Takes one to know one.
WASHINGTON (MarketWatch) — Former U.S. Treasury Secretary Timothy Geithner might face another “stress test” of his own amid publication of his unflattering portrait of many European financial leaders.
In blunt language largely missing from his memoir, entitled“Stress Test,” Geithner portrayed continental leaders as vindictive, obsessively short-sighted and lacking a coherent policy to stave off a financial crisis that threatened to break the European Union apart, according to documents reviewed by the Financial Times.
Take European Central Bank President Mario Draghi’s famous statement in 2012 that he would do “whatever it takes” to save the EU, such as buying the sovereign bonds of countries like Greece that were under the most pressure. Geithner said he was told by Draghi it was an off-the-cuff remark that he did not discuss with other bank members.