Word: feds
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...tense meeting, first reported by the Wall Street Journal, took place at the Treasury department Friday afternoon and was attended by top regulators from all the major oversight bodies, including the FDIC, the Office of the Comptroller of the Currency, the SEC, the Commodities Futures Trading Commission, the Fed and others. As he talked about the state of the Administration's proposal introduced last spring, Geithner started swearing about the need for regulatory reform to move forward. "There was liberal use of expletives," says an official briefed on the meeting. "Obviously it made some people uncomfortable." (See 25 people...
...most at stake. He survived the terrible start of his tenure at Treasury and managed to lead the Administration's efforts to stabilize the markets under constant attack. But he continues to struggle with the impression that he is soft on Wall Street, having come from the New York Fed (and having played a part in the crisis dealings with Lehman Brothers and AIG last fall), which is considered more sympathetic to the financial industry than some Washington overseers. To truly succeed as Treasury Secretary, insiders say, Geithner needs to show not only that he can rescue the industry...
...champion of pluralism and economic liberalism. With few other political options, that may be Sri Lanka's best hope for the future. There is a hint of it in the President's dining room. Three years ago, he co-opted two former leaders of the LTTE, who fed intelligence to the army and helped bring the eastern provinces under its control. They had spent their whole lives fighting for the destruction of the Sri Lankan state but are now ministers in Rajapaksa's government. They stood in the buffet line with everyone else, and then quietly sat down to discuss...
...when someone in the Obama Administration says something like "We want to reform Wall Street pay," what goes through your head? I hope they can actually follow through with it. But here we have folks in Washington - in the Fed, in the Treasury - who are also investment bankers, especially from Goldman Sachs. So it makes me wary. We're all implicated in this...
...hard to tell whether the Fed is in any actual danger from its congressional critics. The Administration's proposals for regulatory reform would, on balance, give more power to the Fed than it has now. And House Financial Services Committee chairman Barney Frank remains a staunch Fed defender. "When you have a terrible mess, it is unlikely that those who attempt to alleviate the danger will come out looking clean," he said in Bernanke's defense this morning. Then again, Frank said, the congressional griping will likely continue until the economy begins to show marked signs of improvement - because...