Huffpost Politics

Geithner Received $434,668 Severance Package From NY Federal Reserve Bank

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WASHINGTON — Treasury Secretary Timothy Geithner is no Hank Paulson when it comes to his personal finances.

Geithner's financial disclosure filing released Tuesday showed he has assets valued at between $740,000 and $1.7 million. His biggest asset is partial ownership of vacation property on Cape Cod in Massachusetts valued between $250,000 and $500,000.

Former Treasury Secretary Henry Paulson, a 32-year veteran of investment firm Goldman Sachs, had an estimated net worth of more than $700 million when he joined the Bush administration in 2006.

To obey conflict of interest rules, Paulson agreed to sell over 3.2 million shares of stock in Goldman Sachs that were valued at more than $480 million in the summer of 2006.

Geithner was confirmed by the Senate on Monday by a 60-34 vote with those opposing the nomination expressing unhappiness with Geithner's explanation of why he had failed initially to pay $34,023 in self-employment taxes earlier in the decade when he worked for the International Monetary Fund.

The new disclosure filing showed that Geithner earned $411,200 in wages last year in his former job as president of the New York Federal Reserve Bank. He also received a severance payment from the bank totaling $434,668.

Fed officials explained that the money listed on the disclosure form as a severance payment was the value of the supplemental retirement fund which the regional Fed banks provide to their presidents and first vice presidents. Since Geithner was going to another job and not retiring, he had the option of cashing out the current value of the fund and taking it as a lump sum payment.

Most of Geithner's investments were in various kinds of mutual funds with the size of the holdings ranging from $1,000 to $100,000.

The government's financial disclosure forms only require that assets be revealed in broad ranges.