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NEWS ABOUT: Timothy Geithner

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Economists See High Unemployment Through 2010

(Newser) - Economists think the US unemployment rate will stay above 9% through 2010, the Wall Street Journal survey finds. Accordingly, those in the know believe the Federal Reserve will hold interest rates down at least through spring. “For real people, there is no recovery until the unemployment rate stabilizes,”... More »

White House Shifts Course on Wall St. Pay

Salary caps will be dropped, but bonus restrictions remain

(Newser) - The Obama administration has scrapped plans for salary caps at banks and other firms that receive government bailout money, reports the Wall Street Journal. But congressional limits on bonuses will remain in force, and the White House will still push for major changes to executive compensation. The double whammy of... More »

Everybody Hates Larry

Presence of divisive Summers cranks up tensions on Obama's economic team

(Newser) - On his 54th birthday, Tim Geithner brought Larry Summers a cake, and the guest of honor ad-libbed some lyrics, bellowing, “for he’s an unpleasant fellow,” rather than “for he’s a jolly good fellow.” In the months since, his colleagues have wondered if he was... More »

US to Expand Executive Pay Supervision

Administration to announce new rules, add pay-oversight chief

(Newser) - The Obama administration is set to announce new executive pay guidelines for banks and other corporations that have received bailout funds, the New York Times reports. Any company that’s taken two rounds of TARP cash—including Citigroup, Bank of America, AIG, GM and GMAC—will have to get pay... More »

New SEC Chair Stakes Out Her Territory

Schapiro moving decisively to overhaul troubled agency

(Newser) - As soon as she took over the SEC, Mary Schapiro started making changes. She scrapped rules that had hindered investigators, hired a new enforcement director, and refocused regulators on high-profile financial crisis-related cases. “I wanted to be clear from my first day—not just with words, which are pretty... More »

Housing Market Woes Hit Home for Geithner

Treasury secretary can't sell, stuck renting out his NY home

(Newser) - Housing market troubles are getting personal for Tim Geithner, the AP reports. The Treasury secretary bought his five-bedroom suburban New York Tudor for $1.6 million in 2004; after moving to Washington, he tried to sell it for $1.635 million. The price later dropped to $1.575 million, but... More »

Geithner to China: Your Assets Are Safe

Treasury secretary seeks to reassure China about growing US deficit

(Newser) - Tim Geithner began his trip to China with a speech at Peking University, where the Treasury secretary said that once the current recession and financial crisis are over, the administration will bring down soaring fiscal deficits. But students at the college where Geithner himself once studied peppered him with tough... More »

Geithner Headed to China

(Newser) - Treasury Secretary Timothy Geithner will meet with Chinese officials, including the president, next week in Beijing, the New York Times reports. Before being confirmed for the position, Geither had charged China with “manipulating” its currency. The visit is intended to solidify the trading relationship between the countries, and Geithner... More »

Geithner Back From the Dead, Politically

Once-ridiculed Treasury chief now on top of his game

(Newser) - After a rough start, Timothy Geithner has found his sea legs. Many were calling for the Treasury secretary’s head after his botched handling of February's bailout speech and the AIG bonuses. But, reports Politico, as the economy stabilizes, Geithner’s getting the hang of things. His regular meetings have... More »

Geithner: Pay Changes Ahead for Bank Execs

(Newser) - The Obama administration intends to push for “very, very substantial change,” in the way Wall Street pays executives, Treasury Secretary Tim Geithner tells Bloomberg. “I don’t think we can go back to the way it was,” he said, arguing that the current big-bonus status quo... More »

Banks Raised $56B Since Tests: Geithner

Stress assessments boost confidence, have helped markets heal

(Newser) - Government stress tests boosted confidence in the nation’s biggest banks and helped them raise $56 billion in needed capital, Treasury Secretary Tim Geithner told Congress today. His remarks were met by bipartisan skepticism, with members noting that smaller institutions still face severe challenges, the Wall Street Journal reports. “... More »

US May Create Financial Watchdog for Consumers

(Newser) - The Obama administration may create a government agency with sweeping powers to protect consumers who use financial products such as mortgages, mutual funds, and credit cards, reports the Washington Post. Current protections are scattered throughout several agencies. The new plan would corral them under one regulatory commission and create tougher... More »

Geithner's Understaffed Treasury Is Stalled

Geithner's undermanned department struggles to execute plans

(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... More »

Obama Wants to Tame Wild Derivatives Market

(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... More »

Fed Knew of AIG Bonuses 5 Months Before Storm

Geithner's New York Fed planned for controversy in Sept. '08

(Newser) - Senior officials at the New York Federal Reserve knew about AIG's plans to pay large bonuses more than 5 months before controversy erupted, according to documents seen by the Washington Post. Correspondence and phone records show that the central bank was working with AIG, lawyers, auditors, and PR firms to... More »

US Weighs Shaving Bankers' Pay

Planned rules may apply to banks that weren't bailed out

(Newser) - The Obama administration has begun an ambitious project to overhaul compensation practices across the financial  sector, including at firms that received no bailout, reports the Wall Street Journal. The government may use the powers of the Fed or the SEC, as well as congressional legislation, to prevent banks from rewarding... More »

Time to Stress Out About Stress Tests

Washington is leading us to a second crisis: Krugman

(Newser) - Sure, yesterday's release of the stress tests' results felt pretty anti-climatic. But while bankers might be reassured, Americans have no reason to be, writes Paul Krugman. For the New York Times columnist, the less-than-rigorous stress tests are part and parcel of an Obama administration strategy to "muddle through the... More »

Stress Tests Are Done: 10 Banks Must Raise $75B

(Newser) - It's official: The stress-test results are out, and the feds say 10 of the nation's 19 biggest banks need to raise a total of $75 billion in capital to weather a future downturn, the Wall Street Journal reports. The banks, five of which are regional, are:
  • Bank of America: $33.
... More »

Tests Replace 'Uncertainty With Transparency'

Tests on the biggest banks will make raising capital, paying it back easier

(Newser) - In an op-ed piece in the New York Times today, Timothy Geithner positions the stress tests—whose results are released officially today—as a way to restore longer-term confidence in the aftermath of the "tentative stability" achieved by the last administration. "We chose a strategy to lift the... More »

Stress-Tested Banks Need Just $100B

Investors find causes for optimism in capitalization news

(Newser) - Leaked results of the stress tests on America's biggest banks separate sufficiently capitalized banks—including JPMorgan Chase, MetLife, AmEx, and Goldman Sachs—from underfunded ones such as BofA, Wells Fargo, and Citi. Bank shares rose sharply yesterday and today, and some investors said the results were better than they feared.... More »

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