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Opinion

US treasury: The house of Geithner

Amid the gloom of the IMF meetings, it was comforting to know that at least some people in the US Treasury were having a good time.

Sunday night is usually the end of a long four days of meetings for delegates in Washington. Euromoney had assembled at the roof terrace bar of the W Hotel with some friends from the markets to relax at last while drinking the odd cocktail and looking out over the spectacular views of DC.

While outside the W’s front entrance feeding their nicotine habits, several members of the group heard pumping house music that was not coming from the bar several floors up.

On further investigation (crossing the road), it became clear that the beats were coming from an open window on the third floor of the US Treasury building.

Late at night on a Sunday, we can only imagine what those amassed in the Treasury could have been working on. Perhaps they were lacking inspiration for another plan to save the global financial system?

This was the question put later in the week to Matt Rutherford, the assistant secretary of the Treasury, at Euromoney’s US inflation conference in New York.

Euromoney Conferences’ editor Mark Johnson asked Rutherford what tunes he felt might best sum up the Treasury’s view at the moment.

His options included No way back, It’s alright, Hide away, and I’ve lost control. Rutherford was non-committal.

Most people in the markets expect the next tune from the US Treasury to feature the Federal Reserve and be a remix called Pump up the QE (version 3).

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