Timothy Geithner

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$50B Obama Plan Aims to Give Homeowners Options

Administration to enable cuts in monthly payments, refinancing

(Newser) - Today the Obama administration unveils its plan to help struggling homeowners with cuts in monthly payments, more possibilities for refinancing, and changed bankruptcy rules.  Its central plank is a $50 billion subsidy for mortgage companies to make home loans more affordable. As the Wall Street Journal reports, economists are...

Last-Minute Switch Doomed Geithner Speech
Last-Minute Switch Doomed Geithner Speech
ANALYSIS
Feb 17, 2009 9:47 AM CST

Last-Minute Switch Doomed Geithner Speech

Old plan went bad, new one wasn't ready; he had to stay vague

(Newser) - Treasury Secretary Tim Geithner was supposed to ride in on a white steed and save our financial system—only as he made his charge, the would-be knight got thrown from his horse and landed with a thud. Now the Washington Post reports that Geithner changed course only days before rolling...

Stimulus Will Hit Fast: Axelrod
Stimulus Will Hit Fast: Axelrod
TALK SHOW ROUNDUP
Feb 15, 2009 11:16 AM CST

Stimulus Will Hit Fast: Axelrod

Obama aide defends Geithner; Graham: country 'screwed' if this is bipartisanship

(Newser) - Calling Tim Geithner’s economic rescue plan “a very thoughtful strategy,” David Axelrod said the economic stimulus will be felt soon and defended the treasury secretary today on NBC’s Meet the Press. President Obama’s senior adviser said Wall Street’s expectations were unrealistic and that the...

Geithner Gets Warmer Reception at G-8 Summit

(Newser) - This was no Roman holiday for Timothy Geithner. But after crashing global markets with a botched rollout of a bank rescue plan, the new Treasury secretary earned better reviews from global finance officials meeting in Rome. Geithner appeared more assured at a news conference here following two days of G-8...

Cramer Changes Course: Have Faith in Geithner
Cramer Changes Course:
Have Faith in Geithner
OPINION
Feb 13, 2009 9:46 AM CST

Cramer Changes Course: Have Faith in Geithner

It's cheaper than nationalization, and gets banks moving again

(Newser) - Geithner’s got it, James Cramer writes in New York—much to his own surprise. Cramer notes that he's railed against the Treasury chief for months, but he's now come around just as others have abandoned him. “The press, the pols, the Wall Streeters—they are all dumping their...

Stocks Rebound Slightly
 Stocks Rebound Slightly 
MARKET Open
Feb 11, 2009 8:47 AM CST

Stocks Rebound Slightly

From yesterday's massacre

(Newser) - Stocks limped higher today, with the Dow up 75 points after yesterday’s 382 point massacre. A 2.9% financial sector rally led the S&P 0.8% higher, but unease remains over the lack of details in Timothy Geithner’s new economic rescue plan. The Nasdaq, meanwhile, inched up...

Geithner's Not Reassuring Anyone
 Geithner's Not 
 Reassuring 
 Anyone 
Opinion Roundup
Feb 11, 2009 8:43 AM CST

Geithner's Not Reassuring Anyone

They're not buying it, Tim

(Newser) - The financial world was desperate for answers yesterday, but what Timothy Geithner delivered “was a work in progress,” says the Washington Post editorial board, “more a concept than a plan, really.” It was like “Geithner at the Improv,” the Wall Street Journal agrees. Markets...

Brutal Day Puts Geithner on the Defensive
Brutal Day Puts Geithner
on the Defensive
analysis
Feb 10, 2009 8:49 PM CST

Brutal Day Puts Geithner on the Defensive

(Newser) - It's safe to say the honeymoon's over for Tim Geithner. The Treasury chief—whose very appointment way back when gave the market a lift—spent all day on the defensive after unveiling the administration's economic plan, writes Emily Kaiser of Reuters. Wall Street tanked, interviewers dogged him with questions about...

Obama: 'No Easy Out' for Wall Street

(Newser) - Hours after the Dow plunged nearly 400 points on news of his administration's plan to overhaul the banking system, President Obama said Wall Street is apparently looking for "an easy out," ABC News reports. Problem is, one doesn't exist, he tells Nightline in an interview scheduled to air...

