Bloomberg News

Geithner Says Wall Street Firms Have Been ‘Very Wounded’

October 05, 2011

Oct. 5 (Bloomberg) -- U.S. Treasury Secretary Timothy F. Geithner said today that Wall Street firms have been “very wounded” and that he doesn’t understand why they are so sensitive.

“They resent the huge amount of public anger they’ve been subjected to because they caused the crisis,” Geithner said at the Washington Ideas Forum at the Newseum. “They react to what is pretty modest common-sense observations about the system as if they’re deep affronts to the dignity of their profession.”

“I don’t understand why they are so sensitive but they’re very wounded and they’ve seen a huge amount of damage to people’s confidence and their capacity to not just manage risk and to meet the needs of their customers but in a broader public consciousness,” Geithner said.

He did not cite any Wall street firms or banks by name.

To contact the reporter on this story: Cheyenne Hopkins in Washington at chopkins19@bloomberg.net

To contact the editor responsible for this story: Kevin Costelloe at kcostelloe@bloomberg.net


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