Word: geithners
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...Geithner, the Secretary of the Treasury, spent some of the early parts of his career being attacked by Congress. Legislators were not happy that he could not come up with details about the Administration's stimulus program and plans to buy bad assets from banks by recruiting shrewd investors from Wall St. and giving them access to taxpayer cash...
...Geithner has found a way around his critics, or better, has found a way to dupe them. Instead of cowering, be goes to Congressional committee meetings wearing his Brooks Brother's suit like chain maille. He has learned his lesson, and he has learned the secrets of dissembling and being reticent on important issues. (See 25 people to blame for the financial crisis...
...could be that two of the four largest banks in the US have too much trash on their balance sheets to make it through the year without large cash infusions. If anything like that is true, how well all the medium-sized banks are doing is hardly material. Since Geithner did say that only about $110 billion of the TARP was left in reserve, the water is inching toward the top of the levy. He did not refer to the new IMF data which came out just before his testimony. It said that worldwide banks were facing more severe write...
...conversation between Geithner and the members of the committee became more confounding when the issue turned to the frozen credit markets. The Secretary said that his efforts to get banks to improve lending were getting "mixed" results. Banks have made themselves ready targets for blame. They have curtailed lending since the government began sending them rescue checks...
What the Secretary avoided in his comments regarding why the banks are not increasing lending is that he has information about bank "stress tests" that Congress does not. Geithner knows that some of the financial firms are not robust. But, it is too dangerous for him to name them into an open microphone. It could cause a panic, and drive the stocks of major banks down and cause depositors unnecessary worry. What he would say is that if some of the banks did not pass their tests, the federal government stands ready to help them if private investors...