Timothy Geithner

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Obama Goes After AIG Bonuses

President instructs Geithner to use "every legal avenue" to reclaim funds

(Newser) - President Obama has asked Tim Geithner to use “every legal avenue” to prevent AIG from paying out $165 million in bonuses to top employees who had a hand in the company's near-collapse, the Wall Street Journal reports. "This isn't just a matter of dollars and cents. It's about...

Obama's Agenda Dwarfs His Staff

President's team stretched thin despite flurry of appointments

(Newser) - President Obama is filling government jobs more quickly than his predecessors, but there's so much going on that his team is still stretched thin, the Wall Street Journal reports. Obama is juggling the economic crisis, stimulus package, and two wars, all with just 43 confirmed aides. "No one since...

AIG to Dole Out $165M in Bonuses

(Newser) - Record-breaking losses and $170 billion in federal loans haven't curbed AIG's plan to pay out $165 million in executive bonuses, the New York Times reports. Treasury Secretary Timothy Geithner called up AIG chief Edward M. Liddy to halt the payments, and the company agreed to alter some—but Liddy said...

Treasury Pick Withdraws After Vetting 'Issue'

Cohen, tabbed as deputy, is third to pull out in less than a week

(Newser) - Staffing the Treasury Department is proving to be a pickle for the Obama administration, with the third candidate in less than a week withdrawing from consideration today, ABC News reports. H. Rodgin Cohen, a partner with law firm Sullivan & Cromwell, was considered the top choice for Deputy Treasury Secretary...

Economists Rate Obama, Geithner: 'F'

Obama, Geithner score poorly in survey; Bernanke does better

(Newser) - Barack Obama retains high approval ratings with the public, but a panel of economists had a far more negative view, reports the Wall Street Journal. A majority of 49 economists polled said they were dissatisfied with the president's economic policies. Asked to score his tenure out of 100, economists gave...

Geithner Urges G20 to Pump Up Global Economy

Treasury seeks billions to help IMF prop up struggling nations

(Newser) - Tim Geithner is calling on the other G20 nations to help the US get the global economy back on its feet, the Washington Post reports. The Treasury secretary, who leaves for a G20 summit tomorrow, said in a briefing yesterday the administration plans to ask Congress for another $100 billion...

TARP Manager: Let's Not Micromanage
TARP Manager: Let's Not Micromanage
Mar 11, 2009 3:15 PM CDT

TARP Manager: Let's Not Micromanage

Banks can't make bad loans for lending's sake, says Kashkari

(Newser) - Neel Kashkari, the man who manages the Troubled Asset Relief Program, doesn’t think the government ought to try to make decisions for the banks it helps, he told lawmakers today. “However well-intended, government officials are not positioned to make better commercial decisions than lenders,” he insisted. He...

Geithner Sees 'Dramatically Different' Capitalism

Treasury sec defends his record on Charlie Rose

(Newser) - Tim Geithner defended his performance at the New York Fed and the Treasury in a long interview with Charlie Rose last night, but conceded that "expectations got ahead of the policy." Geithner rejected suggestions that the lack of a policy detail was muddling the Obama administration's message and...

Stimulus Not Big Enough to Save Us: Krugman
Stimulus Not Big Enough to Save Us: Krugman
OPINION
Mar 9, 2009 9:53 AM CDT

Stimulus Not Big Enough to Save Us: Krugman

Obama's economic policy is falling behind the curve

(Newser) - Pundits are constantly complaining that Barack Obama’s stimulus is too big and too ambitious, but Paul Krugman has a different complaint: It’s too small. Obama’s promise that the bill will create or save 3.5 million jobs by 2010 “looks underwhelming to say the least,”...

Geithner Takes Hit as 2 Treasury Picks Pull Out

Candidates for deputy, international affairs stick to old jobs

(Newser) - Two leading candidates for top Treasury jobs have dropped out of the running in a setback for secretary Tim Geithner, Reuters reports. Former Securities and Exchange commissioner Annette Nazareth had been in line to be deputy secretary, but withdrew to stick with her private practice. Geithner’s pick for international...

