Word: bankes
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Dates: during 2000-2009
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...Still, the Treasury Secretary noted that there was more work to be done in restoring the health of our nation's banks. In particular, Geithner repeatedly stated the need for bank regulation reform. "We did a lot of damage to our nation's financial system, and it is going to take a while to get through it," he said...
...those funds. Elizabeth Warren, a Harvard professor and chairperson of the panel, said the average American has seen little or no benefit from the TARP spending. Damon Silvers, associate counsel for the AFL-CIO union, questioned whether TARP had really restored some of its biggest recipients, namely Bank of America, Citigroup and Wells Fargo, to health...
...Geithner testified that the Treasury Department has not decided how long it would maintain the TARP program. So far, Geithner said money that has been paid back by banks has gone toward paying down the Treasury's debt, but he reserved the right to reinvest the money in other banks if that became necessary. Other TARP programs are ending: Geithner pointed to the emergency program to insure money market accounts, which will end later this month. Usage of other programs, such as the FDIC's guarantee of bank debt and the Federal Reserve's commercial paper funding program, are winding...
...Warren asked whether the government has plans to rerun the stress tests. With unemployment already at the level the government called "worst case" just a few months ago, Warren said she thought it time to look at bank strength again, assuming even higher levels of unemployment. Geithner replied that the Stress Tests were stringent enough...
...more unusual exchanges, Hensarling wanted to know if Geithner thought the auto companies were banks. Geithner said under the definitions of TARP, he would call auto manufactures banks. "So would you call AT&T and American Airlines banks?" Hensarling asked. Geithner said no, and then clarified that at least at this moment he would not call AT&T or American Airlines banks. When asked about AIG, Geithner said the government didn't legally have the option to pay less than 100 cents on the dollar to its counterparties. In the past year, many people have criticized Geithner and former secretary...