Word: geithners
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...biggest issue left unresolved by the stress tests, which concluded that 10 of the 19 top U.S. banks need an additional $75 billion in capital, is how the banks will get de-stressed. Originally, when Treasury Secretary Timothy Geithner announced the tests, he said they would determine how much additional capital banks needed to remain solvent, and the government would then provide that amount to the banks. Now the Treasury is giving the banks that are believed to need additional money, including Bank of America, Citigroup and Wells Fargo, until June 8 to come up with their own plan...
...expect some big changes at the banks over the next month. Top executives of Bank of America, Citigroup or Wells Fargo could be out of a job. The government may also decide it wants a much bigger stake in the banks than some are currently letting on. Maybe Tim Geithner and Ben Bernanke are better at tying up loose ends than Steve Rattner and the Automotive Task Force, but odds are there more chapters to come in the big bank crisis...
Treasury Secretary Timothy Geithner got at this in congressional testimony on April 20. "Indicators on interbank lending, corporate issuance and credit spreads generally suggest improvements in confidence in the stability of the system and some thawing in credit markets," he said...
...What Geithner has found out, most of all, is that he has his interrogators cornered. Each and every one of them knows that the banking system cannot be allowed to fail and that no one is certain how to fix it. Too much criticism could lead to public anxiety about the entire set of programs meant to repair the broken financial and credit markets and suddenly there may be much more to fear than fear itself...
...Geithner has finished answering questions. He has gained the leverage to keep secret...