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NEWS ABOUT: Timothy Geithner

'We Ran Into a President With Some Serious Game': Rep.

Obama in great shape at White House hoops

(AP) - President Barack Obama and a few members of his cabinet played basketball tonight at the White House with a handful of House members, two of them Republicans. "We ran into a president with some serious game," said Rep. Jay Inslee, D-Wash. Obama had "a sweet crossover move"... More »

Top Wall Street Execs Have Direct Line to Geithner

Treasury chief's calendars show frequent contact with big players

(AP) - A look at Timothy Geithner's phone calendars show the Treasury secretary has maintained close ties with Wall Street executives he has known for years. Executives at Goldman Sachs, JPMorgan, and Citigroup can reach the nation's most powerful economic official at will. While there's nothing inherently wrong with keeping tabs on... More »

Lawmakers Get Court Date With Obama

Rep. who walked out on health speech among hoops invitees

(Newser) - Four cabinet secretaries and one GOP representative who walked out of President Obama’s joint address to Congress last month are among some 16 invitees for tomorrow’s White House fall basketball game. Rep. John Shimkus is the lone Republican on the list; that Treasury Secretary Tim Geithner has enough... More »

Fed May Have Outmuscled Other Lehman Creditors

Government creditors got their cash back; private investors still struggling

(Newser) - A special court examiner investigating the Lehman Brothers bankruptcy is trying to determine whether the Fed used its clout to get its money back from the collapsed bank ahead of other creditors. The central bank and its New York branch lent Lehman $46 billion before the bankruptcy but was promptly... More »

US, Europe Clash on Banking Reforms

G-20 agreement on capital requirements likely to remain elusive

(Newser) - The US and Europe are moving further apart on plans for post-financial crisis banking reform ahead of this week's G-20 summit, the Wall Street Journal reports. Both sides agree that banks should be required to keep more capital on hand to cushion them from crises, even at the cost of... More »

FDIC May Borrow Billions From Banks

Tapped-out deposit insurance fund mulls reverse bailout

(Newser) - After a year of government bailing out the banks, now the banks may bail out the government. Regulators are considering a plan for the FDIC, which protects bank depositors, to borrow billions from healthy banks, enabling the fund to refresh its accounts after a wave of bank failures. Banks and... More »

8 Days That Shook the Financial World

James Stewart on the week that Lehman failed, and meltdown loomed

(Newser) - James Stewart’s reconstruction of the 8 nail-biting days, a year ago, in which the federal government stepped in to stop the collapse of the world financial system—published in the New Yorker this week, just as Fed chief Ben Bernanke was declaring the recession officially over—makes riveting, tense... More »

Obama Turns to Wall Street Reform

NY visit will push for "fundamental change" to financial rulebook

(Newser) - As Washington wrangles over what shape health reform might take, President Obama heads to Wall Street today to remind it that financial reform is far from being forgotten, reports the Washington Post. On the one-year anniversary of Lehman Brothers' implosion, the president will push financial overhaul as urgent in order... More »

Obama Should Have Put Wall Street on Trial

But he didn't, and now GOP fat cats can somehow play populist

(Newser) - How can rich fat cats like Glenn Beck and Rush Limbaugh pretend to be populists, while tarring Barack Obama as the establishment? Because Barack Obama missed his chance to strike a blow for the little guy and prosecute Wall Street, writes communications professor Jon Taplin. Instead, he listened to Wall... More »

Geithner: Wall Street Is Safe Again

(Newser) - The return of hefty profits on Wall Street doesn't mean that banks are returning to previous bad behavior, Tim Geithner insists. In an interview with the Wall Street Journal, the Treasury secretary says the big banks are safer now because "they're running with much less leverage," greater liquidity,... More »

Toothless Watchdogs Not Sure Where TARP Money Went

(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... More »

Time May Be Right to Talk Raising Taxes

In poll, less than half of Americans say they pay too much

(Newser) - If the administration must raise taxes, now could be its big chance, NPR reports. Only 46% of Americans in a recent Gallup poll said their taxes were too high—the smallest fraction since 1961. “Americans, relatively speaking, are more satisfied with the amount of taxes they pay than they... More »

Geithner Flips Out, Tongue-Lashes Regulators

(Newser) - The heat is apparently getting to Tim Geithner. At a meeting last week with high-level financial regulators, the treasury secretary indulged in a potty-mouthed diatribe about delays in the administration's highly touted plan to overhaul the regulatory system, declaring, "enough is enough," the Wall Street Journal reports.... More »

As Slump Eases, High-End Homes Linger on Market

(Newser) - It’s a tale of two housing markets out there. While low and mid-priced homes are enjoying a resurgence, high-priced residences are languishing unsold, their prices falling rapidly, the Wall Street Journal reports. “We’re extremely oversupplied,” says a real estate agent in an affluent Illinois town, where... More »

Geithner Won't Rule Out Middle Class Tax Hike

Romer says the economy hasn't bottomed yet

(Newser) - President Obama’s top economic advisers fanned out across the Sunday talk shows today, with Tim Geithner leaving open the possibility that Obama would renege on a campaign promise not to raise taxes on the middle class. “We’re going to have to do what’s necessary” to revive... More »

TARP Watchdog: Bailouts May Cost US $24T

Number based on 'hypothetical maximum,' Treasury counters

(Newser) - The special inspector overseeing Treasury’s TARP program says federal assistance to banks and other financial entities could end up costing taxpayers $23.7 trillion, Bloomberg reports. Aside from the $700 billion bailout, Neil Barofsky says in testimony prepared for told Congress tomorrow, other trillion-dollar federal programs could balloon. “... More »

Bailouts May Be Offered to Small Businesses

TARP funds, meant to save banks, could be used to save jobs

(Newser) - The Obama administration is working on a plan that would take money from the TARP—the $700 billion fund intended to rescue banks—and lend it to small businesses, the Washington Post reports. The money would come with few restrictions, and the government would pick up as much as 90%... More »

Congress Wary of Fed's Growing Power

After decades of deference, legislators turn on central bank

(Newser) - Tim Geithner testified before the Senate Banking Committee yesterday, but as the Washington Post reports, it's not the Treasury but the Fed whose growing powers most worry legislators. Republicans and Democrats are both venting that Ben Bernanke's office did little to stop the excesses of the boom years, only to... More »

$134B Suitcase Could Be Huge Smuggling Scam

Italy arrests men with enough US bonds to buy a few countries

(Newser) - Last week, Italian authorities detained two Japanese men attempting to cross the border into Switzerland carrying a suitcase stuffed with $134 billion in US bonds. The men are either massive counterfeiters or—even scarier—the fourth-largest creditors of the US Treasury, with enough cash to buy three or four countries.... More »

Geithner, Summers Outline New Regulatory System

(Newser) - The current financial regulatory system “is riddled with gaps, weaknesses, and jurisdictional overlaps,” Treasury Secretary Timothy Geithner and Obama economic guru Larry Summers write in today’s Washington Post. They outline, in broad strokes, their plan to fix it:
  • Capital and liquidity requirements will be raised across the
... More »

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