Word: geithner
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...Geithner's first big day as Treasury Secretary: a speech at 11 outlining the revamped bank bailout that he has redubbed the Financial Stability Plan, then an appearance before the Senate Banking Committee at 2:30 to take questions on the topic...
...favorite quickie measure of financial journalists - the performance of the stock market - he was a complete flop. The S&P 500 fell almost 5% over the course of the day, with the sharpest drop coming just as Geithner began his speech in the Cash Room of the Treasury Building. (See the worst business deals...
Explaining the stock market's behavior is always something of a mug's game, but there was a consensus that the main problem seemed to be that Geithner was just too vague. "Unfortunately, he led the market to believe there would be more details," says Kurt Karl, U.S. economist for the insurance firm Swiss Re. "You can't make the equity market happy every day, I guess...
...Tuesday, Treasury Secretary Timothy Geithner is expected to announce the administration's plans for the second half of the $700 billion bank bailout approved by Congress last fall. The centerpiece is likely to be a government-backed aggregator bank (the much-discussed "bad bank"), which will provide financing and loss protection for investors willing to buy the troubled assets sitting on bank balance sheets. Those delinquent loans, or the bonds tied to them, are dragging down the financial firms' value, putting some dangerously close to insolvency...
...Daschle explained that he withdrew so that his mistake would not “be a distraction” from Obama’s health-care initiative, but the sentiment was too little too late: Both developments unfolded in the midst of controversy surrounding recently confirmed treasury secretary Timothy Geithner, who was found to have delayed payment on $34,000 worth of income taxes. All things considered, the tax mishaps may have been honest mistakes, and none of the cases seem particularly egregious. However, at such high levels of government, even the smallest skeletons in the closet make national headlines...