Tuesday, January 13, 2009

Geithner II (follow-up to "Trust and a State")

It doth worsen. The WSJ-online provides add'l details to the Times' article on Mr. Geithner's aggressive use of the tax code tonight in, "Geithner's Tax History Muddles Confirmation".

Read it and weep. Sleepaway camp? Some juicy extracts:

"As to why Mr. Geithner didn't pay all his back taxes after the 2006 audit, an Obama aide said the nominee was advised by his accountant he had no further liability. Senate Finance aides said they were concerned either Mr. Geithner or his accountant used the IRS's statute of limitations to avoid further back-tax payments at the time of the audit."

"Other tax issues also surfaced during the vetting, including the fact Mr. Geithner used his child's time at overnight camps in 2001, 2004 and 2005 to calculate dependent-care tax deductions. Sleepaway camps don't qualify."

"Amended tax returns that Mr. Geithner filed recently include $4,334 in additional taxes, and $1,232 in interest for infractions, such as an early-withdrawal penalty from a retirement plan, an improper small-business deduction, a charitable-contribution deduction for ineligible items, and the expensing of utility costs that went for personal use."

As someone who has been tres critical of the bailout(s), the secrecy, and the general incompetence of Government that allowed the crises to fester and then explode (and continue to fester), I have felt that the choice of Mr. Geithner was a sign that the new Administration would show continuity with the old, and that this was a bad thing for resolution of the problems.

Mr. Obama, take down this nominee. Real change is needed. Here's your excuse to do it.

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