geithner, who is leaving, but you write a lot about tim geithner. was he successful or -- was all this contention? >> the lack of tolerance for different views was not helpful. the fdic had a lot to add. we had the chance to help with these banks and -- we returned them to the private sector. i think that hurt the process. defining success -- we didn't go over the cliff. and that is a good thing. it is still a drag and not a source of strength for the economy and they do a better job of lending. there could be things they have done differently and it would have been nice if there was openness. >> let me back into this. >> how big a company is this? >> $1.2 trillion. they have -- >> and the former treasury secretary under clinton. you say he brought tim geithner to the treasury, out of the new york fed. you write, 'tim played a staff role, and had been the mechanic of the bailout programs. hank and ben treated him like staff. he had been elevated for all the wrong reasons and had every expectation tim would continue his citigroup friendly policy." di

geithner, who is leaving, but you write a lot about tim geithner. was he successful or -- was all this contention? >> the lack of tolerance for different views was not helpwful. -- helpful. the fdic had a lot to add. we had the chance to help with these banks and -- we returned them to the private sector. i think that hurt the process. defining success -- we didn't go over the cliff. and that is a good thing. it is still a drag and not a source of strength for the economy and they do a better job of lending. there could be things they have done differently and it would have been nice if there was openness. >> let me back into this. >> how big a company is this? >> $1.2 trillion. they have -- >> and the former treasury secretary under clinton. you say he brought tim geithner he new treasury, out of tne ne york fed. you write, 'tim played a staff role, and had been the mechanic of the bailout programs. hank and ben treated him like staff. he had been elevated for all the wrong reasons and had every expectation tim would continue his citigroup friendly

few embody that ideal better than tim geithner. that is why when he was thinking about leaving a couple of years ago, i had to personally get on my knees with carol to help convince him to stay on a little bit longer. i could not be more grateful to carol and the entire family for letting him make

now i'll say this for tim geithner's legacy related to the outlook. he also has this big negative of the administration's housing policies did not spur a turn around in the housing market for several years. and because of that, which again some of that blame goes to tim geithner, because he resisted different efforts. because of their policies, we did not see a faster rebound in the market which could have led to a faster rebound in the job market which now we're seeing housing help lead the strength that we have. >> and you also have things going on in washington and we don't know how they'll affect the economy. things like the debt limit and the budget. >> what are the big questions facing jack lew. >> those are the challenges jack lew is being brought on hand to handle. he's not necessarily going to be playing the kind of role at least right away in europe that geithner did trying to help them stabilize their financial system. jack lew is coming in to be a negotiator, to work with congress to try to solve these budget problems and keep them from dr

both tim geithner and jack lew speaking, tim geithner never i think his default position is his face it looks he never looks happy to be there. he may have been but he didn't look that way. jack lew i think got a very nice description from the president, low-key, someone that gets things done and what we hear about him. >> well, thanks to you, chris, our great thanks to ruth marcus and susan paige and elizabeth bue-miller. it was fun today. that does it for this edition of "andrea mitchell reports." tamron hall is here with a look at the next hour. >> we are following several big stories. coming up, the minister set to deliver the benediction at the president's inauguration withdraws after comments in the '90s of gay rights and referred to as the homosexual lifestyle. the inaugural committee said it was unaware of the minister's past. right now, vice president biden is meeting with the nra. the vice president says tuesday is the day, we can mark our calendars, he'll deliver the task force recommendations to the president. what might we see? >>> charlie rangel has harsh words for the

few embody that ideal better than tim geithner. that's why when tim was thinking about leaving a couple of years ago, i had to personally get on my knees with carol, to help convince limb it stay on a little bit longer. and i could not be more grateful to carol and the entire geithner family for allowing him to make the sacrifices that so many of our cabinet members ask of their families. in serving the country. the fact is, while a lot of work remains, especially to rebuild a strong middle class and offer working folks new pathways to rise into the middle class, our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. so i understand that tim is ready for a break. obviously we're sad to see him go. but i cannot think of a better person to continue tim's work at treasury than jack lew. this is bitter sweet, not only because tim is leaving. but also because jack's been my chief of staff for the last yea

