Timothy Geithner

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Obama: $18B in Wall Street Bonuses 'Shameful'

President says he, Geithner will press executives on issue

(Newser) - President Obama denounced huge bonuses to Wall Street executives as “the height of irresponsibility” given the country’s economic hardship, the AP reports. Responding to news that financial firms paid out $18 billion in bonuses last year, Obama described the firms’ actions as “shameful” and vowed that he...

Geithner Cracks Down on Bailout Lobbyists

(Newser) - Timothy Geithner announced new rules cracking down on lobbyist influence over government bailout funds today, the Wall Street Journal reports. “American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system,” the newly-minted Treasury secretary said. Contact with lobbyists...

Senate OKs Geithner as Treasury Secretary

(Newser) - The Senate confirmed New York Fed chief Timothy Geithner to be President Barack Obama's secretary of the treasury today, the AP reports. The 60-34 vote puts Geithner at the helm of Obama's plan to rescue the economy from the worst financial crisis in three generations. It also dislodges one of...

Wary of Image, Financial A-Listers Ditch Glitzy Davos

Top bankers, Obama advisers to skip Swiss summit

(Newser) - The swanky Davos economic summit was once a top destination for financial and economic power players, but many are skipping the glitz this year for fear of sending the wrong message in a tanking economic climate, Reuters reports. Treasury secretary-designate Timothy Geithner is sitting out the resort event, as are...

Geithner: China 'Manipulating' Its Currency

Strong charge could roil relations at a delicate time

(Newser) - Tim Geithner today accused China of "manipulating" its currency, a volatile charge in the diplomatic world that is certain to anger Beijing and possibly prompt it to sell some of its massive reserves of US dollars, the New York Times reports. The Treasury nominee made the accusation in a...

Committee Approves Geithner
 Committee Approves Geithner 
Jan 22, 2009 10:47 AM CST

Committee Approves Geithner

Confirmation goes to full Senate

(Newser) - The Senate Finance Committee has approved the nomination of Timothy Geithner as treasury secretary despite his tax mistakes, the AP reports. This morning's 18-5 vote sends Geithner's confirmation to the full Senate. President Obama is hoping for quick approval so the point man for the administration's economic rescue effort can...

'Choose-a-Charter' System Lets Banks Dodge Regulation
'Choose-a-Charter' System Lets Banks Dodge Regulation
investigation
Jan 22, 2009 9:25 AM CST

'Choose-a-Charter' System Lets Banks Dodge Regulation

(Newser) - A loophole in the nation’s banking regulations allows institutions to switch their charters from federal to state, effectively allowing them to decide which regulatory agencies supervise them, reports the Washington Post. Regulatory reform is at the top of Treasury Secretary-designate Tim Geithner's agenda. Of the 200-plus banks that have...

Geithner Confirmation Expected
 Geithner Confirmation Expected 
UPDATED
Jan 21, 2009 2:14 PM CST

Geithner Confirmation Expected

Committee grills Treasury nominee on taxes, but session lasts just four hours

(Newser) - Members of the Senate Finance Committee reprimanded Timothy Geithner today for not paying $40,000 in taxes, but appeared ready to recommend the full Senate confirm him as Treasury Secretary despite his financial infractions, Roll Call reports. “I apologize for putting you in the position where you had to...

Geithner Sorry, Blames TurboTax
 Geithner 
 Sorry, 
 Blames 
 TurboTax 

UPDATED
Jan 21, 2009 10:50 AM CST

Geithner Sorry, Blames TurboTax

Treasury nominee, at confirmation hearings, apologizes for tax missteps

(Newser) - Timothy Geithner apologized for failing to pay $34,000 in taxes today in his Senate confirmation hearing. “I should have been more careful,” the would-be Treasury secretary said, calling them careless, avoidable mistakes. When asked how he prepared the taxes he replied, “I will answer that, but...

Calm Down! 7 Reasons to Be Skeptical

 Calm Down! 
 7 Reasons to 
 Be Skeptical 
OPINION
Jan 21, 2009 10:21 AM CST

Calm Down! 7 Reasons to Be Skeptical

Yep; here are some reasons for concern and skepticism about Obama

(Newser) - Yesterday’s inauguration was such a feel-good fest, and our problems are so dire, that everybody is on board with President Obama. Leave it to Politico’s Jim VandeHei and John F. Harris, then, to give us some reasons for skepticism:
  • The genius fallacy: The best and brightest screw up,
...

