Word: geithner
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First and last? Much has been made of the fact that Geithner specifically avoided getting input from the financial sector before announcing his plan to fix the nation's ailing banks. Indeed, representatives of the American Bankers Association and the Securities Industry & Financial Markets Association, which lobby for large banks and Wall Street firms, respectively, say they have yet to have sit-downs with Geithner. A number of industry insiders say Geithner's early-February policy speech, which got a poor reception, would have gone better and had more detail if he'd had more meetings with financial executives. Geithner...
...financial panic, markets for certain assets simply stop functioning, and relying on market prices to determine the health of banks would simply mean succumbing to the panic. Then again, relying on bank executives to accurately price their own assets is no good either. Treasury Secretary Tim Geithner hopes to get around this by jump-starting a market for troubled mortgage securities, but he hasn't decided yet how exactly to do that. For the moment, determining the health of banks remains a government judgment call...
...discussion, Geithner walked Fine out. Just before getting to the door of his office, as Fine recalls, Geithner looked at his watch and said, "I have been Treasury Secretary for less than 48 hours, and you are the first person from the banking industry that I have taken the time to meet...
...after Timothy Geithner was appointed Secretary of the Treasury, about a month ago, Camden Fine got a call requesting his presence. The head of the Independent Community Bankers of America, a Washington-based association of thousands of small banks, was asked if he could meet Geithner the following day. When Fine showed up, he and an aide were escorted to the Secretary's office, in which sat Geithner and Gene Sperling, a former top economic adviser to President Clinton. The four talked for an hour. Fine spoke most of the time. Geithner took notes and asked follow-up questions...
...However, it is important that Obama’s message to the American people is an unwavering pledge to end the economic plunge at all costs. Instead, this announcement sends mixed signals. Obama recently signed a $787 billion stimulus package, the American Reinvestment and Recovery Act, into law. Tim Geithner just set out the skeleton for a plan to rescue the banking system that could cost up to $2.5 trillion. Obama is also holding fast to his campaign promises to reform health care and education. He has also highlighted Social Security as “the single most pressing fiscal...