all signs point to president obama say i knowing him to replace tim geithner. and if he is nominated and confirmed, that will mean that our money might end up looking like this. because that is jack lew's signature on it. if he doesn't choose to tune up the legibility of the loop de loops like tim geithner did, our money mite look like this. what "new york" magazine described as a slinky that has lost its spring, republicans in washington are hinting that we won't actually have to worry about seeing jack lew's wacky signature on our money. they're saying he doesn't have to worry about changing the signature to it looks good on the money because he, jack lew, will never be the guy who has to actually sign the money. he will never be treasury secretary. politico.com today to be, quote, scoffing at the notion of jack lew as treasury secretary. mitch mcconnell is said to have been irked by mr. lew in the past. republican senator from nebraska, mike johanns called lew a controversial pick. the reasonable he is controversial is, quote, i think there are nick policies

c-span: what is tim geithner's motive in this? is not going to continue secretary of treasury no matter what. >> guest: i don't want to speculate on his motives, but i can comment on his ideology and it reflects the wall street ideology, the sense that what is best for the banks is best for the country. so when banks told the more transparency would be dangerous, i heard things like an account for how they spent the money could be easy to kane can be dangerous, taken the banking system. he accepted this was his from wall street without questioning them. i was trying to get them counter arguments only have examples of how these things could get done. it's completely invalid in a pseudoscience in the vacant leaders in treasury. if you're not among those bankers, you really have no business having an opinion. tenacity is herb allison's successor. so he worked with her issa chief counsel for t.a.r.p. and when herb allison step down in early october 2010, he took over. c-span: here's a protocol issue you've read about in your book betw

tim geithner could have asked for. the market reactions to ed. this is andrea mitchell reports only on msnbc. this is anna, hey teaching the perfect swing begins with back pain and a choice. take advil, and maybe have to take up to four in a day. or take aleve, which can relieve pain all day with just two pills. good eye. she was a picky eater. well now i'm her dietitian and last year, she wasn't eating so well. so i recommended boost complete nutritional drink to help her get the nutrition she was missing. and now she drinks it every day. well, it tastes great! [ male announcer ] boost has 26 essential vitamins and minerals, including calcium and vitamin d to support strong bones, and 10 grams of protein to help maintain muscle. and our great taste is guaranteed or your money back. learn more at boost.com [ dietitian ] now, nothing keeps mom from doing what she loves... being my mom. but, dad, you've got... [ voice of dennis ] allstate. with accident forgiveness, they guarantee your rates won't go up just because of an accident. smart kid. [ voi

all signs point to president obama say i knowing him to replace tim geithner. and if he is nominated and confirmed, that will mean that our money might end up looking like this. because that is jack lew's signature on it. if he doesn't choose to tune up the legibility of the loop de loops like tim geithner did, our money mite look like this. what "new york" magazine described as a slinky that has lost its spring, republicans in washington are hinting that we won't actually have to worry about seeing jack lew's wacky signature on our money. they're saying he doesn't have to worry about changing the signature to it looks good on the money because he, jack lew, will never be the guy who has to actually sign the money. he will never be treasury secretary. potico.com today to be, quote, scoffing at the notion of jack lew as treasury secretary. mitch mcconnell is said to have been irked by mr. lew in the past. republican senator from nebraska, mike johanns called lew a controversial pick. the reasonable he is controversial is, quote, i think there are nick policies i

all signs point to president obama nominating him to replace tim geithner. and if he is nominated and confirmed, that will mean that our money might end up looking like this. because that is jack lew's signature on it. if he doesn't choose to tune up the legibility of the loop de loops like tim geithner did, our money might look like this. what "new york" magazine described as a slinky that has lost its spring, republicans in washington are hinting that we won't actually have to worry about seeing jack lew's wacky signature on our money. they're saying he doesn't have to worry about changing the signature so it looks good on the money because he, jack lew, will never be the guy who has to actually sign the money. he will never be treasury secretary. politico.com today to be, quote, scoffing at the notion of jack lew as treasury secretary. mitch mcconnell is said to have been irked by mr. lew in the past. republican senator from nebraska, mike johanns called lew a controversial pick. the reason he is controversial is, quote, i think there are nick policies in

