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NEWS ABOUT: Timothy Geithner

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White House Takes Aim at Offshore Tax Dodges

The Obama Administration will unveil details of its tax-haven crackdown today

(Newser) -  White House plans to curb offshore tax avoidance will be rolled out today, the Wall Street Journal reports, with the target on both US multinationals and wealthy individuals who are sheltering an estimated $700 billion in US earnings overseas. The plan takes particular aim at “deferral,” which... More »

Treasury's Mantra: 'Rahm Wants It'

"Rahm wants it" is new motto around Geithner's office

(Newser) - Tim Geithner's early struggles to gain the confidence of the markets and the public have led to a stronger-than-usual White House presence at the Treasury Department, where "Rahm wants it" is a frequent refrain, reports the Wall Street Journal. Although it's a dramatic shift from the Hank Paulson regime,... More »

Geithner's Brother Thinks He's Beautiful

Treasury's Tim makes top 50 at People ... where brother is exec

(Newser) - Did you do a double take when you saw Tim Geithner on People’s 50-most-beautiful-people list? Joe Weisenthal of the Business Insider did. Geithner has all the sex appeal of a lifelong bureaucrat—which, um, he is. Weisenthal finds that People executive David Geithner is the Treasury chief’s brother.... More »

Obama, Biden Earn A-Minuses

Pundits offer wide-ranging report card

(Newser) - On President Obama’s 100th day in office, Mark Halperin of Time provides a White House report card:
  • Barack Obama: A-. “Instantly comfortable and highly skilled at the hardest job in the world.”
  • Joe Biden: A-: Operates "precisely in the manner he and Obama discussed
... More »

Let Us Pay Out Bonuses, Citi Begs Geithner

Execs worry employees will bolt as bank chafes under pay restrictions

(Newser) - Citigroup is asking the Treasury for permission to pay special bonuses to many key employees it worries will leave the company—despite the fact that taxpayers will soon become the largest shareholder in the bank. Citi is chafing under Treasury restrictions on executive pay, particularly in its lucrative energy trading... More »

At NY Fed, Geithner Got Cozy With Wall Street

Geithner's cozy history with the high finance club draws critics' ire

(Newser) - While some feel Treasury Secretary Timothy Geithner has been an aggressive steward of the public trust, some critics point to his days as New York Fed president as proof he’s too cozy with the very banks that crippled the financial system. The New York Times investigates his tenure there,... More »

Market-Regulation Bill No Longer on Fast Track: Frank

Obama wants bill passed fast, but Congress chooses to take its time

(Newser) - Once on the fast track to President Obama’s desk, a bill that would grant the government powers to place large companies into receivership has been pushed to the slow lane, Rep. Barney Frank tells the Wall Street Journal. The bill’s complexity, and a slow-moving Senate, led the Financial... More »

Dow Up 128 on Geithner Talk

Banks rally after comments by Treasury secretary, Bank CEOs

(Newser) - Stocks gained today on upbeat comments from Timothy Geithner and the CEOs of Citigroup and US Bancorp, the Wall Street Journal reports. Banks rallied after the Treasury secretary said that the “vast majority” have sufficient capital. The Dow closed up 127.83 at 7,969.56. The Nasdaq rose... More »

Geithner: $110B Left in TARP War Chest

Treasury won't ask Congress for more; defends slack lending

(Newser) - Some $109.6 billion remains in the government's $700 billion bailout, Treasury Secretary Timothy Geithner today told TARP's congressional oversight chief, Elizabeth Warren. The Treasury sec says that's plenty—he expects banks to repay about $25 billion over the next year, and won't ask Congress for more. Geithner also defended... More »

Geithner Puts Brakes on Bank Repayments

Treasury sec reluctant to free Goldman, others from constraints

(Newser) - Tim Geithner is warning Wall Street that he will consider more than banks' individual financial fitness when deciding whether they can pay back bailout funds—and escape from the strings attached to them. In an interview with the Wall Street Journal, the Treasury secretary says that the whole banking system,... More »

