The following is in response to Laurence Siegel’s article, A Critical Look at Obama’s Economic Team, which appeared last week:
Dear Editor:
This is the first article I've read on your great website that I really disliked.
I suppose all critics and reviewers bring a narrowed mindset to their topic. I wish Siegel had addressed the issue of moral hazard and non-market valuations perpetrated by the bureaucrats he lauds as white knights now wronged by the press. Geithner's comments on Citibank were more self-serving and examples of cronyism than they were of correcting market excesses. Why wouldn't the restructuring of Citibank have been successful and more importantly, positive for restoring confidence?
The financial reporting distortions and tactics of delay his heroes implemented do not exonerate them. The problems still persist in threatening us, only now on a greater scale while we have more constrained resources. Con Men is an appropriate title, a reporter's flaws aside.
Steve Szumowski
