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Tim Geithner

The Geithner Deception

Lawrence G. McDonald | Posted 05.25.2011 | Business
Lawrence G. McDonald

The public deserves to know about Tim Geithner's three years of total incompetence at the New York Fed, and they need to hear about the billowing risk in the credit derivatives markets, and how he failed to protect us.

Sam Stein

Rep. DeFazio: Fire "Timmy" Geithner | Sam Stein | Posted 05.25.2011 | Politics

Rep. Peter DeFazio called for the firing of President Barack Obama's top two economic aides on Wednesday, accusing them of pursuing a recovery plan sk...

Source: "Too Big To Fail" Legislation Is On The Way

New York Times | STEPHEN LABATON | Posted 05.25.2011 | Politics

A senior administration official said on Sunday that after extensive consultations with Treasury Department officials, Representative Barney Frank, th...

BofA, Merrill Deal: Republicans And Democrats Square Off Over Government's Role

AP | MARCY GORDON | Posted 05.25.2011 | Business

WASHINGTON — A senior House Democrat says the government didn't force Bank of America to take over Merrill Lynch, but a bank board member said m...

Shahien Nasiripour

Congressional Committees Quietly Kill Portion Of Derivatives Bill; No One Watching For Systemic Risk | Shahien Nasiripour | Posted 05.25.2011 | Business

Two congressional committees in charge of drafting legislation to regulate derivatives have quietly killed a provision that would allow the Federal Re...

Why is Fox News Leaving Geithner Alone?

Cenk Uygur | Posted 05.25.2011 | Media
Cenk Uygur

The right-wing media in this country have no interest in attacking big money, big corporations or big banks. So, while they'll call for Napolitano to be fired just for misspeaking, Geithner is bullet-proof.

WSJ: AIG CEO Ready To Quit Over Pay Constraints

Huffington Post/AP | Posted 05.25.2011 | Business

NEW YORK — After just three months as head of battered insurer American International Group, Robert Benmosche has threatened to leave his post a...

Financial Reform: Political Will For Change May Be Disappearing | Norma Cohen | Posted 05.25.2011 | Business

As the world's banking system teetered on the brink of collapse just about a year ago, there were widespread, heartfelt, calls for reform. Politici...

New Year's Resolution: Clean House

Robert Kuttner | Posted 05.25.2011 | Politics
Robert Kuttner

Thus far at the Obama White House, it's only progressives who get thrown under the proverbial bus. If Obama is truly to signal a change of course and mean it, one constructive sign would be replacements for Summers and Geithner.

The Audacity to Change

Robert Kuttner | Posted 05.25.2011 | Politics
Robert Kuttner

Obama, like Kennedy, needs to overcome the dubious counsel of his own advisers, this time both economic and military. The president needs to listen to other voices, including his own.

Citigroup To Repay $20 Billion In TARP Bailout Money

AP | BY STEPHEN BERNARD | Posted 05.25.2011 | Business

NEW YORK — Citigroup Inc. and Wells Fargo & Co. said Monday they would repay their government bailout loans, freeing them from close regulatory ...

The Wrath of Suburbanites and Independents

Joseph A. Palermo | Posted 05.25.2011 | Politics
Joseph A. Palermo

The election results show that no incumbent governor (or incumbent party) can escape the wrath of an electorate that continues to bleed while it watches tax dollars squandered on foreign wars and Wall Street fat cats.

Geithner Hits Goldman Sachs: It Would Have Failed Without Government Help

Bloomberg | Rich Miller and Christine Harper | Posted 05.25.2011 | Business

Treasury Secretary Timothy Geithner disputed claims by Goldman Sachs Group Inc. executives that the bank could have survived the financial crisis with...

CIT Bankruptcy Filed: US Will Likely Lose $2.3 Billion, Goldman Sachs Will Gain $1 Billion

AP / Huffington Post | By STEPHEN MANNING | Posted 05.25.2011 | Business

WASHINGTON -- Lender CIT Group has filed for Chapter 11 bankruptcy protection, in an effort to restructure its debt while trying to keep loans flowing...

Treasury Rethinks TARP: Strong Banks, Weak Credit

AP | JIM KUHNHENN | Posted 05.25.2011 | Business

WASHINGTON — Big banks are roaring back. At crisis' edge last year, they are repaying billions of dollars dumped into their vaults to rescue th...

