Jeff Gerth writes about papers Timothy Geithner, Obama’s first secretary of the treasury, wrote which has cropped up as part of an ongoing legal case concerning AIG and the bailout.  With the SEC focused on insider trading, which Geithner descibes as disgusting but not the cause of the financial crisis, and poor supervision of the various institutions that bundled subprime mortgages, the aftermath of the crisis has still not be dealt with.

Weak remarks from Wiliaim Dudley, head of the New York Fed which Geithner ran before he went to the White House, illustrate how ineffective supervision of Wall Street was and is.  Specific criticisms are summaried in Geithner’s notes.  Timothy Geithner Talks About the Financial Meltdown, Somewhat Frankly

Geithner’s points: Illegal stuff was hard to prove, supervision was weak. Government relief programs were tepid and corporate wrongdoers have not been punished.