tim geithner being another one. and yeah, and then, you know, the economy crashes, the banks crash. mean, robert rubin gets a great deal of blame. i mean, bill clinton himself did a mea culpa on robert rubin. >> on abc news. >> on abc news, on george stephanopoulos. >> rubin had been a force in killing glass-steagall, which was the firewall between commercial banks and investment banks. >> investment banks. >> and he was a big supporter of derivatives, deregulation. >> absolutely. >> and all that contributed to the fiscal crisis. after he left the treasury department, he went to citi. >> went back to citi -- >> you say he made $126 million in nine years. >> no, he did. no, he did very, very, very well. and -- >> and you called rubin "the primmest of movers in the modern marriage of politics and wealth creation." >> he was the ambassador to the clinton wealth machine. i mean, even -- i mean, you had people like rahm emmanuel, who was a mid-level white house, you know, operative in the clinton white house, who, was able to go to wasserstein perella and make, you know, $16.2 or $16 poi

>> this is not like hiring tim geithner.organ chase is alleged to have higher the daughter of the deputy manager -- minister of the communist party. they hired the daughter of the current chinese premier as well as sons and daughters of other communist parties officials. frankly, they are de facto communist party officials. there is a clear allegation or suspicion of quid pro quo. it is not an after-the-fact appearance of corruption in the united states and the revolving door. it is that they appear to be actual corruption. >> thank you so much. up, the 12 days of bitcoin. something cory knows a lot about. we kick off the series by the eying the currency live on the air in just a few moments. and the plot of a good mystery -- it is a true story about a family behind the glock pistols. stay "in the loop>." ♪ >> all day tomorrow, we will be inside ups. there is carol. this is the busiest time of year. carol massar will be at the companies complex in louisville, kentucky. >> don't we work her hard enough? >> we will have an int

they met face-to-face once with tim geithner sitting right over there, apparently the president met withon in charge of implementing his signature achievement. peter schweitzer said look, ignorance not an excuse. >> ignorance is not an excuse. that's the problem. if you were an executive, you need to know for sure, for darn sure that the rollout is going to work and it's going to go well. and it's really incumbent upon a president to contact the people that are involved in this initiative. presidents do that during war. they do that during times of peace, on domestic issues. there is no excuse for him to be this detached on this important piece of legislation which is reorienting a sixth of our entire national economy. >> when the president came out and said i was never told directly that the web site would have these kind of problems, and yet it was not going to work, so i had no idea, you're right. i believe the president. he had no idea. but facts show and the memos reveal that kathleen sebelius knew and she should have found a way to tell him and he should have been meeting regularly

gridlock to announce we have an agreement to prevent a government shutdown in january. >> today is tim geithner'sast day as treasury secretary. we're going to talk geithner's legacy and the challenges for his successor, jack lew. >> i look forward to joining the treasury department whose people are legendary for their skill and knowledge. >> i also want to announce my choice for the federal reserve. >> it's thought to be someone who will be quicker to provide some stimulus. >> we could -- in the next few meetings we could take a step down in our pace of purchase. >> and market through the equivalent of a taper tantrum. >> sluggish taper. >> bailing out of the markets dumping indian and indonesian equities. >> the federal reserve announcing a $10 billion taper, $5 billion of mortgage-backed securities and treasuries, and they say if the data comes in as expected here with further improvement they will taper further at future meetings. 009. on the u.s.s. saratoga in 1982. [ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation because it offers a

that is the lesson that tim geithner and his administration did with the u.s. banks. mervyn king and the u.k. -- in advance of my arriving, they put 140 billion pounds of private money into the bank there. >> you said that a recovery may be gaining pace, but our economies are a long way from normal. take a look at where you think we are. >> i think it is really just beginning. the recovery is beginning. the core of the systems are being repaired. we have not yet seen business is really starting to invest, really starting to believe. businesses recognize that they can get bigger businesses to capital at very competitive rates. i think the concerns of dramatic events, whether from europe or from the financial system, those concerns ebbed. the uncertainties about the future of demand, where that will come from. can i wait another quarter, another quarter? this is the start of when we will need to see businesses moving forward. it reflects back on what households are doing and what is happening with the global economy and the regulatory response. all of these factors will

