Word: geithner
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Clearly a student of the history of momentum in politics, Geithner decided to strike while the iron was hot. He and hapless Fed chairman Ben Bernanke went before Congress. Geithner, who was supposed to be unemployed last week, aimed high. He asked that Treasury to be given the power to essentially liquidate large non-bank financial institutions. The department would have the ability to seize a company like AIG, sell its assets, and manage its business to do as little harm to the global financial system as possible. All of this would be accomplished using taxpayer money, but there...
...Geithner's request has its roots in the idea that the Treasury has more wise men than the balance of the federal government does, at least when it comes to fixing broken markets. Since the Treasury's policies are based on the whims of the Secretary, what Geithner is really saying is that he and he alone has the intellect and background to prevent future failures like AIG from happening again...
...Read "Geithner's Bank Plan: Only a Partial Solution...
...Obama was among the first to cry foul, instructing Treasury Secretary Geithner to "block these bonuses and make the American taxpayer whole." Afterwards, in a letter to Congress, Geithner stated that "we will impose on AIG a contractual commitment to pay the Treasury from the operations of the company the amount of the retention awards just paid." It appears that AIG's penalty will be that the Treasury will force the insurance company to pay the Treasury back with money the Treasury has already given it. Congressman Barney Frank struck a strident tone when he proposed that the government enforce...
Last week, outlets reported that "the clock was ticking" for "embattled" Treasury Secretary Tim Geithner, with a few members of Congress openly calling for his ousting. His boss, President Barack Obama, was criticized for not engaging in the congressional furor over the $165 million in bonuses paid out to top executives at AIG - the insurance giant that has received more than $180 billion in federal money. This week Obama remains relatively untouched in the polls, and Geithner is basking in his best week of media coverage yet. How did their fortunes shift so suddenly? To some degree, they were helped...