Anger? Now That Would Be a Bonus

(NEWSER) - President Obama wants to put the so-called dark markets under control, the New York Times reports, seeking congressional approval to regulate the byzantine world of derivatives trading—which played a large role in the current financial mess. In a letter to lawmakers, Treasury chief Timothy Geithner calls for an oversight system to be run either by the Securities and Exchange Commission or the Commodity Futures Trading Commission. More»

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' concerns about the nominee, means the Treasury Department will be without a secretary as Barack Obama takes office. More»

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 to President-elect Obama insist the infractions are minor. More»

New book says Obama's team routinely undermined him

(NEWSER) - In March 2009, in the throes of the financial crisis, Barack Obama told Tim Geithner to focus on a proposal to dissolve Citigroup—but the Treasury Secretary ignored him and never developed a plan, according to former Wall Street Journal reporter Ron Suskind’s new book Confidence Men. In the book, which was obtained early by the AP and the New York Times , Suskind writes that Obama’s “authority was being systematically undermined or hedged by his seasoned advisers.” More»

News not sitting well with lawmakers

(NEWSER) - Good news, if you’re not keen on bailed-out firms handing out bonuses: AIG has trimmed by $20 million those due to current and former employees in March. The bad news: The insurance giant that was the largest recipient of US bailout funds is still going to pay out $100 million in bonuses, and do it tomorrow, ahead of schedule. Lawmakers, predictably, aren’t happy. More»