once you recognize it, you have to move quickly and that's been the lesson whether it was what tim geithner and this administration did with the u.s. banks, what mervin king and the u.k. authorities did in advance of my arriving. i'll be clear, i'll give credit where credit's due, in advance of my arriving to put 140 billion pounds in private money to recapitalize the system. >> rose: in a speech you said "a recovery may be gaining pace but our economies are a long way from normal. five years after the crisis, take a look at where you think we are." >> well, i think we're -- it's really just beginning, the true recovery is beginning. because the core of the systems are repaired, as i just said. but we have not yet seen businesses really starting to invest, really starting to believe in these recoveries. businesses recognize they can get -- the bigger businesses particularly, lots of access to capital at very competitive rates. i think the concerns of dramatic events-- whether from europe or certainly from the financial system-- those concerns have ebbed markedly. so there's not those uncert

it was a joint meeting with tim geithner, which is unthinkable., but you would that i if the president is not a technical person and kathleen sebelius is not a technical person, you would think the three of them would meet before they launched on a regular basis in september. and she kind of let us know that when asked, when is the last time you met with the president. i don't really know. she kind of made that clear during the hearings. >> a press conference when he said he was not informed directly that the web site would not be working the way it was supposed to. remember that was post when he was trying explain why he had no responsibility here. according to the government accountability institute study, they met just one time, not alone. never a single meeting, and peter sitesser -- >> met with timothy geithner as well. >> this is actually more about the president's priorities than anything else. >> you can look at any president, george w. bush, richard nixon, ronald reagan, bill clinton, you look at their calendar and you can see what's impo

to some extent, the new york fed and tim geithner, the president of the new york fed recognized that the system was changing and that it needed closer oversight and some fixing. he initiated before the crisis efforts to make the derivatives markets more robust, more transparent. he saw that there were problems and there are speeches that he made noting there are problems. i think part of this, taking a step back, this is about the evolution of the financial system from a bank-centered financial system to one in which has banks and nonbanks and the nonbank piece of it, the securities markets, the securitization markets or p markets, how that stuff is financed becoming more and more important over time. i think to a considerable extent, the regulatory system, oversight, did not evolve with the evolution of the system. the legal basis for oversight did not evolve with the evolution of the system. i think the new york fed saw actually some of these, some of the weak points, but the legal authority, the political backing, the general recognition wasn't there. >> the new regime basically s

tim geithner had a rough time at the start of his term as treasury secretary. but by the end he developed a relationship where i think obama relied on him. and he disrespect a sense that he was the treasury secretary. sort of bold -- you know capital p capital s. he was dealing with tim. my guy who i trust. who i like and respect. and who was in the west wing constantly. probably as much as he was over across the street at the treasury. and other people, i think haven't had that relationship. i'll tell you there's a couple of books i think are going to be interesting when they come out. secretary gates is writing his memoir. what is he going say about the question his relationship with obama? leon panetta what is he going say about this question? i had a sense that neither of those two did in fact have that degree of personal connection with the president. i think, you know, on the gates book, i think it's supposed to come out in jan. we report in the piece actually that engaged even remember he worked for both bush and barack obama and even compares obama unfa

tim geithner had a pretty rough time at the start of his term as treasury secretary, but at the end theya relationship where obama really relied on him and he did not have a sense that he was dealing with the treasury bold, p, s,ort of felt like he was dealing with tim, i guy that he trusts. the west wing constantly, probably as much as , ands across the street other people have not had that relationship. i think it will be interesting when some of these people release their books. secretary gates is writing his memoir, what is he going to say about his relationship with obama? leon panetta? what is he going to say? neither ofnse that them did, in fact, have that degree of personal connection with the president. you can see their effectiveness in their view. gates book is supposed to come out in january and we reported a piece that he worked for both george w. bush and barack obama, even comparing him unfavorably in some respects the bush, which i think will be an eye-catching statement on the part of the and widely respected with national security professionals and republican who agreed