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The Geithner Doctrine

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'Now that Tim Geithner has resigned as US Treasury secretary, it is time to survey the damage wrought from four years of his approach to the financial crisis. The “Geithner doctrine” made the preservation of the largest banks, no matter the consequences, a top priority of the US government. Aside from moral hazard, it has also meant the perversion of the US criminal justice system. The US faces a two-tiered system of justice that, if left unchecked by the incoming Treasury and regulatory teams, all but assures more excessive risk-taking, more crime and more crises.'

Neil Barofsky, former special inspector-general
of the troubled asset relief programme (TARP),
currently a senior fellow at NYU School of Law.
and author of ‘Bailout’, released in paperback
this week.