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Acting IRS Commissioner Steven T. Miller was forced by to resign today, predominantly due to the July 7, 2011 memorandum that I discovered and published last weekend in my report, IRS HAD ENEMIES LIST IN 2010 & 2012. The document is written on U.S. Treasury Department stationary and demanded senior IRS management terminate attempts to force donations to selected tax-exempt groups be fully-taxed as gifts. The IRS admitted the groups examined were conservative, such as Tea Parties. The Miller memo appeared to confirm that he knowingly lied to Congress while under oath at least twice last year about predatory audits...

Bob Woodward has yet another book coming out, and the consummate Washington insider provides us with a glimpse of what's in it. In doing so, he inadvertently confirms what so many internet pundits have been warning about -- an economic catastrophe of unimaginable proportions. In the article in the Washington Post, Woodward describes the debt-ceiling confrontation between Congress and the President. It is likely that Mr. Woodward or most other political types do not recognize the admissions contained within the article. For these people, politics is a game of winners and losers. That is where the drama and excitement is....

The White House official whom Bob Woodward charged had crosssed a line by saying he would "regret" printing his version of a set of Washington negotiations was Gene Sperling, the director of the White House Economic Council, a source familiar with the exchange told BuzzFeed Wednesday. The email from Sperling to Woodward, which Woodward read to Politico Wednesday, has transfixed Washington, with Republicans and some in the press charging that it embodies a White House lording it over a cowed press corps. Woodward, Politico reported, called the top official — identified to BuzzFeed as Sperling — to tell him that...

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From the Fed Transcripts: MR. LACKER. If I could just follow up on that, Mr. Chairman. CHAIRMAN BERNANKE. Yes, go ahead. MR. LACKER. Vice Chairman Geithner, did you say that they are unaware of what we’re considering or what we might be doing with the discount rate? VICE CHAIRMAN GEITHNER. Yes. MR. LACKER. Vice Chairman Geithner, I spoke with Ken Lewis, President and CEO of Bank of America, this afternoon, and he said that he appreciated what Tim Geithner was arranging by way of changes in the discount facility. So my information is different from that. Oh I see. Reuters...

Yesterday we broke the news [24]of what is prima facie evidence, sourced by none other than the Federal Reserve's official August 16, 2007 conference call transcript [25], that then-NY Fed president and FOMC Vice Chairman Tim Geithner leaked material, non-public, and very much market moving information (the "Geithner Leak") to at least one banker, in this case then Bank of America CEO Ken Leiws, in advance of a formal Fed announcement - an act explicitly prohibited by virtually every capital markets law (and reading thereof). It was refreshing to see that at least several other mainstream outlets, including Reuters [26],...

Barack Obama vilifies both “Wall Street speculators “who pay themselves big bonuses when times are bad” and the greedy top Two Percenters who do not pay “their fair share” by exploiting tax loopholes. With such strongly articulated views, his nominee for Secretary of Treasury, Jack Lew, and his current Secretary of Treasury, Timothy Geithner, appear to be unlikely choices for such a sensitive cabinet position. Jack Lew collected over two million dollars for his short stint at the collapsing Citigroup. Tim Geithner, whose earnings placed him in the top two percent, conveniently forgot to pay a substantial portion of his...

It’s getting hard to keep up with all the rats abandoning ship around here. It looks like we’ll be rearranging a few of the deck chairs ahead of our historic first, second inauguration.   Here, help me move this a little more to the left Here’s what we know so far regarding the rats bailing on us: Hillary’s leaving State to “pursue other interests” i.e. making money on the lecture circuit with Bill. More than likely she’ll be replaced by lantern jawed senior statesman Jean Karré, who finds our military reminiscent of Genghis Kahn(snip) Let’s just say there is a...

President Barack Obama may choose White House Chief of Staff Jack Lew to replace Treasury Secretary Timothy F. Geithner as soon as this week, according to two people familiar with the matter.

Well, it's bad news for Danny Glover and MoveOn, anyway. They started a grassroots movement to get the New York Times columnist an appointment to Barack Obama's Cabinet in replacement of the departing Tim Geithner. MoveOn even sent a petition request to its large e-mail list, demanding a Paul Krugman nomination: Hollywood actor and liberal activist Danny Glover is trying to send a message to President Barack Obama: “Nominate Paul Krugman for Treasury Secretary.”Obama has yet to tap anyone to fill the slot, soon to be left vacant by outgoing Treasury Secretary Timothy Geithner. On Sunday the liberal advocacy group...