tim geithner's legacy, he's going to be remembered the architect of too bid big to fail. he had the opportunity to go in and correct a lot of problems, restore fiscal honesty and transparency in the system and instead, they papered over the problem and threw a lot of money at corrupt failing institutions and they created these sort of monsters that now we have to publicly back even when they're laundering money for terrorists and drug dealers. >> you write an article like this, it give s youstrange bedfellows and puts you into bed with a lot of conservatives who say we shouldn't have had the bailout. >> i believe it should have been done differently with conditions. it should have been done in a way that encouraged rans parency instead of papering over problems. but i do believe this is an inherently conservative issue. i think there should be some linkage between liberals and conservatives because it's not partisan issue at all. >> it's a good read. matt's article called "secrets and lies of the bailout," a contributing editor with rolling stone. coming up, this hi-tech

he praised outgoing secretary tim geithner. if confirmed, he would take over the treasury department's before the white house and congress debates the debt ceiling. this is 15 minutes. >> ladies and gentlemen, the president of the united states accompanied by some of tim geithner and sap jack lew. >> men, everybody, please have a seat. a little more than four years ago, i stood with mr. tim geithner and denounced him as my first to my cabinet. we were barely two months into the financial crisis, the stock market have quivered, the housing market had cratered as well, a bank after bank was on the verge of collapse, and worst of all, more than 800,000 americans would lose their jobs in just a bad month. and the bottom was not yet in sight. i cannot blame tim when he told me he was not the right guy for the job. [laughter] extensivet tim's experience with economic policy made him qualified and i knew he could hit the ground running. as chairman of the new york federal reserve, he had just spent several sleepless and chaotic weeks

the fdic in the room, tim geithner, chairman ben bernanke. we did not at that point need tarp. we were asked to, because we were told incorrectly, if nine banks take this tarp, we can stop the sysm from going down. we did not borrow from the federal reserve except when they ask us to. they said, please use these facilities. it makes it easier. we were not bailed out by aig. we may be would of had a direct loss of $1 billion or $2 billion if aig went down. >> you have a difference of opinion of many analyy s who felt the aig bailout did benefit you enormously. i'm not going into this. this is not your hearing. i'm asking you to respond to questions. i only have five minutes. >> that was oregon democratic senator questioning jamie dimon from jpmorgan. the significance? >> one thing that is interesting is this is what the about inspector calls -- calls for original sin. the moment in time went right after tarp was passed and the government elected to call companies that were unhealthy and insolvent, healthy and solvent. when they scrapped the plan to buy out troubled assets, tarp

are acting as if tim geithner had the final say on all of this. they keep bringing up the $50,000 he owed in taxes is are redundant and old. was talk about some of the things he did right. it is so negative it. that is what is bringing this country down more than anything is the constant negative attitude. host: charleston, west virginia, republican line. caller: good morning. how are you? mr. geiger's legacy is that he was part of a team who came into office when this country was heading toward a fiscal chasm, an abyss, not just a cliff. he and his team pushed the gas pedal to the floor. i had a real opportunity to do something positive in this country and allow people to keep more of what they earn at. they did exactly the opposite. i cannot believe that these people who are doing this to our country are so stupid. they just do not know any better. i think they know exactly what they are doing. at least 51% of the american people voted not once, but twice to keep that gas pedal pushed firmly to the floor so that we go directly over the chasm and

