How do I know this? Well, Tim Massad last
worked directly for Geithner at the US Treasury department where he was
best known for overseeing the $700bn troubled asset relief program,
known as TARP, set up in 2008 to help prop-up ailing US banks following
the financial crisis. He also worked on managing the US Treasury's
investment in Citigroup. Before joining the US Treasury as chief
counsel for the Office of Financial Stability in 2009, Massad spent 25
years with law firm Cravath Swaine & Moore, where he represented a
range of companies including investment bank Lazard and worked to
standardize legal documents that allowed derivatives to be actively
traded between counterparties.
So lemme get this straight:
1. Oversaw using taxpayer money to bailout bank's gambling debts
2. "Managed" using taxpayer funds to prop up zombie bank Citi
3. Is a lawyer who represented investment banks
4. Worked to smooth-out the legal issues arising
from the invention of derivatives... helped make it workable from a
legal standpoint, in other words.
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