Word: geithner
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...that may force Geithner, 47, to do some self-evaluation. Along with Paulson and Bernanke, Geithner has been one of the key players overseeing the bailout of the banking industry. Some of the trio's decisions - like not rescuing Lehman Brothers in mid-September - have come under criticism on Wall Street and Capitol Hill for being hesitant and reactive. Associates say Geithner doesn't necessarily disagree with the charge that the government's response "has had an ad hoc, seat-of-the-pants quality to it," as a senior investment banker in the middle of things puts it. That...
Groomed for Success Most U.S. Treasury Secretaries come to the job after long careers on Wall Street (Paulson, Robert Rubin), in industry (John Snow, Paul O'Neill) or in politics (Lloyd Bentsen). Geithner, born 14 days after Obama, will, by contrast, be one of the youngest Treasury Secretaries ever, and he will land in the office at one of the most critical junctures in U.S. economic history. But his elevation to the top job at Treasury has long been expected. Geithner has been doing older people's jobs for years. I first met him 18 years ago, when we were...
Japan was the right place at the right time for Geithner because Tokyo had become a critical post for any U.S. government official. The Soviet Union had collapsed, the Cold War was over, and there was great interest in the alternative Asian economic models that seemed to be performing better than the U.S.'s. Bilateral-trade issues had suddenly become what arms-control talks had been to the Cold War. Geithner made his bones in the U.S. Treasury by helping negotiate a comprehensive deal with Japan that, against all expectations, opened Tokyo's financial-services sector to foreign companies...
Those days in Tokyo underpin Geithner's current worldview. Remember: Japan went from boom to bust because a credit-fueled housing bubble burst. Sound familiar? The result was Japan's infamous Lost Decade of little to no economic growth. And it was, in part, the withdrawal of Japanese capital from the region that helped set off the Asian crisis in 1997 and '98 - when countries from Thailand to Russia to Indonesia to South Korea devalued their currencies and saw their economies crash. The lesson for Geithner was clear. "From my time in Japan and then dealing with the crisis...
When Bill Clinton entered the White House, Geithner had already returned to Washington, where he worked directly for Larry Summers during the Asian crisis. Summers was Deputy Treasury Secretary at the time and then succeeded Rubin. Now the two will be reunited: Summers will head the National Economic Council at the White House while Geithner runs Treasury. Washington being what it is - even in the midst of an economic crisis, people gossip - there has been much speculation about who will call the economic shots in the new Administration: Summers or Geithner...