March 31st, 2009
03:20 PM ET
5 years ago

Treasury Department unveils FinancialStability.gov

The Treasury Department launched an interactive new Web site Tuesday in an effort to bring about accountability and transparency to the Obama administration's Financial Stability Plan.
The Treasury Department launched an interactive new Web site Tuesday in an effort to bring about accountability and transparency to the Obama administration's Financial Stability Plan.

(CNN) – The Treasury Department launched an interactive new Web site Tuesday in an effort to bring about accountability and transparency to the Obama administration's Financial Stability Plan.

FinancialStability.gov, announced last month by Treasury Secretary Tim Geithner, is designed to track how tax dollars are spent in relation to the administration's financial stability, housing, and economic recovery programs. The "impact" page displays hard facts, hosting a map indicating locations where the department has funded transactions through the Capital Purchase Program. Clicking on a state provides a breakdown of when the transactions took place and the price paid for the assets.

According to the map, banks in Montana, Vermont, and New Mexico have received $0, while the remaining 48 states received investments "ranging from as small as about $301,000 to as large as $25 billion." Not surprisingly, New York received the most funding with over 80 billion.

Economic data charts, published lists of bank lending surveys designed to better track bank lending, and a search option which will display all physical contracts and agreements related to the financial stability plan are also featured.

And in an effort to enhance its user-friendly appeal, FinancialStability.gov includes a "decoder" section which defines common financial terms used throughout the site.


Filed under: Tim Geithner • Treasury Department
March 27th, 2009
05:01 PM ET
5 years ago

Obama Week 10: Rescue gains steam

 The Obama administration's tenth week in office was a busy one.
The Obama administration's tenth week in office was a busy one.

NEW YORK (CNNMoney.com) - The Obama administration's tenth week in office was a busy one. Treasury Secretary Tim Geithner unveiled the next phase of the bank bailout. Congress took up the president's budget. And the government outlined a plan to overhaul regulation of the financial system.

The administration's efforts, along with some faint signs that economic conditions are stabilizing, helped improve the sentiment on Wall Street. Stocks posted strong gains for the week despite a selloff on Friday.

It was also a busy week on Capitol Hill.

Committees in the House and Senate largely supported Obama's priorities for the 2010 budget, with certain caveats, in the early stages of what is expected to be a months-long debate.

Lawmakers also heard testimony from Geithner on how the administration hopes to prevent future meltdowns by increasing oversight of the financial markets and preventing companies from growing too big to fail.

Full Story


Filed under: President Obama • Tim Geithner
March 23rd, 2009
12:17 PM ET
5 years ago

Yellin: Geithner faces a tough room

Treasury Secretary Tim Geithner faced a tough room Monday morning.
Treasury Secretary Tim Geithner faced a tough room Monday morning.

WASHINGTON (CNN) – Slouching alone at the head table before a room of business reporters, Treasury Secretary Tim Geithner looked like an overgrown prep school student facing the expulsion board after violating the honors code. It wasn't what he said, but his demeanor as he said it. Slouching, cautious, gazing out from deep-set eyes - he seemed to be shrink from the room. And the room was skeptical.

When the Secretary calmly asserted taxpayers would get a fair shake in the deal because the funds in question "are managed by professionals who know how to do this for a living" - one reporter could be heard sighing "oh, great." The wariness was mutual. Asked whether he thought this plan would play well outside Washington, Geithner offered a wry smile. "I'm confident that you and your colleagues will do a good job of getting the word out," he replied.

Geithner's presentation lasted just over 35 minutes, the bulk of that time answering reporter’s questions. Most along the lines of – why do you think this will work. He sat at a wooden desk with an unopened bottle of Dasani water and an untouched glass to his left, an American flag behind him, and a thin microphone in front. For anyone who has considered getting botox, Geithner would be an object of intense jealousy:his forehead almost never moved. His look was solitary and small. Slumped in a chair, lost in a suit with pants that seemed to swallow him, he used his large hands: sweeping out wide as he explained that his confidence in the plan, then folding into a steeple as he was asked for more specifics.

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Filed under: Tim Geithner
March 22nd, 2009
01:00 PM ET
5 years ago

CNNMoney: Administration to unveil bank clean-up plan

The Obama adminstration is expected to unveil plans for public-private partnerships intended to help some of the nation's banks deal more effectively with bad assets.
The Obama adminstration is expected to unveil plans for public-private partnerships intended to help some of the nation's banks deal more effectively with bad assets.

