Glorified radio personality has himself some tax problems

Timothy Geithner didn't pay Social Security and Medicare taxes for several years while he worked for the International Monetary Fund, and he employed an immigrant housekeeper who briefly lacked proper work papers.

In case you hadn’t heard, Obama’s pick for the Secretary of Treasury, which will make him the most powerful man in the U.S. government, failed to pay taxes in 2003 and 2004 while working for the International Monetary Fund. This was discovered by an IRS audit in ’06. The IRS decided against levying penalties and Geithner had to pay $17,230.

“An honest mistake” we were assured by both the President-elect and members on both sides of the aisle of one of the chummiest clubs in western civilization, the U.S. Senate.

Problem is, his failure to pay taxes wasn’t just restricted to ’03 and ’04, the years in which he was audited. He also failed to pay taxes in 2001 and 2002, years also in which he was employed by the IMF. This other “honest mistake” was discovered by the Obama vetting team late last year and Geithner submitted payment for that tax to the tune of $25,970.

As to why Mr. Geithner didn't pay all his back taxes after the 2006 audit, an Obama aide said the nominee was advised by his accountant he had no further liability. Senate Finance aides said they were concerned either Mr. Geithner or his accountant used the IRS's statute of limitations to avoid further back-tax payments at the time of the audit.

Nothing like “statute of limitations” trumping “ethical behavior”. Dude knew he was getting over for ’01 and ’02 and still didn’t come clean.

But similar to our coming-around on Caroline Kennedy’s bid for Senate and our tireless campaigning to see Princess attain her rightful seat of power, we have similar feelings about this Timothy Geithner fellow.

While Bush’s John the Baptist has heralded the coming of the One for Bailout Nation, Henry Paulson has set the template for Geithner.

Geithner’s tax problems and failure to be voluntarily-transparent when he had the chance is indicative of the temperment that is needed in a job that has become the equivalent of wacky drive-time FM DJ guy that will be flying around America dumping bails of money from out of a helicopter.

If there is to be zero accountability and minimal transparency as to how the next $350 billion dollars of the original $700 billion financial bailout package is to be spent, then dammed if Timothy Geithner isn’t the man for the job.

Welcome aboard, Tim.