The Corner

Geithner’s Real Problems

NPR reports on the sad story of a man who earlier in the year had tax problems and now has to deal with real-estate ones:

Geithner put his five-bedroom Tudor near leafy Larchmont on the market for $1.635 million in February, after heading to Washington for his job as the nation’s top economic official.

A few weeks after the asking price was dropped to $1.575 million, the home was rented for $7,500 a month on May 21, said the agents, Scott Stiefvater of Stiefvater Real Estate and Debbie Meiliken of Keller Williams Realty New York.

While that sounds like a lot for rent, it probably falls a bit short of the monthly mortgage payments on the Geithners’ two loans totaling $1.25 million, plus $27,000 a year in property taxes.

Do you think this constitutes a conflict of interests, or does it give him an incentive to fix the economy faster?

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