Word: bankses
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Geithner also is known for speaking his mind, sometimes forcefully, behind the scenes. In one now famous fight with FDIC chief Sheila Bair the weekend of Oct. 12, 2008, he argued in blunt terms for the need to bolster banks with FDIC guarantees even as Bair was resisting details of...
Geithner is working with a fairly well thought-out historical perspective on the crisis. He believes the U.S. government allowed the creation of a massive shadow banking system run by investment banks, hedge funds and brokerage firms over the last 30 years that rivaled the traditional system in size but...
But Geithner's experience does have its downside. The Administration's attempts to shore up confidence in the stock and credit markets have stumbled, and now even previously rock-solid institutions like Citigroup are in deep trouble. And if Geithner locked horns with Sheila Bair from his perch atop the...
But if Citi has not been marking its loans down to market value aggressively enough, the losses on its balance sheet could be even greater, which could be the case. "Though difficult to draw hard conclusions from comparisons between banks, Citi's marks appear less aggressive than J.P. Morgan's...
Lastly, the government could make some regulatory changes and hope for the best. First of all, get rid of mark-to-market accounting. Some observers say it doesn't make sense for loans that are performing, and the banks have no intention of selling anyway.