answered yes mr lacker vice chairman geithner i spoke with ken lewis president and c.e.o. of bank of america this afternoon and he said that he appreciated what tim geitner was arranging by way of changes in the discount facility so my information is different from that diner was trafficking and inside information. and to give you an idea of how you can profit from this you can buy out of the money option for ten cents and then when the news it's the wire that option is worth twenty or thirty bucks so you make make instant ten million dollars on an investment of twenty thousand dollars and geithner knows this and he's peddling out inside information he justifies it in his own mind by suggesting that he's making a market or adding liquidity those are code words that he uses to hypnotize himself to absolve himself from the heinous crime of undermining the american and global economy and committing acts of financial terrorist why this guy isn't in a straight jacket being beaten to death at this very moment i have no idea so this document has come out because the freedom of in

geithner's buddies. that i'm sure is a keen observer of the market and he digs down deep into the architecture of the options market and the fed funds rate so he can see quite clearly through volume what's going on who's doing what and he's an informed sophisticated trader and the fact that someone like this would be bamboozled by insider trading by geithner of course it evokes the response of discussed and horror because it is not just about a guy trading of inside information it's about the secretary of the treasury wrong the country under the bus and then urinating on it like some u.s. soldier on the taliban well yeah and at the time timothy geitner was the president of the new york fed so he was the one responsible for regulating these banks not facilitating their crime wave and he went on to say and by the way the rally yesterday the one we just showed in the chart. i'm forced to be suspicious of it being ignited by a leak short covering in the financial zone i'm not so sure anymore maybe more like

in tim geithner's america. as he prepares to exit the big question that hangs over the entire legacy of the obama r. oeg administration, is that a good thing? joining me is vice president at merryll lynch and deutsche bank and now a wall street activist. and a former special inspector general in charge of overseeing the troubled asset relief program. great to you have here. >> thank you. >> geithner, one of the things i think is really interesting about geithner is that he -- you would not, if you were in the betting market at the beginning of the obama first term, wount stha guy is going to be the guy who makes economic policy, this guy is going to be influential and go in the history books as one of america's most influential and important for better or ill treasury secretaries because he got a really bad start to the job. he stumbled out of the gate. he gave press conference that's were panned. he was not particularly close to barack obama. yet he managed to have by all accounts across the spectrum, tremendo

geithner's buddies. called that insurers a keen observer of the market and he digs down deep into the architecture of the options market and the fed funds rate so he can see quite clearly through volume what's going on who's doing what and he's an informed sophisticated trader and the fact that someone like this would be bamboozled by insider trading by geithner of course it evokes the response of discussed and horror because it is not just about a guy trading of inside information it's about the secretary of the treasury in the country under the bus and then urinating on it like some u.s. soldier on the taliban well yeah and at the time timothy geitner was the president of the new york fed so he was the one responsible for regulating these banks not facilitating their crime wave and he went on to say and by the way the rally yesterday the one we just showed in the chart. i'm forced to be suspicious of it being ignited by a leak short covering in the financial zone i'm not so sure anymore maybe more like

thanking tim geithner there. lori: we also have rich edson i believe on site who will check in a little bit later throughout the afternoon. we can't to keep you aprized of other day's headlines. a rise in jobless claims. that of course raising new questions about when the job market will show real strong improvement. ftn financial economist lindsay piegza breaks it down with tracy byrnes and ashley webster next here on fox business. don't miss it ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. ashley: good afternoon, everyone, i'm ashley webster. tracy: and i'm tracy byrnes. we have some breaking news. president obama task jack lew to be the new chief of treasury just in time for a critical battle over the national debt. he has one vocal critic in the senate

geithner's buddies. called out i'm sure is a keen observer of the market and he digs down deep into the architecture of the options market and the fed funds rate so he can see quite clearly through volume what's going on who's doing what and he's an informed sophisticated trader and the fact that someone like this would be bamboozled insider trading by geithner of course it evokes the response of discussed and horror because it is not just about a guy trading on inside information it's about the secretary of the treasury in the country under the bus and then urinating on it like some u.s. soldier on the taliban well yeah and at the time timothy geitner was the president of the new york fed so he was the one responsible for regulating these banks not facilitating their crime wave and he went on to say and by the way the rally yesterday the one we just showed in the chart. i'm forced to be suspicious of it being ignited by a leak short covering in the financial zone i'm not so sure anymore maybe more like

