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NEWS ABOUT: Timothy Geithner

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Geithner Aide Lobbied for CEO Bonuses

(Newser) - The Treasury's new chief of staff once fought for the very executive bonuses Washington is trying to curb. When working for Goldman Sachs, Mark Patterson lobbied against a 2007 bill supported by Barack Obama to help limit Wall Street payouts. The initiative died in Senate committee. "Whatever Patterson had... More »

Noonan to Obama: Get Focused

President has to stop bouncing around

(Newser) - There are two crises facing the new president, writes Peggy Noonan in the Wall Street Journal: the economy and the threat of terrorism. Either one would warrant near-obsessive focus, but President Obama can’t seem to zero in. “What strikes one is the weightlessness of the Obama administration, the... More »

Obama to Leno: 'Stunned Is the Word' on AIG

(Newser) - President Obama played the role of talk-show guest tonight with Jay Leno, mixing in jokes about his bowling game (up to 129) and Final Four picks (all from swing states) with a lengthy discussion of fiscal policy, the New York Times reports. He professed himself "stunned" by the AIG... More »

Geithner: I Take Full Responsibility

(Newser) - Treasury chief Tim Geithner said today that he asked Chris Dodd to add a stimulus loophole allowing AIG to dole out bonuses. Geithner told CNN he felt he had no choice because the government would have been vulnerable to lawsuits if it tried to stop them. "But we also... More »

Anger? Now That Would Be a Bonus

'Baby' Geithner, Obama should be more worked up over AIG: Collins

(Newser) - Thank meek Tim Geithner for the wrath coming from the New York Times today. “We need a Treasury secretary so terrifying that if you were stuck in an elevator alone with him, you would just hand over your wallet,” Gail Collins writes. “And I’m totally angry... More »

Geithner Swinging in Wind After Fed Drops AIG Ball

Treasury says Fed kept them in dark, despite sec's previous role

(Newser) - Officials at the Fed knew about AIG's plan to award $165 million in bonuses for months but failed to tell the Obama administration, reports the Washington Post. Treasury Secretary Tim Geithner said this week he was "stunned when I learned how bad this was"—belatedly on March 10—... More »

How Obama Can Reboot Geithner

Treasury sec needs a freer hand and more staff to survive

(Newser) - Three times in 3 days the president has had to offer a defense of Tim Geithner, who will almost certainly remain Treasury secretary despite calls to resign. As Eamonn Javers reports in Politico, the White House now has to perform some crisis management: Keep Geithner out of the spotlight, allow... More »

Frank's House Panel to Grill Geithner Twice

Another Republican congressman calls for him to resign

(Newser) - As criticism of Treasury Secretary Timothy Geithner mounts, he is scheduled to take his place on the hot seat next week, the Wall Street Journal reports. Geithner will appear before Barney Frank's House panel—the same one grilling AIG chief Edward Lilly today—Tuesday and Thursday. Two Republican congressmen, Connie... More »

Just Quit, Geithner: GOP Rep.

AIG bonuses is latest of Tim's failings: Mack

(Newser) - The AIG bonus flap is the last straw for Rep. Connie Mack, who today called for Treasury Secretary Timothy Geithner to resign or be fired, USA Today reports. “The scandal is but the latest fiasco under his watch,” said the Florida Republican, the first among GOP congressmen to... More »

AIG Mess Shows Why the Feds Should Quit Banking

(Newser) - All the hubbub around AIG and its bonuses is “a complete farce,” Larry Kudlow writes in the National Review. No one should be surprised that those in charge have “completely bungled” the situation. “The government shouldn’t run anything, because it cannot run anything,” Kudlow... More »

White House Foists Bonus Blame on Dodd

Guilty Obama officials seek to shift AIG fault, press plays along

(Newser) - The White House is trying to pass the AIG bonus blame to Sen. Chris Dodd, pointing to his hand in an executive-compensation clause inserted into the stimulus bill—and journalists are letting it happen, writes Glenn Greenwald in Salon. Actually, the bonuses were only possible because the Obama administration insisted... More »

Geithner: We'll Deduct AIG Bonuses From Next Bailout

Insurer will be forced to return $165 million, treasury boss says in letter

(Newser) - Treasury Secretary Tim Geithner promised last night that taxpayers wouldn't be paying a penny toward AIG's massive executive bonuses, Bloomberg reports. He explained in a letter to lawmakers that the government would require the insurer to pay back the $165 million from company operations and that an equal amount would... More »

White House on Defensive as Schumer Warns AIG

(Newser) - The AIG fury grows. The White House today found itself defending Treasury chief Tim Geithner's handling of the bonus mess as congressional anger rose. Under siege by reporters about why the Obama administration didn't act sooner, spokesman Robert Gibbs said the president retains full confidence in Geithner, the Los Angeles ... More »

Spitzer: AIG Bailout an 'Inside Job'

Scandal isn't bonuses, it's payments to influential debtors

(Newser) - Eliot Spitzer is mad about AIG, and not because it’s giving out bonuses. No, the real scandal, he writes for Slate, is the tens of billions of taxpayer dollars going to pay back AIG’s counterparties. The decision to bail out AIG was made by Henry Paulson, Timothy Geithner,... More »

Give Summers' Genius More Leeway

To combat crisis, perhaps Obama's economic genius should be given free reign: Scheiber

(Newser) - The most common worry over Larry Summers’ directorship of President Obama’s economics advisory council has been that his hard-charging intellectual style would alienate politicians the administration needs, writes Noam Scheiber in the New Republic. But considering Summers’ experience as Clinton’s Treasury Secretary, as well as his prescient 1991... More »

Obama Goes After AIG Bonuses

President instructs Geithner to use "every legal avenue" to reclaim funds

(Newser) - President Obama has asked Tim Geithner to use “every legal avenue” to prevent AIG from paying out $165 million in bonuses to top employees who had a hand in the company's near-collapse, the Wall Street Journal reports. "This isn't just a matter of dollars and cents. It's about... More »

Obama's Agenda Dwarfs His Staff

President's team stretched thin despite flurry of appointments

(Newser) - President Obama is filling government jobs more quickly than his predecessors, but there's so much going on that his team is still stretched thin, the Wall Street Journal reports. Obama is juggling the economic crisis, stimulus package, and two wars, all with just 43 confirmed aides. "No one since... More »

AIG to Dole Out $165M in Bonuses

(Newser) - Record-breaking losses and $170 billion in federal loans haven't curbed AIG's plan to pay out $165 million in executive bonuses, the New York Times reports. Treasury Secretary Timothy Geithner called up AIG chief Edward M. Liddy to halt the payments, and the company agreed to alter some—but Liddy said... More »

Treasury Pick Withdraws After Vetting 'Issue'

Cohen, tabbed as deputy, is third to pull out in less than a week

(Newser) - Staffing the Treasury Department is proving to be a pickle for the Obama administration, with the third candidate in less than a week withdrawing from consideration today, ABC News reports. H. Rodgin Cohen, a partner with law firm Sullivan & Cromwell, was considered the top choice for Deputy Treasury Secretary... More »

Economists Rate Obama, Geithner: 'F'

Obama, Geithner score poorly in survey; Bernanke does better

(Newser) - Barack Obama retains high approval ratings with the public, but a panel of economists had a far more negative view, reports the Wall Street Journal. A majority of 49 economists polled said they were dissatisfied with the president's economic policies. Asked to score his tenure out of 100, economists gave... More »

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