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Tag: Timothy Geithner


White House/Pete Souza

Geithner Tacitly Acknowledges Special Relationship With Citigroup

In his new book, former New York Fed chair and Treasury Secretary Timothy Geithner suggests that his relationship with Citigroup executive Robert Rubin did affect his supervision of the bank, which taxpayers ultimately bailed out with $45 billion.

Posted on May 14, 2014 READ MORE



Frederic Legrand / Shutterstock.com

Tim Geithner and the Wall Street Bailout Redux

Timothy Geithner’s new book about the financial crisis, “Stress Test,” is basically an argument that the Wall Street bailout succeeded.

Posted on May 14, 2014 READ MORE



Medill DC (CC BY 2.0)

Revolving Door: Timothy Geithner to Join Private Equity Firm

The former U.S. Treasury secretary whose bailout policies continue to ensure economic recovery works only for the richest Americans will join private equity firm Warburg Pincus in March as president and managing director.

Posted on Nov 16, 2013 READ MORE



Greg Palast

Larry Summers and the ‘End-Game’ Memo

A 1997 memo retrieved from the filing cabinet of investigative reporter Greg Palast shows the involvement of Lawrence Summers—Obama’s current favorite for chairman of the Federal Reserve—in a successful plan to help big bank CEOs “rip apart financial regulation across the planet.”

Posted on Aug 25, 2013 READ MORE



White House/Pete Souza

The Inconvenient Truth About Jack Lew

I suppose that he can’t be much worse than Timothy Geithner, but that should be scant cause for cheer over the news that the president has nominated Jack Lew as Treasury secretary.

Posted on Jan 11, 2013 READ MORE



GOP Pollster Rips the NRA, a ‘Meet the Press’ Police Investigation, and More

A look at the day’s political happenings, including a new warning on the debt ceiling from Timothy Geithner and why it’s probably not the most wonderful time of the year for President Obama and Congress.

Posted on Dec 26, 2012 READ MORE



AP/Mark Lennihan

A Sign That Obama Will Repeat Economic Mistakes

Reports in the business press tout a prime participant in the great banking hustle as a possible candidate to be the next Treasury secretary.

Posted on Dec 7, 2012 READ MORE



Geithner Says GOP Will Cave, Allen West Compares Himself to Lincoln, and More

A look at the day’s political happenings, including what a new analysis says about your tax rates today, the Kennedy Center Honors for 2012 will be awarded and Nate Silver responds to Politico’s criticism.

Posted on Dec 2, 2012 READ MORE



White House / Pete Souza

Will Timothy Geithner Lead Us Over or Around the Fiscal Cliff?

If “pragmatic deal maker,” as The Wall Street Journal describes Geithner, means someone who believes any deal with Republicans is better than no deal, and deficit reduction is more important than job creation, we could be in for a difficult December.

Posted on Nov 27, 2012 READ MORE



AP/Matt Rourke

Yes We Can, We Did, and Now Obama’s Second Term Is Our Responsibility

Election night was a heck of a party, but morning in America already feels too much like a hangover.

Posted on Nov 9, 2012 READ MORE



AP/Scott Applewhite

Truthdigger of the Week: Ex-TARP Investigator Neil Barofsky

In late 2008, Neil Barofsky was appointed the Treasury Department’s investigator of the bank bailouts. In the time since, he has suffered dismissal and deprecation from his colleagues and the corporations they’re supposed to regulate.

Posted on Aug 4, 2012 READ MORE



AP/Barry Thumma

See You at the Club: Fed Fat Cats Dip Into the Till

American families have lost 20 years of growth while at least 18 bankers and tycoons sat on Fed boards that coincidentally bailed out their institutions.

Posted on Jun 14, 2012 READ MORE



AP/Shannon Stapleton

Imitation Outrage: Faking Concern for the Chinese Masses

We do not care a whit now—nor have we ever cared—about their human rights or any other aspect of their lives as long as they satiate our unbridled appetites.

Posted on May 2, 2012 READ MORE



AP / Mark Lennihan

At Last, Some Decency on Wall Street

By the time you read this, the PR hacks of Goldman Sachs will be vigorously pressing their efforts to destroy the reputation of whistle-blower Greg Smith.

Posted on Mar 14, 2012 READ MORE



AP / Saul Loeb

Obama Talks Corporate Tax Cuts and Loopholes

So the official story here is that President Obama says he wants to cut the country’s corporate tax rate by seven percentage points, dropping it from 35 percent to 28 percent, which gives him a nice tax-related headline on a day when similar stories are cropping up about the competition.

Posted on Feb 22, 2012 READ MORE



AP / Charles Dharapak

Geithner Eyes the Exit

If you saw the broadcast of Tuesday’s State of the Union address, you might have caught Treasury Secretary Timothy Geithner looking a little uneasy on his perch next to a solemn Secretary of State Hillary Clinton, which could have something to do with the state of his position at the White House.