the fdic in the room, tim geithner, chairman ben bernanke. we did not at that point need tarp. we were asked to, because we were told incorrectly, if nine banks take this tarp, we can stop the system from going down. we did not borrow from the federal reserve except when they ask us to. they said, please use these facilities. it makes it easier. we were not bailed out by aig. we may be would of had a direct loss of $1 billion or $2 billion if aig went down. >> you have a difference of opinion of many analysts who felt the aig bailout did benefit you enormously. i'm not going into this. this is not your hearing. i'm asking you to respond to questions. i only have five minutes. >> that was oregon democratic senator questioning jamie dimon from jpmorgan. the significance? >> one thing that is interesting is this is what the about inspector calls -- calls for original sin. the moment in time went right after tarp was passed and the government elected to call companies that were unhealthy and insolvent, healthy and solvent. when they scrapped the plan to buy out troubled assets, tar

. >> and we see transitions tim geithner, saying good-bye. he ligue really with the respect of the white house and respect of the markets? >> i think, you know, it's a question that paul krugman gets at in the "new york times" today. what et cetera the right path to ultimately create jobs and growth? >> do you still have to focus on the deficit, or will that take care of itself to some degree versus more budget cutting? this is a thing that geithner felt strongly about, that you couldn't get too far out ahead of slashing the budget during a weak economy. the other thing, of course, is financial reform. did and he the president put in place some things along with congress that boo prevent another financial disaster? >> we'll be looking forward to your interview with paul ryan, his first interview since the election. >> first interview since the election. we'll have a lot to talk about in terms of the future of the party. >> thank you very much. >> and now to discuss the future of the republican party, haley barbour, former chair of the republi

he will replace tim geithner who is stepping down today just as they are preparing for a confrontation with republicans over debt and deficits. this is interesting, in jack lou becomes treasury secretary, his signature would appear on every bill. tim geithner said he had to change his signature when he got the job to make it legible. >>> it led to a fatal stabbing. police say they have arrested a cheating wife and his boyfriend and tied them to a bizarre plot. they hired a man to scared the woman's estranged husband to scare him out of moving out. >> she felt this would be a persuasion for a scare tactic to get him to move out of the residence. >> police say the husband finally stabbed the intruder during a struggle inside the home. the husband acted in self- defense and is not being charged. meanwhile hiss estranged wife and three others in jail facing murder charges. >>> a man who spearheaded the murder in colorado shooting, he is on the short list of becoming police chief. they interviewed the finalists and they are former santa clara police chief kevin kyle, tom lawrence and aurora

tim geithner headed the bank of new york. he doesn't have the ties to wall street that a wall street executive might provide. jack lew did work at citigroup briefly, but he doesn't have deep ties there. this is a government person, but the president decided that that's what he needs in a time when he will have a pro trektive fight with republicans over spending cuts, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue, and tyler, that he would be confirmed pretty easily. even though he has tough questioning at confirmation. >> let's bring in steve liesman. he is low drama, low confrontation. he doesn't have wall street regulatory. who is lew? >> i think the first theng i will do is begin the series of puns beginning with jack lew's name. let me say more about jack lew, we call this one, you don't know jack. >> of course you do. >> this is a financial education. beginning with harvard and georgetown. but that never disqualified anybody. tip o'neill 93 an

few embody that ideal better than tim geithner. that's why when tim was thinking about leaving a couple of years ago -- [ laughter ] >> i had to personally get on my knees with carol to help convince him to stay on a little bit longer. and i could not be more grateful to carol and the entire geithner family for allowing him to make the sacrifices that so many of our cabinet members ask of their families in serving the country. the fact is while a lot of work remains, especially to rebuild a strong middle class and offer working folks new pathways to rise into the middle class, our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot credit for that. so i understand that tim is ready for a break. obviously we're sad to see him go. but i cannot think of a better person to continue tim's work at treasury than jack lew. now this is bittersweet not only because tim's leaving, but also because jack's been my chief of staff for

