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Muckety This Jackie Kennedy to Barbra Streisand
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Wal Marts Ties to the Environmental Defense Fund
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Carter Grandson Running for Ga Governor
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Billy Graham Celebrates His 95th
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Report Billionaires Collect Farm Subsidies
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Off the Ballfield a Win and a Loss for Ricketts
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John Podesta Starts New Think Tank
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The Resilience of Steven Cohen
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Apple May Soon Have Another Friend in Washington
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Kurt Campbell Jumps From State to the Business World
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Walton Records Can Never Be Erased
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Hidden Donors Revealed in California Campaigns
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Cola Colas Global Network
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Rendell on Board of Merging Real Estate Firm
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Republicans Among Heritage Foundations Most Vocal Critics
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Us Lobby Firms Descend on Brussels
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Financial firms benefited from personal connections to Geithner
Did financial firms with personal ties to then-Treasury Secretary Tim Geithner fare better in the economic meltdown than those who weren’t connected?
Using Muckety maps and other data, researchers from MIT, the University of California at Berkeley and the University of Connecticut have determined yes, they did.
Tim GeithnerTheir study (pdf), initially released in May 2009 and updated in September of this year, found that companies with connections experienced abnormally high returns – as much as 11.2 percent – after President Obama’s announcement that he was nominating Geithner for the job.
Geithner was already well connected in the financial community, having previously served as president and CEO of the Federal Reserve Bank of New York.
The report suggests that the market “may have subscribed to a ’social connections meets the crisis’ hypothesis: that personal connections would matter during a time of crisis and increased policy discretion.”
It was perhaps reasonable to suppose that immediate action with limited oversight would have to be taken, and that officials would rely on a small network of established confidantes for advice and assistance. Powerful government officials are no di¤erent from the rest of us; they know and trust a limited number of people. It is therefore natural to tap private sector
people with relevant expertise when needed – including asking them for advice and hiring them into government positions. Even with the best intentions, beliefs are presumably shaped by self-interest, particularly when the people involved were, are, or will be executives with fiduciary responsibility to shareholders. These tendencies can be checked during ordinary times by institutional constraints and oversight, but during times of crisis and urgency, social connections are likely to have more impact on policy.The importance of personal networks is likely to decline as the crisis ebbs, researchers wrote.
Geithner left Treasury in January and is now a fellow with the Council on Foreign Relations.
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Republicans among Heritage Foundation’s most vocal criticsOctober 22, 2013 at 9:05am
“Is Heritage going to go so political that it really doesn’t amount to anything anymore?”
Charting the Top and the Bottom of the Food Chain
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Muckety This Lindsay Lohan to John F Kennedy
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