Wednesday, June 3, 2009

Not all Treasury Secretary's are Created Equal

Dear Mr. Geithner,

With all the money you saved by not paying your taxes you may not have to do a
Short Sale. You might just be able to write a check for the decrease in value
on your home.

Truth be told I am a strong advocate of anyone that even claims to want to find stabilization and standardization in our market place.

Treasury Secretary Tim Geithner is struggling to unload his million-dollar manse located in a posh New York City suburb. And like so many other Americans, he'll probably lose money on it when he does.

Geithner and his wife Carole put their 5-bedroom Tudor-style home in Larchmont, New York on the market for $1.635 million in February, just days after he was tapped by the Obama administration to help lead the nation out of the worst economic crisis in a century.

The Geithners paid a premium for the house when they bought it in 2004, plunking down $1.601 million after a bidding war. The "exquisitely renovated" home was originally built in 1931, according to a listing for the 0.2 acre property.

Although I would find it comedic if he did go short and couldn't get 'Full Settlement Language' against any further recourse from Ken Lewis down at Bank of America.

-Christopher Rockey

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