Word: geithners
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...wasn't the size of the U.S. budget deficits - or how much Treasury debt China now buys - that made Tim Geithner blush in Beijing this morning. During his maiden visit to China as U.S. Treasury Secretary, Geithner visited Peking University to give a speech and answer a series of probing questions from students. The school - "Beida," as the Chinese call it - is probably the country's premier university, and in 1981, after his sophomore year at Dartmouth, Geithner did an eight-week program in Mandarin there. After his speech today, one of his old teachers produced a photo of Geithner...
...light as this moment was, it served to underscore a point Geithner will make many times on this trip and any other time he comes to Asia in his new job: this is the region of the world, more than any other, that helped shape Geithner's worldview. His father Peter was a senior executive running Asia programs for the Ford Foundation, and as a boy Geithner lived in India and Thailand. In college he studied both Mandarin and Japanese, and as he told the students this morning, his two summers in Beijing (he came after his junior year...
...warnings, echoed by prominent economists, were heeded. At the London summit, the rich nations, wrangled by U.S. Treasury Secretary Tim Geithner, decided to triple the IMF's resources to $750 billion. After nearly a decade on the sidelines, it was suddenly a player again. "The IMF is back," crowed IMF managing director Dominique Strauss-Kahn. Boutros-Ghali is more cautious: "Now we need to make sure the money shows up, that it wasn't just pious words." (See pictures of the global financial crisis...
...Geithner has said he'd like to see the board reduced to 20 seats, with more say for the BRIC bloc. Although that makes economic sense, it will be very hard to achieve, warns Prasad: "It's a zero-sum game: for someone to gain a bigger role, someone else has to lose theirs...
...which goes to show that whatever his faults, Tim Geithner knows how to game America's confidence in the banking system. But does that mean the stress tests themselves are one big confidence game? Perhaps. The playwright David Mamet said such scams get their name not from the confidence the victim places in the con man, but the trust the con man pretends to place in the victim to elicit trust in return. By that standard, Geithner may be the most effective con man around, for better and for worse...