NEW YORK (CNNMoney.com) - The Obama administration on Monday will unveil a program to help banks clean up their books by purchasing their bad assets.

The effort marks the next big step in Washington's six-month-old bank rescue, which has so far mostly entailed making capital investments in exchange for stock shares and insuring bank obligations.

Investors have been waiting expectantly for details since last month when Treasury Secretary Tim Geithner announced the framework of a plan to address two of the biggest problems in the banking sector: the toxic assets keeping banks from lending and the shortage of capital at major institutions.

At the time, Geithner pledged to raise as much as $500 billion from public and private sources to relieve banks of toxic assets. But he didn't explain how the program would bring together buyers and sellers who have been locked in a stalemate for 18 months.

Under the plan being considered, taxpayer funds will be used to effectively seed partnerships with private firms to buy up assets backed by mortgages and other loans.

Full story


Filed under: Obama administration • TARP • Tim Geithner
March 22nd, 2009
08:58 AM ET
5 years ago

Obama says Geithner's job is safe

President Obama has expressed confidence in Timothy Geithner's role as Treasury secretary.
President Obama has expressed confidence in Timothy Geithner's role as Treasury secretary.

(CNN) - President Obama says Treasury Secretary Timothy Geithner’s job is safe, according to excerpts of Mr. Obama’s interview this week with CBS’s “60 Minutes.”

If the embattled Secretary were to submit his resignation, Obama said he’d tell him, “Sorry, Buddy, you’ve still got the job,” according to the excerpts.

Obama told CBS that neither he nor Geithner has discussed a possible resignation from the Treasury Department.

Geithner has faced increasing criticism since it was revealed that ailing insurance giant AIG doled out massive bonuses to executives after accepting more than $170 billion from the federal government.

In response to the criticism, Geithner told CNN’s Ali Velshi, Geithner defended his actions, but said he should have known about the scale of the problems sooner.

The president told CBS that criticism is natural, especially given the scope of the financial crisis his administration is facing.

Obama also shot back at former Vice President Dick Cheney’s criticism of some of his administration’s policies.

FULL POST


Filed under: Popular Posts • President Obama • Tim Geithner
March 21st, 2009
11:59 PM ET
5 years ago

Administration expected to unveil bank rescue plan soon

WASHINGTON (CNN) – Treasury Secretary Timothy Geithner will announce early next week the administration's long-awaited plan to try to get toxic assets off the books of the nation's ailing banks, two senior administration officials confirm.

The plan will have three major prongs, the officials said.

In one part, the Federal Deposit Insurance Corporation would set up investment partnerships and lend those partnerships about 85 percent of the money needed to buy toxic assets.

In the second part, the Treasury Department would hire several investment firms to raise private funds, in order to try to lessen the burden for taxpayers.

The third piece involves Treasury working with the Federal Reserve to expand lending, in an effort to make it easier for consumers to get mortgages, and auto and other kinds of loans.

The officials spoke on the condition of anonymity because the plan has not been announced.


Filed under: Obama administration • TARP • Tim Geithner
March 21st, 2009
04:25 PM ET
3 years ago

Obama says Geithner's job is safe

President Obama has expressed confidence in Timothy Geithner's role as Treasury secretary.
President Obama has expressed confidence in Timothy Geithner's role as Treasury secretary.

(CNN) - President Obama says Treasury Secretary Timothy Geithner’s job is safe, according to excerpts of Mr. Obama’s interview this week with CBS’s “60 Minutes.”

If the embattled Secretary were to submit his resignation, Obama said he’d tell him, “Sorry, Buddy, you’ve still got the job,” according to the excerpts.

Obama told CBS that neither he nor Geithner has discussed a possible resignation from the Treasury Department.

Geithner has faced increasing criticism since it was revealed that ailing insurance giant AIG doled out massive bonuses to executives after accepting more than $170 billion from the federal government.

In response to the criticism, Geithner told CNN’s Ali Velshi, Geithner defended his actions, but said he should have known about the scale of the problems sooner.

The president told CBS that criticism is natural, especially given the scope of the financial crisis his administration is facing.

Obama also shot back at former Vice President Dick Cheney’s criticism of some of his administration’s policies.