Citing Too-Low Prices, Banks Won't Sell Toxic Assets

Stress test an Obama weapon

(Newser) - Banks are proving so reluctant to part with their so-called “toxic assets” that the Obama administration may have to strong-arm them into doing so, Time reports. Banks are protesting that the prices being offered—about $70 per $100 bond by the magazine’s calculations—are too low. That’s... More »

Fed to Banks: Keep Quiet on Stress Tests

Officials worry leaked results will cause market chaos

(Newser) - The Federal Reserve is adopting a loose-lips-sink-ships policy when it comes to the “stress tests” being administered to big US financial firms. Goldman Sachs, Citigroup, and others have been ordered to keep quiet about their financial report cards, Bloomberg reports. Officials fear that should those results leak, investors would... More »

Bailout Honchos Weigh Toxic-Asset 'War Bonds'

Treasury's new idea would allow private investors to profit from bailouts

(Newser) - Responding to charges the bank bailout privatizes profits while socializing losses, the Obama administration is exploring creating mutual-fund-type instruments that would allow private citizens to invest in toxic assets. The bailout funds, akin to war bonds, would allow the taxpayers who funded the bailout to profit along with Wall Street,... More »

Geithner, Henderson Open to GM Bankruptcy

Treasury sec adamant that GM won't fade away

(Newser) - Bankruptcy remains an option for GM as a last resort, both new chief Fritz Henderson and Treasury Secretary Timothy Geithner said today. “You can’t rule options off the table,” Henderson told CNN’s State of the Union. Whatever happens, Geithner stressed on CBS’ Face the Nation that... More »

Treasury Helps Companies Skirt Bailout Rules

(Newser) - The Obama administration has devised a maybe-legal method of avoiding Congress’ restrictions on companies that accept bailout funds, including limits on executive pay and a requirement that taxpayers get an ownership stake in the firms, the Washington Post reports. To sidestep the restrictions, the administration has created special entities to... More »

At NY Fed, Geithner Saw Risk, Didn't Act

Legacy of missing red flags trails onetime regulator to Treasury

(Newser) - Timothy Geithner spent a lot of time thinking about the derivatives trade as president of the New York Federal Reserve—in 2005 he convinced banks to digitize the market, making it far more efficient. But he never convinced them to scale back risk and never exercised his powers to force... More »

Geithner Predicts Big Things at G20

Confident Treasury chief expects 'global stimulus' plan

(Newser) - Treasury chief Tim Geithner made time in London for a series of TV interviews in which he expressed confidence that the global economy has turned the corner. He told Bloomberg that he sees "encouraging signs" of recovery and said policy makers at the G20 summit will make sure the... More »

Obama Meets With Hu, Plans Visit to China

(Newser) - President Obama and Hu Jintao of China met today at the G20 summit in London and agreed to close cooperation on issues ranging from the economic crisis to global security, Time reports. Obama will travel to China later this year. Meanwhile, high-level representatives will meet in Washington during the summer... More »

Taxpayers Lose in Treasury's Toxic Asset Plan

Nobelist Stiglitz blasts Obama adminstration for 'perverse' program

(Newser) - The Obama administration's massive public-private investment plan is good news for banks, good news for investors—and bad news for the taxpayer, writes Joseph Stiglitz. In an op-ed for the New York Times, the Nobel Prize-winning economist accuses the Treasury of "replicating the flawed system" that caused this crisis,... More »

Geithner on AIG: 'We Had No Good Choices'

Gates backs Obama on Afghanistan; Petraeus says Cheney wrong

(Newser) - Timothy Geithner may have reignited the AIG bonus brouhaha on ABC’s This Week just as calls for his ouster had begun to subside. “We had no good choices. The contracts were set,” he said, insisting Treasury acted quickly to renegotiate the parts of the bonuses it could.... More »

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