The head of the new consumer financial protection bureau will be one of the most important figures in the financial world. This has led to serious speculation over who President Obama might name; concern over who will lead the CFPB even led Sen. Ben Nelson (D-Neb.) to temporarily More…
Yesterday, Treasury Secretary Timothy Geithner made the dubious assertion that the government does not create jobs. Speaking on CNBC, he said, “Now, this president understands deeply that governments don’t create jobs, businesses create jobs. And our job as government is try to make sure we’re creating the conditions that allow More…
Today, the Financial Crisis Inquiry Commission continues its fourth round of hearings on the origins of the recession, with the current and former Treasury secretaries, Timothy Geithner and Henry Paulson, speaking on the shadow banking system — comprising financial companies like Goldman Sachs that are technically not banks because they More…
Today’s news that Sen. Richard Shelby (R-Ala.) cut a deal with Sen. Chris Dodd (D-Conn.) to remove the “bailout fund” — a $50 billion pool taxed from banks to be used by the government to wind down ailing financial firms — came as a surprise to no one in More…
Starting today, Sen. Bernie Sanders (I-Vt.) begins his push to ensure that a thorough audit of the Federal Reserve’s books, which Chairman Ben Bernanke expanded by more than $1 trillion to stave off the worst of the financial crisis, makes it into Sen. Chris Dodd’s (D-Conn.) financial regulatory reform More…
Sen. Chris Dodd (D-Conn.) is calling the Republicans out: The Senate plans to give them the opportunity to vote for or filibuster the financial regulatory reform bill as soon as Wednesday, Brian Beutler at Talking Points Memo reports.
Democrats need one Republican crossover to break a filibuster and move More…
This afternoon, the Senate filed cloture on the nomination of Lael Brainard to become undersecretary for international affairs, one of the highest ranking positions in the Treasury Department. Both Larry Summers and Treasury Secretary Timothy Geithner are former undersecretaries for international affairs — the top governmental adviser on international economic More…
This morning, Treasury Secretary Timothy Geithner published an opinion piece in The Washington Post. In it, he argues:
Ending “too big to fail” also requires building stronger shock absorbers throughout the system so it can better withstand the next financial storm. To do that, the Senate bill closes loopholes
Elizabeth Warren warned in February that commercial real estate was the next recovery-killer, and since nothing improved by March, Tim Geithner yesterday took to CNBC to acknowledge the problem with commercial real estate and push the administration’s program to incentivize small banks to lend to small More…
Gretchen Morgenson and Louise Story’s New York Times piece yesterday was a thorough explanation of Goldman Sachs’ machinations that contributed to the collapse of AIG and the government’s perceived need to jump in and pay for everything without negotiating prices.
But unless you’re well-versed in the modern minutiae More…
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