HORSHAM, England (CNN) - "A strong consensus both for recovery and reform" emerged from the G20 meeting of financial leaders that ended Saturday near London, U.S. Treasury Secretary Timothy Geithner said.
"This is a global crisis, and it requires a coordinated, global response," he said at a news conference. "We have a broad base of consensus to act aggressively to restore growth."
"You are seeing the world move together at a speed and on a scale without precedent in modern times. All the major economies are putting in place substantial fiscal packages," he said. "The stronger the response, the quicker recovery will come."
Recommendations from the G20 financiers will be passed on to the G20 Summit next month in London. They include a substantial increase in support for the International Monetary Fund and an expansion of the IMF's membership, Geithner said.
WASHINGTON (CNN) - President Barack Obama called the prospect that some of the $700 billion Wall Street bailout could end up paying for bonuses to managers of struggling financial institutions "shameful" Thursday.
New York's state comptroller raised that prospect in a Wednesday report that found the bonus pool for the financial industry is still the sixth-biggest on record despite a 44 percent decline from 2007. Speaking after a meeting with his top economic advisers, Obama said it was the "height of irresponsibility" for executives to pay bonuses when their companies are asking for help from Washington.
"The American people understand we've got a big hole that we've got to dig ourselves out of, but they don't like the idea that people are digging a bigger hole even as they're being asked to fill it up," he said.
"There will be time for them to make profits, and there will be time for them to get bonuses. Now is not that time," Obama added.
WASHINGTON (CNN) - Vice President Joe Biden swore in Timothy Geithner as the nation's next Treasury Secretary as President Obama looked on Monday evening.
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Updated 7:55 p.m.