Obama 'Dithering' on Bank Rescue: Krugman
Obama 'Dithering' on Bank Rescue: Krugman
OPINION
Mar 6, 2009 9:23 AM CST

Obama 'Dithering' on Bank Rescue: Krugman

Toxic asset plans just aren't going to work

(Newser) - Barack Obama has repeatedly said that bold action is needed to save the financial system, and he’s probably right, writes Paul Krugman in the New York Times. So it’s a shame he isn’t taking any. “The reality is that when it comes to dealing with the...

White House Starts Mortgage Rescue Plan

(Newser) - The White House today kicked off its $75 billion plan to curb mortgage foreclosures, the Wall Street Journal reports. The federal dollars will both push lenders to lower monthly payments and help homeowners keep paying. “Today, we are providing servicers with the details they need to begin helping eligible...

Two Voices, One Economic Plan
 Two Voices, One Economic Plan 
ANALYSIS
Mar 2, 2009 8:20 AM CST

Two Voices, One Economic Plan

Geithner and Summers speak loudly, cohesively, driving Obama's agenda

(Newser) - Among the policymaking din at the White House, the voices of Larry Summers and Tim Geithner have emerged as the loudest—and generally in unison, the Washington Post reports. The duo first teamed up to battle financial crises in Asia and Mexico in the mid-‘90s at the Treasury Department;...

AIG Posts Record Loss, Gets 4th Lifeline of $30B

Insurer loses $62 billion in Q4 and may break up

(Newser) - AIG posted a quarterly loss of $62 billion today—the largest in American history—following news that Washington will provide an additional $30 billion in cash to the insurer and loosen the terms on previous loans. The Treasury and Fed have now intervened four times to prop up AIG, reports...

Vetting Process Leaves Agencies Understaffed

Stimulus increases workload, but senior posts vacant

(Newser) - President Obama’s nominee vetting process is making it hard for federal agencies to get to work on new projects, the Boston Globe reports. Of about 500 senior positions, only 70 have been filled. Normally that wouldn’t be a problem, but the passage of the stimulus package “may...

Politicos' Loose Lips Sink Stocks

Pols still don't know their own strength on Wall St.

(Newser) - DC and New York usually keep a healthy distance. These days, though, Wall Street has no choice but to hang on every word of key politicians. For the pols themselves, Politico reports, that takes some getting used to. When Sen. Chris Dodd publicly toyed Friday with the idea of bank...

Would-Be 'Car Czar' to Head Auto Task Force

Obama taps financier Rattner as lead in GM, Chrysler restructuring

(Newser) - Steven Rattner has been named chief adviser to the panel tasked with restructuring GM and Chrysler, Reuters reports. The financier was considered the frontrunner to be "car czar" before President Obama opted for a panel rather than a single chief. Rattner, who will leave the private equity firm...

Obama's Auto Team Drives Foreign Cars

Just 2 of task force's 8 members own domestic models

(Newser) - Detroit’s Big Three might be in worse trouble than they thought: Of the eight people on the Presidential Task Force on the Auto Industry, and the 10 policy aides assisting them, just two own cars built by American-owned manufacturers, the Detroit News reports. The co-chairs—Timothy Geithner and Lawrence...

Credit Crunch Pinches Entire Lending System
Credit Crunch Pinches Entire Lending System
Analysis
Feb 20, 2009 12:35 PM CST

Credit Crunch Pinches Entire Lending System

Undercapitalized banks stand to benefit from $1T infusion

(Newser) - Banks aren’t lending, and to change that the government is propping up not just the banks but also the vast, largely unseen financial system that fuels them, the New York Times reports. Banks rarely keep the loans they make anymore; instead, debt is packaged into securities and sold, generating...

Obama Should Draft Krugman
 Obama Should Draft Krugman 
OPINION
Feb 19, 2009 3:11 PM CST

Obama Should Draft Krugman

NYT columnist would do a lot better than Geithner and Summers

(Newser) - Barack Obama’s economic team so far has failed to inspire confidence, writes Steven Stark for the Boston Phoenix. Instead of Geithner and Summer, Obama should pick a new man to lead the charge on the financial crisis: Appoint Paul Krugram, Nobel laureate and economics columnist for the New York ...

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