NFL Coach Dennis Green's 2007 rant applicable to Financial Services Regulators

NFL Cardinal's coach Dennis Green's 2007 post game interview was decried as a rant by many in the media; yet this writer lauds it as an example of a clear headed admission of mission not accomplished but NOT for lack of trying.

http://cardinals.fandome.com/video/65861/Dennis-Greens-Infamous-Rant/

Coach Green –

“We knew who they were…

they were who we thought they were,

they were who we thought they were

That's why we took the damn field

AND we let’em off the hook.”

During the hockey stick period 2003 thru 2007 same could apply to all those Federal Reserve officials (Greeenspan / Bernanke and Geithner), US Treasury (Snow/Paulson) and US Congress members, committees and subcommittees, staffs, FSI lobbyists, GSE’s, FINRA (NASD), SEC and NYSE.

Today Bloomberg reported that Mr Tarullo is to be Mr Obama's first Fed Reserve Governor appointee; further revealed that Mr Geithner formed LFIG yes LFIG read on for more (can you believe this? why not everything else was at the height of incredulity!)

Is “monitor” an action verb? Apparently not during 2003 thru 2008 in the lexicon of Mr Geithner.

Bloomberg story excerpt

...The existing structure relies on hundreds of examiners from the 12 district banks, from San Francisco to Boston, visiting lenders overseen by the central bank. Examiners make recommendations on individual banks rather than focusing on the system as a whole.

Treasury Secretary Timothy Geithner fought an earlier attempt to strengthen the role of the Fed’s Board of Governors in bank supervision.

As firms from Bank of America Corp. to JPMorgan Chase & Co. became larger and more complex earlier this decade, former Fed Governor Susan Bies wanted to create centers of expertise and accountability for particular markets and potential dangers, such as derivatives trading and settlement.

Geithner, then New York Fed president, wanted to preserve his bank’s responsibility for activities inside specific firms and capital-markets surveillance. A compromise was reached in the form of a panel known as the Large Financial Institutions Group, staffed by both Fed board and district bank officials, which coordinates supervisory decisions on the biggest lenders.

Full story link http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abygfsZJ7TRU

As this reader has asked many times – show me and the US taxpayer what were the top 3 accomplishments, if any of Mr Geithner while he served as President of the NY Fed from 2003 thru 2008? What questions were asked by the Senate confirmation panel in contrast to same?

In particular, what was known, knowable, unknown or unknowable by Mr Geithner and his staff of hundreds of well paid PhD’s? How many man hours were devoted to studying and analyzing data? What conclusions were formed in contrast to that which we now know was what? Knowable.

As in supervision, oversight and monitoring – in regard to certain banks and broker dealers – did the responsible parties know who they were? I assume the answer should be yes, so, our regulators (our appointed protectors) "knew who we thought they were" AND...? Did the hordes of supervisors "take the field"? Did the supervisors "let’em off the hook"?

Go ask Coach Dennis Green how much tape he watched to COME to know da Bears then ask any of the regulators and Congress how much “tape” they watched of certain of the Financial Services Industry which now that I think of it could be more accurately called the Financial Self-Services Industry huh?