FULL POST


Filed under: Extra • President Obama • Tim Geithner
March 21st, 2009
12:00 PM ET
4 years ago

AIG blowback puts Geithner in a pickle

Tim Geithner is facing what President Obama called the toughest challenges of any Treasury secretary since Alexander Hamilton.
Tim Geithner is facing what President Obama called the toughest challenges of any Treasury secretary since Alexander Hamilton.

(CNN) – Treasury Secretary Tim Geithner sat alone at the witness table answering questions and getting an earful from a panel of senators.

Sen. Kent Conrad, D-N.D., chairman of the Senate Budget Committee, cautioned Geithner that Americans were crazy angry about corporate bailouts.

"I have never - in the 22 years I've been here, I've never seen such anger, with the sense of betrayal, that people in positions of responsibility took advantage of them," said Conrad. "The outrage of people cannot be dismissed."

That was on March 12. It turns out, the next day was when American International Group would award $165 million in bonuses to some 400 employees.

Over the past week, Congress turned the anger over AIG into legislation. The House rushed through a bill to tax bonuses, and the Senate made a similar proposal.

Full story


Filed under: AIG • Tim Geithner
March 18th, 2009
03:37 PM ET
5 years ago

GOP Rep calls on Geithner to 'resign or be fired'

As the furor over AIG bonuses rages on Capitol Hill, a Republican congressman is calling for Treasury Secretary Timothy Geithner to 'resign or be fired.'
As the furor over AIG bonuses rages on Capitol Hill, a Republican congressman is calling for Treasury Secretary Timothy Geithner to 'resign or be fired.'

WASHINGTON (CNN) – As the furor over AIG bonuses rages on Capitol Hill, a Republican congressman is calling for Treasury Secretary Timothy Geithner to "resign or be fired."

"Well before Timothy Geithner became Secretary of the Treasury, he was working hand-in-hand with AIG and other financial institutions to provide them hundreds of billions of dollars of taxpayer money as one of the key architects of the financial sector bailout," Florida Rep. Connie Mack said in a statement released Wednesday. "I was outspoken against the bailouts then, and I'm even more outraged now."

"I've had serious concerns about Secretary Geithner from the moment he was nominated. In the months since, he has shown us time and again why he was the wrong choice for this critical post. This week's news on the AIG bonus scandal is but the latest fiasco under his watch and he has lost the confidence of the American people."

"Quite simply, the Timothy Geithner experience has been a disaster."

Update: Rep. Darrell Issa, ranking Republican on the Oversight and Government Reform Committee, also called on Geithner to step down.

"As one of the chief architects of the AIG bailout, Secretary Geithner was in a position to do what any lender of the last resort would do – negotiate concessions from AIG," he said in a statement released Wednesday afternoon.

"Secretary Geithner either didn't know about the bonuses, and was grossly negligent, or he did know and failed to bring this to the President's attention. Either way, the end result has been a significant waste of taxpayer dollars and he should take immediate responsibility and resign."

Earlier Wednesday, the conservative California congressman called on the White House to send him information before next week revealing "who within the Administration knew what, when" about the AIG bonuses.


Filed under: Tim Geithner
March 16th, 2009
12:41 PM ET
5 years ago

Obama to attempt to block AIG executive bonuses

The president spoke out Monday about more than $100 million in bonuses that AIG is planning to pay to its employees.
The president spoke out Monday about more than $100 million in bonuses that AIG is planning to pay to its employees.

WASHINGTON (CNN) - President Barack Obama said Monday he will attempt to block bonuses to executives at ailing insurance giant AIG, payments hedescribed as an "outrage."

Watch: Obama on AIG bonuses

"This is a corporation that finds itself in financial distress due to recklessness and greed," Obama told politicians and reporters in the Roosevelt Room of the White House, where he and Treasury Secretary Tim Geithner were unveiling a package to aid the nation's small businesses.

The president expressed dismay and anger over the bonuses to executives at AIG, which has received $173 billion in U.S. government bailouts over the past six months.

"Under these circumstances, it's hard to understand how derivative traders at AIG warranted any bonuses, much less $165 million in extra pay. I mean, how do they justify this outrage to the taxpayers who are keeping the company afloat?"

Obama said he has asked Geithner to "pursue every legal avenue to block these bonuses and make the American taxpayers whole."

FULL POST


Filed under: President Obama • TARP • Tim Geithner • Treasury
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