Word: geithner
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Obama insiders credit the new chief of staff for many of the transition team's more agile moves. Take the agonizing choice of a Secretary of the Treasury. Obama's personal inclination was to tap New York Federal Reserve chief Timothy Geithner, who had been intricately involved in devising last year's $700 billion financial-bailout package. But he also wanted the expertise of the ferociously brainy Larry Summers, who had held the Treasury job and wanted it again. So Obama and Emanuel worked out a deal to get both by convincing Summers to take a post inside the White...
Memo to Timothy Geithner: Moving expenses are deductible. Commuting...
That tax tip, among others, could save Geithner, President Barack Obama's nominee to be Secretary of the Treasury, thousands of dollars and some embarrassment when he files his federal returns next year. Geithner is clearly in need of better tax counseling...
...revealed last week that Geithner had failed to pay nearly $40,000 in taxes since 2001. When he appears before the Senate Finance Committee today for his confirmation hearings, he will be interrogated about his plans to deal with the flailing economy, failing banks and rising foreclosures. But the most disconcerting questions Geithner is likely to face may have to do not with the current financial maelstrom but with his track record with the Internal Revenue Service - an agency he would oversee as Treasury Secretary...
...Were there speed bumps along the way? Well, the vetting of Secretary of Commerce nominee Bill Richardson - withdrawn after it was revealed that he's part of a federal pay-or-play probe - was hardly a model, and Timothy Geithner's tax problems while at the International Monetary Fund will slow down Geithner's move to Treasury, though probably not for very long. The unexpected indictment of Illinois Governor Rod Blagojevich and the circus that followed introduced a minefield that wasn't on anyone's transition road map, while the choice of Rick Warren to lead an Inaugural prayer generated...