Word: geithner
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Between his tax problems and the growing scrutiny of his lucrative ties to the health industry, the former Senate majority leader's nomination had become a repudiation of the very things Obama had promised to change in Washington. And coming on the heels of Treasury Secretary Timothy Geithner's failure to pay nearly $40,000 in taxes, Daschle's nomination was turning into fodder for political opponents and late-night comedians. It didn't help matters that on Tuesday morning, another Obama appointee, Nancy Killefer, withdrew her name from consideration for the position of chief White House performance officer amid...
Nonetheless, the idea of new loan guarantees as the solution to fix the banking crisis appears to be gaining momentum in Washington and abroad. Earlier in the week, Treasury Secretary Timothy Geithner seemed to have struck a deal between the FDIC and the Federal Reserve to roll out a new phase of the bank bailout plan that would include both guarantees and direct asset purchases. The latter plan is favored by the FDIC and is often called the "bad bank" approach, because the government would set up an institution to buy up all the loans or bonds that are backed...
...Friday, reports surfaced that Geithner was thinking about shelving the bad bank approach for now, and just moving forward with the loan guarantee program. If it does, Washington officials would not be alone. Last week, Britain rolled out its own loan guarantee program as part of that country's effort to help its struggling banks...
...follow-up coverage to your profile of Timothy Geithner, you describe his problem as failing to pay part of his taxes in 2001-02 but neglect to mention 2003-04 [Jan. 26]. Yes, he paid them with penalties and interest but only after he was caught, first by the IRS and again by Obama's transition team. The election is over; TIME should get back to factual reporting. Rich Paulson, SOAP LAKE, WASH...
...Geithner initially failed to pay "part" of his taxes? And Obama wants him to be Secretary of the Treasury? That is like putting the fox in charge of taking care of the chickens. Zenon Szachowicz, FOREST...