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...share an interest in seeing these companies return taxpayer dollars as soon as possible, and Ken today has helped bring that day a little bit closer." - Treasury Secretary Timothy Geithner, in a statement about Feinberg's rulings on executive pay (Reuters...
...Edging Toward the Exit U.S. Treasury Secretary Tim Geithner this month announced that the U.S. is starting to phase out some of its emergency support for banks and financial markets. But he pointedly made no mention of a full-blown "exit strategy," saying that "we must continue reinforcing recovery until it is self-sustaining." When and how governments and central banks pull back is a critical issue that still needs to be coordinated. One of the risks is that inflation could soar due to the explosion of national debt in many countries during the crisis. And early signs suggest governments...
Some see this as a smart move. Last week, Senate majority leader Harry Reid, a Democrat from Nevada, sent a letter to Treasury Secretary Timothy Geithner urging him to consider giving TARP funds to more small banks, even those that might fail without government assistance. "Comparatively modest assistance from the government now could make a significant difference to these banks, their customers, and their communities, as well as help ensure the fledgling recovery we are seeing in our economy continues," wrote Reid...
Earlier this year, Geithner gave a speech promising more assistance from TARP to smaller banks. Treasury officials say the Obama Administration has placed an increased emphasis on using TARP funds to ensure the strength of smaller banks. "The Capital Purchase Program expansion for small banks is helping to stabilize the economy, support small businesses and get us on a path to recovery," says Treasury spokeswoman Meg Reilly...
...financial sector, and they start with pride. "At 75 years old this is probably the last major thing he'll participate in," says one senior GOP Senate staffer. Democrats in the Administration and on Capitol Hill say they believe Shelby is negotiating in good faith. (Read "Geithner Faces Questions as He Prepares to Roll Out Toxic-Asset Plan...