Dow Plunges 382 Points
 Dow Plunges 382 Points 
MARKETS
Feb 10, 2009 3:14 PM CST

Dow Plunges 382 Points

Geithner's rescue plan lacks sufficient detail to reassure investors

(Newser) - Stocks plummeted today as investors found Timothy Geithner’s description of the bank rescue plan too broad to spur a revival in financial stocks, MarketWatch reports. Analysts criticized Geithner’s announcement for failing to sufficiently describe the role of private capital in the rescue. Citigroup and Bank of America both...

Geithner Unveils New Bank Plan
 Geithner Unveils New Bank Plan 
Feb 10, 2009 10:33 AM CST

Geithner Unveils New Bank Plan

(Newser) - Attempts to revive the banking industry so far have been “inadequate,” Timothy Geithner said today, promising to “fundamentally reshape” the government’s plan to rescue banks, driven by more forceful action. “We want their balance sheets cleaner and stronger,” Geithner said. To do it, he’...

Geithner Wins Tug-of-War for Hands-Off Bailout

Treasury secretary resists calls for firmer government intervention

(Newser) - Treasury Secretary Timothy Geithner has prevailed over top administration officials who sought tougher restrictions on financial institutions in the revamped bailout plan to be unveiled today, reports the New York Times. Geithner, pointing to failures in countries that adopted more interventionist measures, successfully resisted calls to dictate how the cash...

Stocks Down on Bailout Delay
 Stocks Down on Bailout Delay 
MARKET Open
Feb 9, 2009 8:41 AM CST

Stocks Down on Bailout Delay

(Newser) - Stocks slid at the open, after Timothy Geithner pushed back the announcement of his much-anticipated bank rescue plan until tomorrow. The Dow dropped 40 points, while the Nasdaq and S&P barely budged, falling 0.6% and 0.4% each. But financial stocks actually rose, with Bank of America, Citigroup,...

New Bailout Plan Hinges on Private Investors

Treasury will set 'floor price' on distressed assets to lure buyers

(Newser) - The Treasury's latest plan to rescue the banking industry relies heavily on private-sector investors, the New York Times reports. The government will guarantee a floor price on the toxic assets weighing down banks’ balance sheets, encouraging hedge funds, private equity groups, and even insurers to buy them. The plan should...

Geithner Delays Bank Bailout Until Tuesday

Treasury Department focuses on pushing stimulus through Congress

(Newser) - The Treasury Department will wait until Tuesday to unveil the next bank bailout while lawmakers and President Obama debate their multibillion-dollar stimulus plan, the New York Times reports. “With record high job losses, and weakening economic forecasts, we’re focused on working with Congress to pass an economic recovery...

Stocks Up Despite Job Plunge
 Stocks Up Despite Job Plunge 
MARKET Open
Feb 6, 2009 8:47 AM CST

Stocks Up Despite Job Plunge

(Newser) - Stocks shot up at the bell, despite a grisly nonfarm payrolls report, as investors bet on a stimulus package boost. The Dow climbed 100 points, while the S&P and Nasdaq each gained about 1.4%. Unemployment hit 7.6% after a grim January, the Labor Department announced today. But...

Obama Names Economic Panel, Volcker to Lead

Drawing on industry and academia, Obama hopes to avoid Beltway vacuum

(Newser) - The White House today named a team of economic advisers, led by former Fed chairman Paul Volcker, to help shape the economic recovery with voices from outside the Beltway, the Washington Post reports. With an initial term of 2 years, the White House Economic Recovery Advisory Board will add to...

Obama Puts $500K Limit on Exec Pay at Bailout Firms

(Newser) - Executives at companies that get “exceptional help” from the federal government are in for a big pay cut, President Obama announced today. Top-level executives will have salaries capped at $500,000, Obama said, “a fraction of the salaries that have been reported recently.” The only other compensation...

Obama May Cap Pay of Bailed-Out Execs at $500K

Pay to be capped at $500,000, bonuses canceled

(Newser) - The Obama administration plans to announce sharp new limits today on how much executives of bailed-out companies can make, the New York Times reports. The rules, still being hammered out, would cap the pay of top executives at $500,000 and bar them from receiving any bonuses apart from normal...

Feds May Curb Pay at Rescued Financial Firms

Administration hopes move will bolster flagging bailout support

(Newser) - Seeking to curry public favor, the Obama administration is weighing pay cuts for executives at financial institutions that receive government aid, the Wall Street Journal reports. The move would apply to firms receiving “exceptional” help—a term not clearly defined but seemingly along the lines of that given to...

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