Below is a letter I just sent to Tim Geithner, President of the Fed of New York, challenging him to a debate to be organized by PRMIA and broadcast by CNN Money. Later today, CNN Money will carry an interview via the web with me by Poppy Harlow discussing the appointment of Geithner by President-elect Barrack Obama. I will post the link to that interview [click here] when it is released on Tuesday. — Chris
December 5, 2008
Mr. Timothy Geithner
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Dear Mr. Geithner:
With this note, I hereby challenge you to a two hour public debate “On the Bailout To Date and the Model of Political Economy that Should Apply Going Forward.” I propose that the debate be held in New York as soon as possible.
I have asked my colleagues at Professional Risk Managers International Association to facilitate the event and to act as organizer to ensure a free and fair exchange. The have agreed to do so. I copy Steve Lindo, Executive Director of PRMIA, and James Tunkey, Regional Director of the NY Chapter, on this note
I have also asked CNN to televise the event and to provide a facility for PRMIA members and members of the public to attend. They have agreed to do so. I copy Caleb Silver, Executive Producer of CNN Money on this note.
I propose our colleague Josh Rosner of Graham Fisher & Co. as moderator. Josh knows the subject matter of the bailout as well as any, he is an independent researcher, and is also known for his fairness and intellectual rigor. Obviously you would have to agree or we could discuss other candidates. I copy Josh on this note.
Let me say that while I have been critical of you in the past, this is not personal. I have the greatest respect for all of my former colleagues in the Federal Reserve System and the other bank regulatory agencies. My colleagues at IRA and I honor their service, including yours. But when our Founding Fathers spoke of the “checks” in checks and balances, I believe they had something in mind like NHL hockey — maybe even the Moscow league. When you step on the ice of public policy leadership, you have to take the shots. I am giving you a chance to take a shot at me in front of a live, nationally televised audience.
My colleagues at PRMIA will ensure that this event is civil and informative, Indeed, this is a great opportunity for you to talk directly to the financial community and make the case of why you should be the next Treasury Secretary of the United States. If you have the courage to accept this invitation, then I might think about believing you got what it takes for the job.
In any event, I wish you good luck in the future. Bcc: everyone I know in the regulatory community and the media for the record.
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Below is a letter I just Sent to Tim Geithner, President of the Fed of New York, challenging him to a debate to be organized by PRMIA and broadcast by CNN. Later today, CNN will carry and interview with me by Poppy Harlow discussing the appointment of Geithner by President-elect Barrack Obama. I will post the link to that interview [click here] when it is released. — Chris