Here’s the New York Fed telling Bloomberg News yesterday that the agency didn’t force the 2008 decision to delay disclosure of AIG payments to other Wall Street firms using taxpayer money.
“Our position has always been that if AIG’s securities lawyers determine that AIG is legally obligated
For Tim Geithner, it’s been a difficult week.
“Conservatives agree that as point person, you failed,” Rep. Kevin Brady (R-Texas) told the Treasury secretary yesterday during a hearing of the Joint Economic Committee. “Liberals are growing in that consensus as well. Poll after poll shows that the American public has More…
Mortgage giant Fannie Mae’s recent announcement that it will give homeowners facing foreclosure the chance to stay in their properties as renters for as long as a year is the latest aggressive move by the government to help troubled borrowers and tenants avoid being evicted. But as More…
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…
Since the Wall Street bailout was signed into law last October, critics of the strategy have often been met with a central reassurance from leaders of the Treasury Department and the Federal Reserve: The taxpayer-funded rescue, these officials have said, is not a bailout at all, but an investment that More…
The Obama administration has all but abandoned it, and the Senate has already voted it down. But a proposal to allow struggling homeowners to escape foreclosure through bankruptcy got a boost Thursday from a small band of House Democrats convinced that voluntary mortgage modifications aren’t alone solving the housing crisis. More…
It’s not that difficult to understand why everyone would be ready to sound the alarm on inflation. The government has been borrowing heavily and the Federal Reserve has been massively expanding its balance sheet and holding its interest rate target at very near zero. In ordinary times, this combination would More…
It’s not easy to recall, but the cornerstone of the administration’s policy to stabilize the banking system is the so-called PPIP — the Public-Private Investment Partnerships designed to help get troubled assets off the balance sheets of the nation’s banks. The idea was to use up to $100 billion in 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
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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