Word: geithner
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That plan went nowhere, and in mid-February Geithner announced that the government would design a partnership between private investors and the feds that would kick-start a trading market for the assets. But figuring out what mix of incentives and restraints should be written into the program has proved extremely tricky...
...Geithner has been burdened by thin staffing as he tries to get nominees to the Senate who can pass muster. In the meantime, he is relying on career staff and a handful of unconfirmed counselors, like Lee Sachs and Gene Sperling, both of whom served in the Clinton administration. (See who's who in Barack Obama's White House...
...Geithner and the Obama administration have much stake in the public-private partnership program. It is key to getting banks working again, which makes it an essential element in any economic recovery...
...most outrageous" of the current financial crisis. "It's an outrageous situation," agreed Senate minority leader Mitch McConnell. His House counterpart, John Boehner, said the Obama Administration's handling of the AIG mess was "outrageous." Senate Banking Committee chairman Chris Dodd claimed to have warned Treasury Secretary Tim Geithner that the bonuses would be met "with an unprecedented level of outrage...
...people often do dumb things, though, and my initial reaction to the many declarations of fury was to roll my eyes and mutter something about this being a trivial distraction from the Important Things we need to be dealing with. (I suspect that similar sentiments on the part of Geithner and Summers largely explain their politically tone-deaf handling of the bonus affair.) (See 25 people to blame for the financial crisis...