Treasury Secretary Timothy Geithner, who reportedly will leave office at the end of this month, is already responsible for spending and borrowing more money than any of his predecessors as secretary of the Treasury. The U.S. Senate confirmed Geithner on Jan. 26, 2009. Between February 2009, the first full month of Geithner’s tenure, and the end of November 2012, the last full month for which federal spending records are available, the U.S. Treasury dispensed approximately $13.582319 trillion. …

Washington, D.C. – It is possible, possible, that the massive shuffling of Cabinet positions for president Obama will have a positive effect on his next four years in office. With so many people leaving the make-up of the team that led to a lot of mediocrity and divisiveness will be fundamentally altered.timothy geithner leaving obama administration Some of those changes, say Secretary of State, clearly trade one strong player for another but in other places the changeover will not be as smooth or as clearly good. There is, perhaps, no position more important in all of this than the change...

Treasury Secretary Timothy Geithner said the U.S. debt limit of $16.394 trillion will be met on New Year’s Eve, in a letter to Congress on Wednesday. “I am writing to inform you that the statutory debt limit will be reached on December 31, 2012, and to notify you that the Treasury Department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations,” Geithner said in the letter addressed to Senate Majority Leader Harry Reid (D-Nev.) Geithner said “extraordinary measures” taken by the Treasury Department...

Today, Secretary Geithner sent the following letter to Congress regarding the debt limit. *** December 26, 2012 The Honorable Harry Reid Majority Leader United States Senate Washington, DC 20510 Dear Mr. Leader: I am writing to inform you that the statutory debt limit will be reached on December 31, 2012, and to notify you that the Treasury Department will shortly begin taking certain extraordinary measures authorized by law to temporarily postpone the date that the United States would otherwise default on its legal obligations. These extraordinary measures, which are explained in detail in an appendix​ to this letter, can create...

Government borrowing will hit the debt ceiling on Monday, Treasury Secretary Tim Geithner said in a letter to Congress Wednesday. As a result, the Treasury Department will soon start using what it calls "extraordinary measures" to prevent government borrowing from exceeding the legal limit. Such measures include suspending the reinvestment of federal workers' retirement account contributions in short-term government bonds. On Monday, debt subject to the limit was just $95 billion below the $16.394 trillion debt ceiling. All told, the extraordinary measures can create about $200 billion of headroom under the limit -- normally about two months worth of borrowing....

A few days after divesting its stake in the firm that started it all, AIG, and at a profit at that (ignoring that the risk has merely been onboarded by the Fed whose DV01 is now $2+ billion as a result), the US Treasury continues to divest of all its bailout stake, this time proceeding to GM, where the channel stuffing firm just announced it would buyback 200MM shares from the US government at a price of $27.50. More importantly, the "Treasury said it intends to sell its other remaining 300.1 million shares through various means in an orderly fashion...

There's a new bit of creative thinking making the rounds in DC this weekend, proving yet again that not all ideas wind up being good ones. According to this line of thought, assuming no deal is reached to prevent tax rates from going up on the middle class, Timothy Geithner has certain, hidden superpowers which will save the day. If the tax rates go up, people won't need to worry about it because we just won’t withhold the extra money from their paychecks. The White House has the power to temporarily protect taxpayers from middle-class tax hikes even as upper...

Conservatives seem to be nonplussed about President Obama sending Treasury Secretary Geithner to Capitol Hill without a proposal for a grand bargain on entitlements. But why? Worrying about debt and default and entitlements is for the responsible people. Responsibility is for the people who believe in the "responsible self," the notion developed a couple of millennia ago during the Axial Age. Responsibility is for the bourgeoisie. President Obama is above all that. Liberal politics in general is above all that. Their politics is about war, not about nice comfortable entitlements. President Obama's War? He's fighting a war on "inequality." Even...

Geithner’s fiscal cliff offer might not even be able to pass Democratic SenateTreasury Secretary Timothy F. Geithner did what Washingtonians call the “full Ginsburg” on Sunday. The term refers to Monica Lewinsky’s lawyer, William H. Ginsburg, who was the first to appear on all five network Sunday interview shows in one day. Mr. Geithner’s whirlwind tour revealed more of the White House’s endgame for the fiscal cliff negotiations, and it’s evident President Obama is positioning himself to the left of his own party. For the first time, Mr. Geithner revealed to Fox News’ Chris Wallace the White House determination to...

Geithner presses GOP, says no deficit deal unless tax rates rise on wealthyBy Meghashyam Mali - 12/02/12 09:50 AM ET Treasury Secretary Tim Geithner sought to raise pressure on Republicans amid “fiscal cliff” talks, insisting Sunday that any deficit deal would need to raise tax rates on the wealthiest. “There's not going to be an agreement without rates going up,” said Geithner, who appeared on all Sunday morning shows, during an interview with CNN’s “State of the Union.” “If they are going to force higher rates on virtually all Americans because they're unwilling to let tax rates go up on...