few embody that ideal better than tim geithner. that's why when tim was thinking about leaving a couple of years ago -- [ laughter ] >> i had to personally get on my knees with carol to help convince him to stay on a little bit longer. and i could not be more grateful to carol and the entire geithner family for allowing him to make the sacrifices that so many of our cabinet members ask of their families in serving the country. the fact is while a lot of work remains, especially to rebuild a strong middle class and offer working folks new pathways to rise into the middle class, our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. so i understand that tim is ready for a break. obviously we're sad to see him go. but i cannot think of a better person to continue tim's work at treasury than jack lew. now this is bittersweet not only because tim's leaving, but also because jack's been my chief of staff f

he went with a guy who was to the left of tim geithner. he is there to execute the obama tax hike don't reform entitlements policy. >> that is a greaeat point. >> he is there to stabilize the debt. >> this is not a centerist appointment. th mr. geithner, i believe he was a centerist. >> why is he a financial market guy? >> he grew up as a banker. what about larry fink, he is a democrat and well respected by everyone. >> i have a list here. >> jamie diamond. ken chenault. >> you need someone who understands the fiscal books at a time like this. >> we disagree. we don't need someone who understands the books, we need someone who understands where we should go and where those books should take us. and i don't think he does. i don't think they understand fiscal policy better than jack lou. he got you guys a surplus back in the 90s. >> all established people in financial markets all distinguished people who command the respect of not only around here in the new york area but the whole g-20. this is going to be a bad mistake. it may be the haegl

of bank of america this afternoon and he said that he appreciated what tim geitner was arranging by way of changes in the discount facility so my information is different from that diner was trafficking and inside information. and to give you an idea of how you can profit from this you can buy out of the money option for ten cents and then when the news it's the wire that option is worth twenty or thirty bucks so you make make instant ten million dollars on an investment of twenty thousand dollars and geithner knows this and he's peddling out inside information he justifies it in his own mind by suggesting that he's making a market or adding liquidity those are code words that he uses to hypnotize himself to absolve himself from the heinous crime of undermining the american and global economy and committing acts of financial terrorist why this guy isn't in the straight jacket being beaten to death at this very moment i have no idea so this document has come out because the freedom of information request is five years the fed often prints publishes their stuff five years later so this is

geithner i've heard that you told these bankers that you're going to cut the discount rate he said no i didn't say anything wasn't me. right want to give me an idea of how to profit from this as a broker the way i would have played it and had done this myself many times is that you buy in s.p.x. futures contract option and you buy thousands of them for ten or twenty cents and then you don't give the account number. when the news comes out if the news is as you heard it should be from the insider sources you keep to trade yourself you make ten twenty million dollars if the news is incorrect then you give the account number for a pension account somewhere the teacher's union the fireman soon and you bury that pension account and you of course bribe the compliance officer and you bribe the sales manager and it's a case of paine webber you'd have to bribe actually the c.e.o. at some point to cover the tracks of all of this what's called look back trading so it's no lose trading it's insider information diner is a wealthy man because he's a fascist pig and he works for fascist pigs run out

>> now -- now they say tim geithner will go to the head of the federal reserve. [laughter] i think he has had his do but it is a close relationship. it is with the entire board and not just the chairman. on lot of peop have known them for a long time. lori: who will handicap the next fed chief? >> double not speculate. >> you were working with a t.a.r.p. with we heard hank greenberg would sue the government and then the shea said we will not be involved. what is your thoughts? >> when i saw the headline i thought it was a satire peace. we must ensure that they never bailout again. we may have lost an opportunity. >> about the ag current board? >> with old fifth amendment seizure. >> they could say we do not want that environment. lori: we appreciate your insight. much more with the jack lew nomination with the the "a team". >> state of emergency new york city lights the flu outbreak. the scary numbers are ahead. florida has its own plan to deal with the snakes. the python challenge. wildly popular created by the $1 billion industry better graphically violent vide

