Skip to: Content
Skip to: Site Navigation
Skip to: Search
WEDNESDAY, NOVEMBER 25, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter


 ANALYSIS 
4

Geithner's Understaffed Treasury Is Stalled

Geithner's undermanned department struggles to execute plans

Share

(Newser) – Nearly two months ago the Treasury announced it was booting Rick Wagoner as CEO of General Motors. But he's still technically on the payroll—because Treasury officials continue to debate whether he should receive the $20 million severance package he was promised. It's only one of many key decisions that have been put on hold at Tim Geithner's overstressed, understaffed Treasury, reports the Washington Post.

Vacancies at the top of the Treasury are holding up major initiatives, including cleaning up toxic assets and expanding credit for small businesses. But a personnel shortage isn't the only problem; frequent White House intervention has confused traditional roles, and several officials say Geithner has yet to define the responsibilities of his top advisers. "Tim's nature is to be very inclusive," said one, "but there are too many decisions to make with 20 guys around his table."

Tim Geithner listens at a news conference at the Treasury Department in Washington, Tuesday, May 12, 2009.
Tim Geithner listens at a news conference at the Treasury Department in Washington, Tuesday, May 12, 2009.   (AP Photo/Alex Brandon)
President Barack Obama and Treasury Secretary Timothy Geithner make statements on tax reform, Monday, May 4, 2009, in the Grand Foyer of the White House in Washington.
President Barack Obama and Treasury Secretary Timothy Geithner make statements on tax reform, Monday, May 4, 2009, in the Grand Foyer of the White House in Washington.   (AP Photo/Ron Edmonds)
The name plate on the wall to the office of Timothy Geithner at the Treasury Department in Washington Saturday, April 25, 2009.
The name plate on the wall to the office of Timothy Geithner at the Treasury Department in Washington Saturday, April 25, 2009.   (AP Photo/Alex Brandon)
« Prev« Prev | Next »Next » Slideshow

People think he's very, very smart, but he has not exerted a management presence yet. Geithner's being stretched in a thousand directions, but I don't know if that absolves him of responsibility for management. - A source inside the Treasury

« Prev« Prev | Next »Next » Slideshow
OFF THE GRID
11.24.09
Murdoch and Microsoft: The Mice Are Trying to Roar
11.23.09
Books Are Bad for You
4 comments
VIEWING:
 
uplink
May 18, 09 6:53 AM CDT
the less geithner does the better off we will be. what has he done except bend over for the zombie banks? obama made some incredibly bad choices in his cabinet, with geithner being the standout bad choice. obama has not kept his campaign promises and now seems ready to reverse any decision that is uncomfortable to the bush criminals. Reply
Vote up! Vote down!
+4
IN RESPONSE:
ClingingToHope
May 18, 09 8:14 AM CDT
Good post except for the "bush criminals" part. Obama has made a number of bad choices and renegs on his campaign rhetoric. You can't keep blaming Chairman Obama's stupid moves on the previous administration which kept us safe for 7+ years. When does Chairman O become responsible for his decisions?
Vote up! Vote down!
-1
Robert_Dada
May 18, 09 9:43 AM CDT
Debatably kept us safe while costing us billions we cannot afford in unnecessary wars, not to mention the lives lost. In addition, they presided over, long ignored and then ineptly responded to the worst financial crisis since the Depression. The previous administration has nothing but shame and ineptitude in its legacy. Reply
Vote up! Vote down!
0
IN RESPONSE:
ClingingToHope
May 18, 09 11:06 AM CDT
So passing spending bills which no one read is a better deal? Promising to end "unnecessary" wars and not doing so is a better deal? "The worst financial crisis since the Depression" is the fault of the Democrat party who insisted that FannieMae and FreddieMac make loans to those who could not afford it. Unfortunately, the Republican president at the time was not CONSERVATIVE ENOUGH!
Vote up! Vote down!
+1
LEAVE A
COMMENT Comment Policy
Facebook ConnectPost this comment to Facebook?

After connecting you will have the option to post your comment on your Facebook profile.

 

Related Newser Stories

146 Stories

NO DIMON IN THIS ROUGH

Bloggers on JPMorgan Chase CEO Replacing Geithner: Nah

Jamie Dimon not in tune with Obama, too invested in big banks

Nov 23, 09 10:00 PM CST
(Newser) - A report today that JPMorgan Chase CEO Jamie Dimon has the inside track to replace Timothy Geithner as Treasury Secretary is getting mostly guffaws online, with even the conservative Wall Street Journal admitting that Dimon’s way too much an insider for the job just now. Indeed, chuckles Daniel Indiviglio... More »

MORE ABOUT:
Wall Street • consumer protection • rumor • JPMorgan Chase • Obama administration • Treasury secretary • financial crisis • Jamie Dimon • President Obama • Timothy Geithner • Obama Cabinet • big banks

DAVID BROOKS

 Geithner Got It Right 

Treasury secretary's pragmatic approach to financial crisis paid off

Nov 20, 09 5:16 AM CST
(Newser) - David Brooks leaps to the defense of Tim Geithner today, arguing that the treasury secretary's critics, who last spring were dismissing him as a hapless "Bambi in the headlights," were mostly wrong and he was mostly right. The system is now much healthier, TARP money is being repaid,... More »

MORE ABOUT:
Obama administration • Treasury secretary • financial crisis • Timothy Geithner • TARP

  Geithner 
 to Bankers: 
 Crackdown 
 Is 'War' 



Treasury secretary tells Wall Street it must accept regulation

Oct 28, 09 7:30 AM CDT
(Newser) - Tim Geithner had tough words for Wall Street bankers yesterday, telling the financial industry's annual conference that they had no credibility to protest new regulation. The Treasury secretary said government had a responsibility to crack down on dangerous practices on the Street and design new laws allowing seizures of institutions... More »

MORE ABOUT:
Wall Street • US dollar • economic stimulus package • bank regulation • Treasury secretary • financial crisis • Timothy Geithner

146 Stories


Politics  •  Business  •  Opinion 
TwitterFollow @NewserPolitics on Twitter

 
General Motors • Treasury Department • Rick Wagoner • Treasury secretary • Timothy Geithner • job vacancies

from our news partners