NYT: Geithner And Summers "Have Played Central Roles" In Provoking Crisis

12/26/2008 04:12 am ET | Updated May 25, 2011
  • New York Times

In various high-level government positions, Timothy Geithner, Mr. Obama's choice for Treasury secretary, and Lawrence Summers, his choice for director of the National Economic Council, each have demonstrated a capacity for good judgment and good ideas.

Both served in the Clinton Treasury Department -- Mr. Summers as secretary and deputy secretary and Mr. Geithner as a top aide -- where they won high marks for helping manage the fallout of that era's crises, including the Mexican peso devaluation, the Asian financial meltdown, the Russian bond default and the collapse of the hedge fund Long Term Capital Management.

Both men, however, have played central roles in policies that helped provoke today's financial crisis. Mr. Geithner, currently the president of the Federal Reserve Bank in New York, also has helped shape the Bush administration's erratic and often inscrutable responses to the current financial meltdown, up to and including this past weekend's multibillion-dollar bailout of Citigroup.

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