Geithner's Nomination Is Unlikely to Fail
Geithner's Nomination Is Unlikely to Fail
ANALYSIS
Jan 21, 2009 8:44 AM CST

Geithner's Nomination Is Unlikely to Fail

Taxes, schmaxes: Senate wants to know if he can fix economy

(Newser) - The herculean task awaiting Timothy Geithner is so critical to the nation that a niggling detail like unpaid taxes is unlikely to derail his bid to head up the Treasury Department, writes Deborah Solomon in the Wall Street Journal. While senators will likely press Geithner about his missteps during his...

Obama Team Warns: No Magic Wand for Banks

Geithner will testify without a plan, take time to get it right

(Newser) - While the world watched Barack Obama take the oath of office yesterday, on Wall Street shares in the big banks plummeted as much as 29% as the markets took the worst pounding in inaugural history. Yet when Tim Geithner appears before a Senate committee today, the incoming Treasury secretary will...

Obama More Popular Than Ever
 Obama More Popular Than Ever 
Jan 19, 2009 10:08 AM CST

Obama More Popular Than Ever

Despite Richardson, Geithner, Panetta flaps, 84% approve of transition

(Newser) - Barack Obama’s popularity is at an all-time high, a CNN poll finds, with 84% approving of his transition—up 2% from December despite Bill Richardson’s resignation, Timothy Geithner’s tax issues, and the widely panned Leon Panetta pick. “You know the country is in the middle of...

Obama's Crew Abounds With Expats

Experiences abroad make for good policies at home, advisers say

(Newser) - If you’re seeking a job in the Obama administration, you may want to get out more—way out, Newsweek reports. Like the president-elect, many of his advisers have lived in other countries. Top aide Valerie Jarrett was born in Iran and has traveled widely, mixing with Europeans, Arabs, and...

GOP Still on Board With Geithner Despite Tax Errors

Treasury nominee 'going to be just fine' with bigger problems he'll be facing

(Newser) - Timothy Geithner’s tax mistakes are minor compared with how much he could contribute as Treasury secretary, Republican leaders say. “I don’t think we can get a better person for this position,” Senate Finance Committee No. 2 Orrin Hatch told the Washington Post. Geithner’s errors include...

Senate Delays Hearing on Geithner
Senate Delays Hearing on Geithner
Jan 14, 2009 11:08 AM CST

Senate Delays Hearing on Geithner

Troubled Treasury bid must wait until after Inauguration

(Newser) - The incoming administration's attempt to fast-track Tim Geithner's confirmation hearing has failed in the wake of trouble with his personal finances, and the session will now take place on Jan. 21, the New York Times reports. The delay of the Senate hearing until after the Inauguration, motivated by Republican lawmakers'...

'A-Student' Hillary Aces Her Senate Hearing
'A-Student' Hillary Aces Her Senate Hearing
OPINION
Jan 14, 2009 8:07 AM CST

'A-Student' Hillary Aces Her Senate Hearing

Forget Geithner, it's Clinton who's queen of the 'hot nerds': Dowd

(Newser) - Hillary Clinton breezed through her Senate confirmation hearing yesterday, writes Maureen Dowd, "performing as the A-student she always is" on topics from nuclear proliferation to governance in the Arctic. While Tim Geithner got caught up in controversy over back taxes, Hillary charmed the windy John Kerry and buttered the...

Obama Team Scrambles to Save Geithner

PR blitz tackles nominee's tax, immigration issues

(Newser) - Barack Obama's transition team distributed talking points defending Timothy Geithner within minutes of emerging news on the Treasury nominee's tax and immigration issues, Politico reports. The PR push stressed that Geithner had paid off all his back taxes and that his former housekeeper's legal status did not lapse until the...

Illegal Hire, Tax Issues May Trouble Geithner

GOP's Grassley on Treasury nominee's case ahead of hearings

(Newser) - Timothy Geithner’s Treasury secretary nomination could be threatened by allegations he hired illegal help and didn’t pay Social Security and Medicare taxes while self-employed, the Wall Street Journal reports today. Senate Finance Committee members are meeting privately to discuss the issues, raised by GOP Sen. Charles Grassley. Aides...

Geithner Overhauls Bailout to Aid Homeowners, Small Biz

Obama team wants to cover homeowners, small business

(Newser) - The incoming Treasury secretary, Tim Geithner, is conducting a top-to-bottom overhaul of the $700 billion financial rescue program passed by a skeptical Congress last fall. Geithner and other Obama advisers will expand the program to cover small businesses, municipalities, and even homeowners before asking Congress for the second tranche of...

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