In addition to saying that a second-wave financial crisis was "not acceptable," and reiterating that banks needed to realize they had "lost the basic confidence and trust of the American people," in an interview with NPR yesterday, Treasury Secretary Tim Geithner finally addressed the persistent rumors that suggested his close relationships with heads of large financial institutions — as evidenced by multiple phone conversations, tennis dates, etc. — were more than professional.
Regarding his regular communications with executives of some of the largest banking institutions, Geithner said there's "a misperception" about this.
"Again, I'm the secretary of the Treasury," he said. "I have to spend time figuring out what it's going to take to fix the things that are broken in the financial system — that requires spending time with the leaders of the nation's major institutions. There's no way anybody could do this job without doing that."
We hope he's telling the truth, for the sake of the American people. We've heard this kind of thing before, and we're not sure we could bear the sight of a grainy photo of Geithner and Jamie Dimon walking hand in hand on the beach with an adopted child.