treasury

Rep. Darrell Issa (R-Calif.) was on Fox News today demanding the resignation of Treasury Secretary Timothy Geithner, and it was remarkable how broad his case was. First, Geithner needed to go because he “should have known more” and he “should have demanded” that AIG renegotiate its bonuses. When Fox’s Megyn Kelly pointed out that Geithner [...]

AIG CEO Edward Liddy said today that he’s asked AIG employees who received bonuses larger than $100,000 to give half the money back, and that some AIG employees have agreed to give the entire payment back. But Liddy refused to provide Congress with the names of who’s given back what, noting that AIG employees have [...]

Wonder what more than $300 billion in taxpayer money for the Troubled Asset Relief Program has actually paid for? The Government Accounting Office spent close to three months trying to figure it out and today it announced the answer: It’s hard to say.

At 2:30 p.m. today, Treasury Secretary Tim Geithner is scheduled to appear before a Senate panel to testify about the Obama administration’s strategy for spending the second $350 billion of Wall Street bailout funding. This is important because the Bush administration, it’s widely agreed, frittered its share by providing little supervision over where the money [...]

Reports are trickling out that President-elect Barack Obama’s choice for treasury secretary, Tim Geithner, may not have paid Social Security or Medicare taxes for “years” and he may have employed an illegal immigrant as a housekeeper, according to Mark Halperin, via the Wall Street Journal. MSNBC just reported the same news.
Things are looking better for [...]

MSNBC reports that barring last minute changes, Timothy Geithner, a career Treasury official under three administrations, is likely going to serve as the next secretary of the Treasury Dept.

The House Financial Services Committee chairman applauds recent moves by Freddie Mac, Fannie Mae and banks to modify mortgages and keep borrowers in their homes. But companies that service loans aren’t doing enough, he says, and that needs to change.

President-elect Barack Obama’s choices for top positions in his new administration, such as his chief of staff, are drawing all the attention lately. But in the financial world, there’s a growing call for him to do more than just pick new personnel. There’s also a belief that the credit crisis is at such a perilous [...]

As the Wall Street bailout program morphs from one helping banks to one benefiting insurers and (perhaps) automakers, the Bush administration is having a hard time explaining what rules are dictating the process — and where it’ll draw lines of eligibility.
It’s an unlikely spot for a conservative White House that once lived and died railing [...]

Raise your hand if you’re confused.
First, as Congress and the Bush administration were haggling over how to structure an effective Wall Street bailout package, the Treasury Dept. claimed that forcing banks to suspend dividend payments to their shareholders would discourage participation in the voluntary program. So Congress caved, dropping that prohibition. (The compromise: Banks can [...]