Posted on Jan 25, 2012 READ MORE



AP / J. Scott Applewhite

The Men We Trusted to Lead Us

Why are Ben Bernanke and Barack Obama just now discovering that there is a jobs crisis in this country?

Posted on Sep 28, 2011 READ MORE



AP / Pablo Martinez Monsivais

Sorry Elizabeth, Wall Street Said No

Obama’s gutless decision to abandon Elizabeth Warren comes after the president populated his administration with the very people who created the financial meltdown.

Posted on Jul 19, 2011 READ MORE



AP / Carolyn Kaster

If McCain Had Won

Nothing reveals the true state of American politics today more than the fact that Democratic President Barack Obama has left the Democratic Party far weaker than it would have been had McCain been elected.

Posted on Jul 15, 2011 READ MORE



Flickr / World Economic Forum (CC-BY-SA)

Geithner Denies Signaling His Departure

Treasury Secretary Timothy Geithner denied in an interview with former President Bill Clinton recent reports that he was considering stepping down from his post after Congress hammers out an agreement on the federal debt limit later this summer. (more)

Posted on Jul 1, 2011 READ MORE



A Road Map to Economic Armageddon

In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis.

Posted on Jun 2, 2011 READ MORE



AP / Charles Dharapak

Geithner and Goldman, Thick as Thieves

What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks? The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.

Posted on May 31, 2011 READ MORE



imdb.com

Access Journalism: The Movie

It is not true, as a Wall Street Journal reviewer claimed, that the HBO movie version of Andrew Sorkin’s book “Too Big to Fail” was “Too Boring to Watch.” On the contrary, the problem with the film, as with the richly anecdotal book, is that it is all too effectively misleading. 

Posted on May 24, 2011 READ MORE



AP / Charles Dharapak

The False Debate on the Debt

In the ever-so-smug company of the rich and powerful, it is a given that there is never to be any expression of remorse or other acknowledgement of the pain they have inflicted on the lesser mortals they so cavalierly plunder.

Posted on Apr 13, 2011 READ MORE



nosha (CC-BY-SA)

Goldman Sachs Under Pressure to Return $2.9 Billion Windfall to Taxpayers

Critics of the financial chop shop, of which there are many, would like to see Goldman Sachs return billions in taxpayer dollars paid out to cover a $20 million bet. The huge payout was passed through AIG, orchestrated by then-Chairman Timothy Geithner’s New York Fed, and publicized by the Financial Crisis Inquiry Commission.

Posted on Feb 16, 2011 READ MORE



Center for American Progress (CC-BY-ND)

Financial Crisis Panel Names Names

Chairman Phil Angelides and the five other Democrats on the 10-person Financial Crisis Inquiry Commission have released their devastating report, which assigns blame for the economic meltdown. They pointed at Treasury Secretary Timothy Geithner (above), among others.

Posted on Jan 27, 2011 READ MORE



White House / Chuck Kennedy

Hogwash, Mr. President

What is the state of the union? You certainly couldn’t tell from that platitudinous hogwash that the president dished out.

Posted on Jan 26, 2011 READ MORE



White House / Pete Souza

Obama’s Two-Year Economic Report Card

There are two potential ways to measure the economic performance of a political leader. One is by the profitability, stock prices and executive bonuses of a nation’s corporations. The other is by the financial condition of the majority of its population.

Posted on Dec 31, 2010 READ MORE



AP / Pablo Martinez Monsivais

In Money-Changers We Trust

Two years into the Obama presidency and the economic data is still looking grim. Don’t be fooled by the gyrations of the stock market, where optimism is mostly a reflection of the ability of financial corporations—thanks to massive government largesse—to survive the mess they created.

Posted on Dec 29, 2010 READ MORE



AP / Frank Franklin II

Wall Street Wins Again

In the wake of the election, the Fed pulled off a move detected only by downtown Manhattan. It quietly announced a purchase of $600 billion in Treasury securities (read: our debt) while pundits on the left and right were dissecting the role of the tea party in political life as we know it.

Posted on Nov 8, 2010 READ MORE


Robert Scheer and Amy Goodman Give Larry Summers a Proper Send-Off

So, clearly President Obama felt obliged to get all gushy about outgoing adviser Larry Summers’ contributions to his administration’s efforts to save our nation’s economy from total catastrophe. Now hear the real deal on Summers, courtesy of Robert Scheer and Amy Goodman on “Democracy Now!”

Posted on Sep 22, 2010 READ MORE



cop.senate.gov

Doing the Elizabeth Warren Shuffle

Opinions are divided over the news that Elizabeth Warren, progressives’ pick to head the new consumer protection agency, will be appointed to get said agency off the ground but (in all likelihood) not be its first director.