What's Still Hidden In AIG's Files?

Huffington Post Investigative Fund | Ben Protess | Posted 05.25.2011 | Business

As federal hearings into the cause of the financial crisis got underway this week, attention has focused on one key outstanding question: Whether the ...

Shahien Nasiripour

Geithner Asked To Resign; 'Mr. Secretary, The Public Has Lost All Confidence In Your Ability To Do Your Job' (VIDEO) | Shahien Nasiripour | Posted 05.25.2011 | Business

A heated exchange erupted on Capitol Hill today as Treasury Secretary Timothy Geithner was explicitly asked to resign. The ranking House Republican o...

AIG Swaps: New York Fed's Secret Choice To Pay For AIG Swaps Cost Taxpayers $13 Billion | Richard Teitelbaum and Hugh Son | Posted 05.25.2011 | Business

Oct. 27 (Bloomberg) -- In the months leading up to the September 2008 collapse of giant insurer American International Group Inc., Elias Habayeb and h...

Tim Geithner Must Go: New York Post

New York Post | Posted 05.25.2011 | Politics

After a string of personal and political bungles by Treasury Secretary Tim Geithner, critics of the country's top money man are wondering what it take...

The Sorcerer's Apprentice: Geithner Should Step Down

Linda R. Monk, J.D. | Posted 05.25.2011 | Business
Linda R. Monk, J.D.

Geithner's problem is not that he is by nature a corrupt man. It's that he is steeped in the Wall Street way of doing business, which itself is riddled with fraud -- and billions of taxpayer dollars are at stake.

Wall Street Is More of a Threat to Obama's Domestic Agenda than Afghanistan

Joseph A. Palermo | Posted 05.25.2011 | World
Joseph A. Palermo

Whatever Obama decides to do in Afghanistan is of little consequence compared to Wall Street's ongoing "plutonomy."

Shahien Nasiripour

Geithner Singled Out In TARP Watchdog's Scathing Report On AIG Bailout | Shahien Nasiripour | Posted 05.25.2011 | Business

A brutal report issued Monday by a government watchdog holds Timothy Geithner -- then the head of the Federal Reserve Bank of New York and now the nat...

Watchdog: Treasury and Fed failed in AIG oversight

AP | DANIEL WAGNER | Posted 05.25.2011 | Business

WASHINGTON — Treasury Secretary Timothy Geithner is "ultimately responsible" for regulators' failure to rein in massive bonus payments at American International Group because he led the agencies that provided AIG's lifelines, according to a bailout watchdog.

Geithner was president of the Federal Reserve Bank of New York before taking over at Treasury in January. He has said he did not learn until March about the $1.75 billion in bonuses and other compensation promised to AIG employees. But Geithner's subordinates at the New York Fed learned of the payments in November, according to Neil Barofsky, the special inspector general for the $700 billion financial bailout.

Even if no one told Geithner about the payments, "this is a failure of communication and a failure of management," Barofsky told the House Committee on Oversight and Government Reform on Wednesday. Geithner has been "the head of an organization that was involved in the bailout of AIG" since last September, he added.

A Treasury Spokeswoman would not address the comments about Geithner's leadership. She said in a statement that the Obama administration's pay czar continues to develop compensation plans for AIG and the other companies that received the costliest bailouts.

Geithner helped lead Fed efforts starting last fall to prop up AIG with billions in emergency financing. After becoming Treasury secretary, his department and the Fed continued unveiling new aid packages for AIG.

The First HuffPost Book Club Pick of 2010: Shadow Elite by Janine Wedel

Arianna Huffington | Posted 05.25.2011 | Books
Arianna Huffington

My first HuffPost Book Club selection of 2010 is Janine Wedel's Shadow Elite, a gripping book that explains why it's been so hard to bring about any real change in America.

Bank Tax: Geithner And U.K.'s Gordon Brown Face Off On Bank Transaction Tax At G20 Meeting

Times Online | By Suzy Jagger | Posted 05.25.2011 | Business

ST. ANDREWS, Scotland -- U.K. Prime Minister Gordon Brown and U.S. Treasury Secretary Timothy Geithner clashed over potential taxes on bank transactio...