Why is Geithner the right person to oversee the restructuring of the financial industry?
Obama has promised to oversee what he called a “substantial overhaul” of financial markets and U.S. regulatory structures. But some observers question whether Geithner has the right stuff for that task. After all, he was one of the nation’s top three regulators during a stretch in which the financial markets surged and then plunged, largely due to the fact that U.S. financial firms loaded up on unsuitable, risky investments — and regulators did little to stop it. Timothy A. Canova, professor of international economic law at Chapman University School of Law in Orange, Calif., said Geithner needs to show legislators that he is clearly independent of the companies he oversees – and that he is willing to make a break with the failed regulatory policies of the past. “This whole crisis has in large part been a failure of regulation, just as much as a failure of the marketplace,” said Canova. “We need to get a real conversation going about how to do this right.” What can the U.S. do to rebui
