NEWS ABOUT: Timothy Geithner

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Geithner Headed to Wall Street

Named president of private equity firm

(Newser) - Former Treasury Secretary Timothy Geithner, who played a central role in the government's response to the financial crisis of 2008-2009, is joining private equity firm Warburg Pincus LLC. The New York-based firm announced today that Geithner will serve as its president and managing director starting March 1. The company... More »

Bloomberg News Caught Snooping on Bankers

May have also tapped data from Bernanke and Geithner

(Newser) - Bloomberg LP operates both a multi-platform media organization, Bloomberg News, and a computer system, Bloomberg Terminal, that bankers and traders use to monitor market data. The problem: Bloomberg News reporters can see how and when any customer has been using a terminal, and now it turns out they have been... More »

Geithner to Pen Book on Financial Crisis

Plus: ex-Treasury secretary joining Council on Foreign Relations

(Newser) - Timothy Geithner will write a book about his fun times during the financial crisis, set for release in 2014, the AP reports. He'll be represented by the same lawyer who helped ink book deals for President Obama and Hillary Clinton. Meanwhile, the former Treasury secretary is becoming a distinguished... More »

Energy Secretary Steven Chu Leaving, Too

He will leave as soon as his successor gets confirmed

(Newser) - President Obama has another Cabinet post to fill: Energy Secretary Steven Chu is stepping down as soon as a successor is confirmed by the Senate, reports Politico . Chu is a Nobel winner in physics who made green spending a priority, even if it occasionally backfired, as in the Solyndra debacle... More »

Obama: Jack Lew Will Work on His Signature

President jokes he wants at least one legible letter

(Newser) - As expected , President Obama nominated chief of staff Jack Lew to replace Tim Geithner as Treasury secretary today. After ticking off the challenges of the first term, Obama said Geithner would go down in history as "one of our finest secretaries of the Treasury," reports Business Insider... More »

Obama Will Pick Jack Lew to Replace Geithner: Source

He'll announce the pick tomorrow

(Newser) - President Obama will tomorrow name current Chief of Staff Jack Lew as his nominee for Treasury secretary, a source tells Bloomberg News . Obama has already offered the position to Lew, the source says. The move doesn't exactly come as a surprise; Lew, a former director of the Office of... More »

Geithner Leaving This Month: Report

Treasury chief expected to be gone before debt ceiling showdown

(Newser) - Another fight over the debt ceiling might be just around the bend, but a key member of the White House financial team won't be here to see it: Bloomberg reports that Treasury chief Timothy Geithner, who has long planned to leave his post, will do so at the end... More »

Geithner: US Will Reach Debt Ceiling on Monday

Treasury secretary prepares 'emergency measures'

(Newser) - The federal government will hit the debt ceiling on Monday, Timothy Geithner informed Congress today—so he's readying "emergency measures" to keep Washington from borrowing beyond its limit. Those measures will create roughly $200 billion in breathing room for the feds to operate, which would typically cover two... More »

Next Stop in Obama's Cliff Campaign: a Family Home

Meanwhile, Republicans look ready to deal

(Newser) - Barack Obama will drop in on a middle-class family's Northern Virginia home today, in a campaign stunt designed to drive home the pain such families would feel if their taxes rise next year. The family is one of more than 100,000 to respond to a Twitter request for... More »

Boehner Blasts White House: 'Can't Be Serious'

Geithner says no deal without tax hikes

(Newser) - John Boehner is still grousing about the White House's opening bid in the fiscal cliff talks, lambasting it this morning as a "non-serious proposal" in a pre-taped interview with Fox News, picked up by Politico . "I was just flabbergasted. I looked at (Tim Geithner) and I said:... More »

Changing Rules on Debt Ceiling Is a Genius Idea

Matthew Yglesias: Last year's showdown set dangerous precedent

(Newser) - One of the proposals being floated by the White House in the fiscal cliff talks is to change the rules on the federal debt ceiling. The White House, any White House, would no longer need congressional approval to go above the ceiling. "It's a great idea,"... More »

GOP Hates Obama's Opening Offer

The fiscal cliff talks are under way

(Newser) - Details are emerging on Treasury secretary Tim Geithner's trek to Capitol Hill today to present the White House's wish list in the fiscal cliff talks, a move that "in some sense amounts to a formal start of negotiations," reports the Wall Street Journal . The short version... More »

Obama Playing Hardball on Taxes

He plans to seek $1.6TR extra from wealthy, corporations

(Newser) - President Obama is telling GOP leaders to read his lips: Some new taxes. The president plans to play hardball in budget negotiations with an opening figure of $1.6 trillion in tax hikes for corporations and the wealthy, the Wall Street Journal reports. The figure is far more than Republicans... More »

OK, Obama, Now Can We Get Tough on Wall Street?

His 2nd term is a chance to do it right: William Cohan

(Newser) - Back when President Obama took office in 2009, many assumed he'd reform the Wall Street system that had just blown a hole in the economy. "It turned out we were either naïve or stupid," author William Cohan writes at Bloomberg . Instead, Obama's administration was stocked... More »

Obama Plans Drastic Cabinet Shake-Up

Clinton, Geithner, Panetta, Holder all could be gone

(Newser) - After a first term almost devoid of Cabinet shakeups, President Obama is now working on plans to replace virtually his entire team. Hillary Clinton and Tim Geithner have both publicly announced their exits, but Leon Panetta, Eric Holder, Ray LaHood, Steven Chu, Ken Salazaar, and Lisa Jackson are all expected... More »

Bernanke to Step Down: Report

Fed chair won't return for another term, even if President Obama is reelected

(Newser) - Ben Bernanke doesn't intend to return for another stint atop the Federal Reserve after his term expires in January 2014, close friends of the chairman tell Andrew Ross Sorkin of the New York Times . Mitt Romney has already said he would appoint someone else if he gets the chance,... More »

The Payroll Tax Cut Is Doomed

No matter who wins in November

(Newser) - No matter who wins in November, your taxes are probably going up next year. That's because Congress has basically no interest in extending the payroll tax holiday that was so hotly contested earlier this year, the New York Times reports. Negotiators are fixated on the so-called "fiscal cliff,... More »

Euro Crisis Rocking Global Corporations

Weak economy plus austerity equals 'vicious circle,' says economist

(Newser) - As the EU economic crisis spirals ever downward , corporations are in fact looking increasingly like people, blaming the continent's troubles for their plummeting earnings, reports the Wall Street Journal . And with increasing austerity programs kicking in across Europe in 2013, analysts think money is just getting tighter. "We... More »

NY Fed Kept Mouth Shut About Barclay's Libor Scheme

Staffers knew about rate fixing

(Newser) - Barclays admitted that it was rigging Libor to the Federal Reserve Bank of New York back in 2008—and the New York Fed, and its then-head Timothy Geithner, told precisely no one. Geithner has said he sounded the alarm on Libor in 2008, and indeed, the Fed did suggest reforms... More »

Geithner Questioned Libor's Credibility in 2008

He sent email to Bank of England honcho, among others

(Newser) - Treasury Secretary Timothy Geithner has certainly earned the right to say "I told you so" to British authorities about the Libor rate-fixing scandal , but lawmakers are wondering whether he could have done more to prevent it. Geithner was running the Federal Reserve Bank of New York when he pushed... More »

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