Written by Eliana Benador
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” Sir Winston Churchill
By Eliana Benador
US Treasury Secretary Tim Geithner has signed with the New York-based private equity investment firm Warburg Pincus to become their president and managing director.
This news indirectly sheds light on the true colors of President Obama and his entourage.
Twenty-five years after he began his career in public service, Geithner made the move following in the footsteps of many his high-ranking predecessors and others.
Among them, former President George H.W. Bush as well as former British PM John Major at one point became advisers of the Carlyle Group LP (CG).
Former Treasury Secretary, Robert Rubin, had a ten-year tenure as director and chair of Citigroup’s executive committee. He oversaw the bank through many of its major crises -and, yet, regardless of his political stature, he was unable to steer Citigroup clear of the danger zone. Some even consider he ended his career in disgrace.
Others, such as Vice-President Dan Quayle, NATO Supreme Allied Commander in Europe, General Wesley Clark, and most recently, ex-CIA Director, General David Petraeus, have also been recruited by other firms to share their experience, their worldwide contacts and influence.
As of March 1st, 2014, Geithner will help manage Warburg Pincus and their $35 billion of assets under management and investments. He will be instrumental for their client communications and will collaborate with the two co-chief executive officers, Chip Kaye and Joe Landy, who have been leading the firm since 2000.
Geithner has made a safe move, instead of going to an investment bank, too big to fail. A plus for him, in this case, is that he's unlikely to be dealing with regulatory matters, keeping a safe distance away from any ‘conflict of interest.’ His fundraising capabilities are going to be equally an asset. Likewise, his worldwide power network are now potential and likely clients of Warburg Pincus Private Equity funds.
Avoiding being controversial and taking advantage of his skills, is a secure image protection for Geithner and the firm he is joining. Meanwhile he is working on a book to be published next year by Random House Inc.’s Crown Publishing Group, about the U.S. response to the global financial crisis.
However, Geithner will be remembered for saying: "Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States." Such increases in the debt limit have unavoidably contributed to the increase in the government overall debt. In September 2001, the ceiling was $5.73 trillion. Now, 2013, it is over 17 trillion.
The financial deterioration of America has been the result of a bipartisan job but it also shows with real transparency the incongruent attitude of Obama and his Administration and their seemingly socialist leaning policies since his access to power in 2009.
History is witnessing the unconscionable destruction of America’s free enterprise, curtailing the ambitions of everyday Americans, luring them instead towards the soothing, soporific bliss of the nanny-beggar state mentality.
Under their watch, 47 million Americans are on food stamps. And, as of this month, millions of needy American families will lose a portion of their federal food stamp benefits.
For instance, in Massachusetts, officials, community food banks, and advocates for the poor are bracing for the full impact of a $95 million cut in nutrition assistance for the state over the next 11 months. The cuts are part of a $5 billion nationwide reduction prompted by the expiration of a boost that was included in President Obama’s 2009 stimulus package.
“Obviously, in terms of stimulus, it was meant to be a stimulus,” said Senator Kelly Ayotte, a New Hampshire Republican and member of the Budget Committee. “So, I don’t think that anyone when they voted for it thought that we would have to sustain that level going forward.” That does not make the cuts any less difficult for the needy.
All of which is taking place while Obama and his people, including Geithner, are achieving their own personal ambitions and are frantically at work to socialize America. At the same time, they are advancing their personal, jet-set and billionaire ambitions thanks to benefits they enjoy while destroying America and pushing Americans over the cliff.
Copyright ©Eliana Benador
Eliana Benador is a global strategist, a political operative and a human rights activist. She has been the founder of Benador Associates. She has represented dissidents abroad from Iraq, Iran, the Copts and others. Her blog is Eliana's Choice. You may follow her on Twitter, join her fan page on Facebook and you may find her also on LinkedIn.