Word: geithners
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...Geithner, testifying on Thursday in front of an oversight panel reviewing the government's financial rescue efforts, faced a raft of questions about the effectiveness and the use of those funds. Elizabeth Warren, a Harvard professor and chairperson of the panel, said the average American has seen little or no benefit from the TARP spending. Damon Silvers, associate counsel for the AFL-CIO union, questioned whether TARP had really restored some of its biggest recipients, namely Bank of America, Citigroup and Wells Fargo, to health...
...with the shuttle of heavy hitters between Goldman Sachs and recent Administrations, Republican and Democratic. Moore does summon University of Missouri professor Bill Black, author of the 2005 book The Best Way to Rob a Bank Is to Own One, to describe Robert Rubin, Henry Paulsen, Lawrence Summers, Timothy Geithner and others as "powerful lobbyists from the inside, and we paid their salaries...
...level it makes sense: a Treasury official discussing a financial crisis with a trusted expert and industry leader. A mention in a call log is not the same as an actual conversation, Blankfein correctly points out. He recalls only a handful of actual conversations with Paulson or Timothy Geithner, then the president of the New York Fed. "Now, that was AIG week," he says, "but it was also breaking the buck on [money-market firm] First Reserve week, and it was the week when Lehman's bankruptcy caused huge problems in the prime brokerage system in London. There were...
...business [in] the city, which would limit competition." But even if it doesn't pass, the effort reflects the impatience many communities have with the banks they believe helped lure them into the housing horror. And it echoes the Obama Administration's exasperation. Treasury Secretary Timothy Geithner recently chided banks for their poor loan-modification performance: so far only 9% of the 3 million-plus at-risk mortgagees have received relief, like rate or principal reductions to reduce monthly payments, despite the federal Making Home Affordable Program. This year MHA made $75 billion available to the nation's 38 major...
...Still, advocates like Airan-Pace say the banks, perhaps because of Geithner's grousing or because they've gotten up to speed on MHA's procedures, have stepped up their modification activity in recent weeks. That's giving them hope that MHA perhaps has a future after all. "This month we've actually been raking them in," says Airan-Pace, who's now confident that she'll be able to work something out for Milligan...