Testifying before House lawmakers yesterday, Sheila Bair, head of the Federal Deposit Insurance Corporation, endorsed much of the controversial proposal to grant the White House new powers to take over Wall Street investment firms when their failure threatens the larger financial system.
A timely, orderly resolution
Appearing before a House panel on Thursday, Treasury Secretary Tim Geithner made his best pitch for legislation granting the White House broad new powers to seize Wall Street firms when their collapse might torpedo others in the industry.
It didn’t go so well.
[Congress1]A number of Democrats on the House More…
Treasury Secretary Tim Geithner, who’s testifying this morning before the House Financial Services Committee on legislation empowering the White House to take over Wall Street firms when their failure threatens the finance system on the whole, just made a curious claim. Asked by Rep. Maxine Waters (D-Calif.) whether More…
Here’s the money quote from Treasury Secretary Tim Geithner, interviewed Monday by CNN about the role of government in regulating Wall Street:
The financial markets are too important to the economy to be left to the markets alone. You need a strong framework of regulations, a much stronger
Just how tough are the Obama administration’s new executive compensation limits for bailed out firms? Well, as a hint, Wall Street sees them as no threat at all. Indeed, The Washington Post today gets a few telling quotes from bankers who are giddy that these are the only More…
The Obama administration is poised to tap Kenneth Feinberg, the mediation guru who headed the 9/11 victim compensation fund, to monitor the nation’s bailed-out firms for compliance with executive compensation limits, The Wall Street Journal reported today. First, though, the White House has to sift through the tangle of More…
As the Wall Street bailout nears its first anniversary, the controversy over giving public money to private banks has become public knowledge. But an equally risky aspect of the financial rescue has flown largely under the radar: the government’s reliance on private contractors – many with potentially significant conflicts of More…
Noam Scheiber directs us to an interesting Politico assessment of how changes in the handling of Treasury Secretary Tim Geithner have boosted his reputation:
They [Geithner's advisers] decided to “let Tim be Tim” and accepted the fact that his strength wasn’t giving a speech in front of a
During today’s Senate Banking Committee hearing with Tim Geithner, the Treasury secretary indicated that, although many of the nation’s largest mortgage servicers have volunteered to participate in the administration’s loan modification program — and 55,000 modifications have already been offered — it’ll be awhile before the overall successes of that More…
Treasury Secretary Tim Geithner appeared before the Senate Banking Committee today to discuss the Wall Street bailout, but Sen. Sherrod Brown (D-Ohio) wanted to talk about the auto industry instead. There was good reason for Brown’s concern. Not only are Detroit’s automakers hemorrhaging cash, ditching dealerships and laying off More…
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