, folks. A guy who was told how to pay his taxes; who knew he had not paid his taxes; who still didn't pay his taxes; then in order to become Treasury secretary, paid them way late. This isn't an honest mistake. It's a guy who was evading responsibility. I resent it. Given the amount of money I pay in taxes, given the amount of money you pay in taxes, you ought to resent this, too.

And this from Smart Money

In an age of bailouts, Geithner is the original Bailout Czar. It was Geithner, after all, who was the instrumental figure in arranging JP Morgan’s (JPM: 22.82, -1.52, -6.24%) takeover of Bear Stearns, a deal in which $29 billion of taxpayer money was pledged as a backstop against illiquid and toxic assets.

It wasn’t Hank Paulson, but rather Tim Geithner who put together the plan to have the government rescue AIG, to the tune of $85 billion and growing.

It has been widely noted Geithner was in favor of stepping in with taxpayer dollars to save Lehman Brothers. I guess it’s pretty easy to spend taxpayer dollars when you aren’t even paying your own taxes.

If you are unfamiliar with Geithner, simply go the Federal Reserve’s web site to see a line-item balance sheet of his work: billions of tax dollars for AIG, Bear Stearns (look for “Maiden Lane LLC”; it’s the corporation created for Bear Stearns’s liquidation), commercial money markets and loans to primary dealers.

He has, according to The Wall Street Journal, been looking for “as much firepower as possible” as Treasury secretary. Take note: That “firepower” is your tax dollars.

Wealth is not created because of a bailout, backstop or government stimulus plan. Geithner’s history suggests he believes government intervention is key to growing the economy.

It hasn’t worked since Bear Stearns. Eight trillion dollars later…why would it work now?


Wild Thing's comment..........

Let's call it what it is ......decadence 101 runs wild in the Democrat party. We all know their many crimes and how they have broken the laws, Ted Kennedy ( MURDER), Congressman Charlie Rangel (writes tax code then disobeys it) , Barney Frank, Bll and Hillary Clinton ( too many crimes to list here), David Dinkins became Mayor of NY after it was disclosed that he hadn’t paid income tax for about a decade. The list goes on and on.haha Pelsoi, Reid oh yes non but the dishonest running wild in the halls of Congress and the streets of D.C.

So HO-bama's picks fit right in. OH an Eric Holder and all his things, his love for terrorists so much he made sure there was pardon for them during the Clinton regime.

And of course the head leader in chief, Barack Hussin Obama, and his ever loving friend William Ayers.

....Thank you Mark for sending this to me.

3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67

Posted by Wild Thing at January 18, 2009 06:50 AM


Obamanation is picking crooks and he knows it. Geithner didn't pay his taxes? Too bad-he should not get the job then. He was given extra money to pay them and he enjoyed the money instead. It should have gone into a savings account to pay his taxes. He just wanted to live high on the hog. And Eric Holder is a monster. He was part of that plan that took Elian Gonzalez at gunpoint. He is so anti gun, anti America, he stinks. In the NRA magazine this month, there is a BIG write up on Eric Holder. He doesn't even want the National Guard to have weapons! WTF?!
We are in for a very long 4 years and we may never recover from it unless we find a Reagan out there somewhere.

Posted by: Lynn at January 18, 2009 08:01 AM

The foxes are guarding the hen houses? And this is what Elliot Ness got Al Capone on, eh? My God this is sickening.... I'll read your blog now AFTER breakfast.

Posted by: darthcrUSAderworldtour07 at January 18, 2009 09:22 AM

I agree with you Lynn, unfortunately I think President Reagan was one of a kind. Still I can only pray that I'm wrong.

Posted by: James M at January 18, 2009 10:02 AM

Change we can believe in.

1. A Treasury Secretary with supervisory powers over the IRS who failed to report and pay taxes on over $100,000 in personal income?

2. A Commerce Secretary who had to withdraw because of an investigation into “pay to play” allegations in the state where he sits as governor?

3. A Secretary of Transportation revealed to be the king of earmarks while in Congress?

4. A Secretary of State whose husband is an international free-booter collecting millions from many of the very countries and leaders with whom his wife must deal in representing vital U.S. interests?

5. An Attorney General who failed to blow the whistle upon one the most infamous pardons ever granted by a sitting President?