geithner's buddies. called out i'm sure is a keen observer of the market and he digs down deep into the architecture of the options market in the fed funds rate so you can see quite clearly through volume what's going on who's doing what and he's an informed sophisticated trader and the fact that someone like this would be bamboozled by insider trading by geithner of course it evokes the response of discussed and horror because it is not just about a guy trading of inside information is about the secretary of the treasury in the country under the bus and then urinating on it like some u.s. soldier on the taliban well yeah and at the time timothy geitner was the president of the new york fed so he was the one responsible for regulating these banks not facilitating their crime wave and he went on to say and by the way the rally yesterday the one we just showed in the chart. i'm forced to be suspicious of it being ignited by a leak short covering in the financial zone i'm not so sure anymore maybe more like

geithner i've heard that you told these bankers that you're going to cut the discount rate you said no i didn't say anything wasn't me. right want to give me an idea to profit from this as a broker the way i would have played it and had done this myself many times is that you buy in s.p.x. futures contract option and you buy thousands of them for ten or twenty cents and then you don't give the account number. when the news comes out if the news is as you heard it should be from the insider sources you keep to trade yourself you make ten twenty million dollars if the news is incorrect then you give the account number for a pension account somewhere the teacher's union the firemen's union and you bury that pension account and you of course bribe the compliance officer and you bribe the sales manager and a case of paine webber you have to bribe actually the c.e.o. at some point to cover the tracks of all of this what's called look back trading so it's no lose trading it's insider information is a wealthy man because he's a fascist pig and he works for a fascist pig run out of a big gia

>> now -- now they say tim geithner will go to the head of the federal reserve. [laughter] i think he has had his do but it is a close relationship. it is with the entire board and not just the chairman. on lot of people have known them for long time. lori: who will handicap the next fed chief? >> double not speculate. >> you were working with a t.a.r.p. with we heard hank greenberg would sue the government and then the shea said we will not be involved. what is your thoughts? >> when i saw the headline i thought it was a satire peace. we must ensure that they never bailout again. we may have lost an opportunity. >> about the ag current board? >> with old fifth amendment seizure. >> they could say we do not want that environment. lori: we appreciate your insight. much more with the jack lew nomination with the the "a team". >> state of emergency new york city lights the flu outbreak. the scary numbers are ahead. florida has its own plan to deal with the snakes. the python challenge. wildly popular created by the $1 billion industry better graphically violent vide

>> now -- now they say tim geithner will go to the head of the federal reserve. [laughter] i think he has had his do but it is a close relationship. it is with the entire board and not just the chairman. on lot of people have known them for a long time. lori: who will handicap the next fed chief? >> double not speculate. >> you were working with a t.a.r.p. with we heard hank greenberg would sue the government and then the shea said we will not be involved. what is your thoughts? >> when i saw the headline i thought it was a satire peace. we must ensure that they never bailout again. we may have lost an opportunity. >> about the ag current board? >> with old fifth amendment seizure. >> they could say we do not want that environment. lori: we appreciate your insight. much more with the jack lew nomination with the the "a team". >> state of emergency new york city lights the flu outbreak. the scary numbers are ahead. florida has its own plan to deal with the snakes. the python challenge. wildly popular created by the $1 billion industry better graphically violent vi

geithner's buddies. called that insurers a keen observer of the market and he digs down deep into the architecture of the options market and the fed funds rate so he can see quite clearly through volume what's going on who's doing what and he's an informed sophisticated trader and the fact that someone like this would be bamboozled by insider trading by geithner of course it evokes the response of discussed and horror because it is not just about a guy trading of inside information it's about the secretary of the treasury ruling the country under the bus and then urinating on it like some u.s. soldier on the taliban well yeah and at the time timothy geitner was the president of the new york fed so he was the one responsible for regulating these banks not facilitating their crime wave and he went on to say and by the way the rally yesterday the one we just showed in the chart. i'm forced to be suspicious of it being ignited by a leak short covering in the financial zone i'm not so sure anymore maybe more

