Washington Wants to Know Who Replaces Hank

(NEWSER) - Anybody seen $700 billion? The government watchdogs charged with overseeing TARP spending don't seem able to answer even basic questions about where the money went, Chris Adams writes at McClatchy. A special inspector general, a congressional panel, and eight other inspectors general are supposed to be keeping track of the funds, but they haven't been given the tools to do the job properly, Adams writes. More»

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 out his bank plan, abandoning the one he’d been developing. That didn’t leave enough time to flesh out his new proposal—hence his unsettling vagueness. More»

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 tanked as investors naturally assumed that “much like Hank Paulson, Mr. Geithner will be making things up as he goes along.” More»

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 invalid deductions and failure to pay thousands in taxes while working for the International Monetary Fund. More»

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 the bailout, the Washington Post reports. The new approach will be laid out publicly before Geithner's confirmation hearing next week. More»