6. A Solicitor General who has never argued a case before the U.S. Supreme Court?

7. A Secretary of Labor who refuses to reveal her positions on issues vital to the American business community?

9. A television personality with no public experience whatsoever for Surgeon General?

10. A long-time Congressman and former White House Chief of Staff to head the Central Intelligence Agency?

From Vilmar:

Posted by: BobF at January 18, 2009 10:28 AM

The FBI would not have to drive far from their Wash DC headquarters to round up the biggest crooks in America. Obama is gathering them around him. This is not a Robin Hood fantasy. This is a real mafioso forming before our eyes.

Posted by: TomR at January 18, 2009 12:33 PM

This man didn't pay 37,000 dollars in back income Taxes. This went on for 4 years. The democrats say, it was a mistake on his part, that's all just a simple mistake. How many of us would be allowed to make this kind of mistake for 4 years ?

Secondly, they are saying, the Democrats, that this is the only guy who can get us out of this financial mess, he is the only one who understands it. This Asshole, doesn't know enough to pay his taxes,( he was suppose to file every quarter, self-employed) when the job he had, did not take out With holding and Social Security.

He is not smart enough to figure this out but he is smart enough to fix this recession ? The democrats must be smoking them funny kind of cigarettes again, if they expect anyone to believe this crap.

Posted by: Mark at January 18, 2009 03:15 PM

If you are not part of the solution, you are part of the problem. Geithner is part of the problem.

Just imagine the outrage if John McCain or any Republican had named a cabinet with so many misfits and people without experience or proven incompetence for their nominated position. In fact, they are all part of the problem. Scary, very scary, what the voters have done to the country.

Posted by: Les at January 18, 2009 04:07 PM

Lynn, OMG oh WOW thank you for sharing about that. This is horrible Lynn. sheesh we are in for some awful stuff to happen.

"In the NRA magazine this month, there is a BIG write up on Eric Holder. He doesn't even want the National Guard to have weapons!"

Posted by: Wild Thing at January 18, 2009 06:27 PM

Darth, you know what, more then ever before that saying applies now more then I can ever remember. That could even be a bumper sticker except some stupid obama person would rip it off probably or no wait they would not get it what it means. haha

"The foxes are guarding the hen houses"

Posted by: Wild Thing at January 18, 2009 06:38 PM

James M., oh how I miss Reagan. I know we have to move on but why! waaaaaaa I want to go back to when he was President and start all over.

Posted by: Wild Thing at January 18, 2009 06:41 PM

Bob F, thank you for that from Vilmar. Amazing isn't it all that stuff and we have not even begun with his 4 years till Tuesday. waaaaaaa

Posted by: Wild Thing at January 18, 2009 06:44 PM

Tom, good point, yes all he would have to do is say come on into my office. Like you said he has them all there.

Posted by: Wild Thing at January 18, 2009 06:53 PM

Mark, thank you for the explanation and break down of this jerk.

Ann Coulter was laughing the other day on Rush's show and saying so if we don't pay our taxes can we just say we are doing a "Geithner" and then they can't go after us. haha She was saying it to make a point I realize but it was funny. It should show Obama how something like this could happen if this guy is chosen.

Posted by: Wild Thing at January 18, 2009 07:10 PM

Les, yess if this guy was a Republican it would not even be up for discussion he would ba slammed down so fast. But the funny thing is we would be doing the slamming along with the left. That is what they will never get, we won't bad guys in our party and they do.

Posted by: Wild Thing at January 18, 2009 07:13 PM

It's astounding the passes they get.

Everytime I hear this guy's tax evasion labeled an honest mistake I just want to scream.

#3 on the list is a RINO from Illinois. LaHood is from Peoria. I admittedly don't know much about him except he seems to be liked. Or it seemed that way when he said he wouldn't run for Congress again. If he's the king of earmarks, that might explain why all the interstate around Peoria has recently been updated and resurfaced, while we have been waiting for decades for Hwy. 51 to be finished four lanes to southern Illinois. It's a dangerous road that needs to be done, and much of the grading is already in place.

So I wonder if as Transpo Sec he can get that finished?

Posted by: Eden at January 19, 2009 04:47 AM