Book shocker: Staff ignored Obama order

An insider account of the White House's response to the financial crisis reveals a president so inexperienced, amateurish, and radical that he proposed "dissolving" (nationalizing) Citigroup.  The idea was so absurd that even Timothy Geithner could see that would not have helped in restoring stability to the world's financial system, and the order was ignored.   Anthony McCartney of AP summarizes parts of a new book, "Confidence Men: Wall Street, Washington, and The Education of A President," by Pulitzer Prize-winner Ron Suskind:   ...Geithner and the Treasury Department ignored a March 2009 order to consider dissolving banking giant Citigroup while continuing stress tests on banks, which were burdened with toxic mortgage assets. In the book, Obama does not deny Suskind's account, but does not reveal what he told Geithner when he found out. "Agitated may be too strong a word," Suskind quotes Obama as saying. Obama says later in the book that he was trying to...(Read Full Post)

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