tim geithner is in your book, nor treasury secretary. was his relationship to all this? >> guest: tim geithner is the president of the new york fed during the years when regulation became extremely lax in this country for financial institutions and particularly new york, citibank was the purview of the new york fed and obviously not paying attention because citibank became one of the biggest nightmares of the bailout brigade. so tim geithner was really at the creation of this kind of belief that banks could set their own capital standards, which are riveted for a wonderful thing that spreads risk and financial innovation was not to be stopped. there's all this kind of mindset really came down from greenspan i think, who said it really was anti-regulation, not interested in making sure that financial products that were sold to people were not going to go up on them five minutes later. and so, there was a tone that bankers would never do anything so silly as to take the risks that would load themselves up. that is greenspan's notion in his later apologized for saying you j

tim geithner said he was forced to change his signature before it was fit to print. richard wolfe, when i was chief of staff at the senate finance committee, we of course had to confirm treasury secretary. and i had when i was all done -- this thing was run through the committee. and the question is when exactly is it going to be voted on, on the floor? because it was the floor vote, absolutely guaranteed. the matter of a crowded calendar. it is the floor vote that really does make you treasury secretary. and the guy was in there, doing the job. i kept getting the calls, when is it going to happen. i finally said, it is going to happen, don't worry. he said he wants to sign the money. it is a big deal, signing that money is a big deal. >> for every school child -- >> and -- it is going to come any day now. and you're appointed -- >> because i'm not going to go for senate. >> really? did you break that news? >> yeah, i just made that announcement. >> so you know, washington still in this day and age, 2013, still has the fetish of the signature. and it is not just the

and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the announcement of a new chief of staff with jack lew's appointment today. >> so jack lew seems to have the nomination locked up. danny krugman is expected to be looked go ahead at for treasury secretary. >>> still, that's a subject for great discussion. now let's bring you up to speed with the action on today's global markets report. will i sixuan is with us. hi, sixuan. >> thank you, ross. that surprising number in trade data has helped beat sentiment in asia. the sensex index had a fresh 19-month high in trade before closing up .6%. airline stocks on upgrades. the shanghai composite finished in

you recently did, as you know that great interview with tim geithner right here on the "closing bell." how well do you know lew? >> not as well. he was at omb for a brief time, a couple years in this administration, his second go-round there. look, we're learning more about him, and i don't think there's very much mystery here. he would be picked for the job because he's a budget expert, and that also he's a loyalist inside the obama administration and in a place that values loyalty like a lot of white houses, and the question becomes does he have other critical qualifications that say wall street or the international banking and financial system would require, with the big question being, you know, if we were at a place where there was another financial crisis, how well would jack lew, as did robert ruben, hank paulsen and tim geithner do to instill confidence? >> steve, you were right on the money with the jack lew prediction. you and i had this conversation, but i just wonder, you know, there's this antagonistic relationship between the white house and business. >> right. >> there

and today is tim geithner's last day on the job as u.s. treasury secretary. from overseeing t.a.r.p. and navigating the financial crisis to facing off with congress against the debt ceiling and the fiscal cliff, here is a look at the past four years as geithner gets set to exit. >> nbc news is now reporting that timothy geithner will be the treasury secretary under president-elect barack obama. >> tim geithner offers not just extensive experience shaping economic policy and managing financial markets. he also has an unparalleled understanding of our current economic crisis. >> the ayes are 60, nays are 34. >> i, timothy f. geithner, i pledge all of my ability to help outline that challenge. we are outlining a new fiscal stability plan. >> will you step down from your post sdmp. >> it is a great privilege for me to serve this president and i am very pleased to have a chance to address the range of concerns you said. i agree with almost nothing in what you said. >> we've got the t.a.r.p. it's suppose to expire. >> we are working to put the t.a.r.p. out of its m