Posted on Sep 16, 2010 READ MORE



AP / Charles Dharapak

After Summers Comes the Fall

When will the president give Lawrence Summers his pink slip? He can thank him for his years of service and use the excuse that his top economic adviser wants to spend more time with his family. I don’t care how he sugarcoats it.

Posted on Sep 14, 2010 READ MORE



democracynow.org

Amy Goodman Interviews Robert Scheer About ‘The Great American Stickup’

We’ve heard about the robber barons on Wall Street who brought on our current economic crisis, but they couldn’t have done it without the help of key political players like Bill Clinton, for one, as Robert Scheer tells Amy Goodman in this “Democracy Now!” interview about his new book.

Posted on Sep 7, 2010 READ MORE



White House / Pete Souza

They Go or Obama Goes

Barack Obama and the Democrats he led to a stunning victory two years ago are going down hard in the face of an economic crisis that he did nothing to create but which he has failed to solve.

Posted on Aug 24, 2010 READ MORE


Clinton
AP / Mary Altaffer

Married to the Clinton Mob

Out of respect for privacy, even concerning famous people, I wasn’t going to write about the marriage of Chelsea Clinton to a Goldman Sachs alum and budding hedge-fund hustler with the resources to buy a $4 million loft so soon after graduating from Stanford.

Posted on Aug 3, 2010 READ MORE


Obama
AP / Pablo Martinez Monsivais

Two More Candidates for the McChrystal Treatment

It’s not working. Time for the president to concede that the economy is at best stagnating and at worst about to take another steep nose dive.

Posted on Jul 6, 2010 READ MORE


Geithner
AP / Jose Luis Magana

Geithner Pushes to Restrict, Not Ban Derivatives

In a letter to a ranking Senate Democrat, Treasury Secretary Timothy Geithner called for restrictions on derivatives—those financial instruments whose value is derived from other instruments—but stopped at an outright ban on the trading practices that helped lead to the current financial crisis.

Posted on Apr 16, 2010 READ MORE


Obama
AP / Alex Brandon

The Sorry State of the Union

The state of the union is just miserable, no matter how President Obama sugarcoats it. He will claim that progress has been made in stabilizing the markets, increasing national security and advancing toward meaningful health care reform, but he will be wrong on all three counts.

Posted on Jan 27, 2010 READ MORE


Paul Volcker
AP / Wong Maye-E

Paul Volcker to the Rescue

President Barack Obama might have done well to keep former Federal Reserve Chairman Paul Volcker in closer reach during his first year of office rather than rely on the dubious advice of Timothy Geithner and Lawrence Summers. Too late for that—but hopefully not too late for Volcker to help the president in his future dealings with Wall Street.

Posted on Jan 22, 2010 READ MORE



AP / Richard Drew

Wall Street Will Be Back for More

When the bailout trillions run out, Wall Street’s maladjusted gamblers will come back for more until our currency becomes junk. Not that any of these people, who exhibit the same traits as psychopaths, have thought this through.

Posted on Jan 10, 2010 READ MORE


Left, Right & Center

‘Left, Right & Center’: Dems Doomed? Should Geithner Go?

The gang’s all here for this week’s episode of “Left, Right & Center,” and it’s a good thing, considering the, er, sheer amount of material to cover. Treasury Secretary Timothy Geithner’s not exactly winning the hearts of millions these days, but should he step down? Plus: bad news on the employment front (sigh); the Democratic outlook for 2010; and what big banks are (and aren’t) doing for customers—and what Americans can do about it.

Posted on Jan 8, 2010 READ MORE



White House / Pete Souza

Rep. Cummings Wants Geithner to Testify About N.Y. Fed-AIG E-Mails

Back in 2008, when Treasury Secretary Timothy Geithner was just the lowly president of the New York Federal Reserve, he was involved in some interactions with embattled insurance giant AIG that apparently resulted in AIG withholding important information from the public. Now Geithner’s under pressure from at least one concerned member of Congress to testify about this matter.

Posted on Jan 8, 2010 READ MORE


Matt Taibbi

Matt Taibbi: Obama’s Wall Street 180 Started on Election Day

Rolling Stone’s Matt Taibbi walks through Barack Obama’s banking sellout, beginning with the president’s transition team. According to Taibbi, Obama’s transformation from populist to Wall Street’s best friend started on day one.

Posted on Dec 9, 2009 READ MORE


Timothy Geithner
Wikimedia Commons / Presidencia de la Nación Argentina

Geithner Gives TARP an Extension

The Troubled Asset Relief Program, otherwise known as TARP, was scheduled to expire at the end of this year, but Treasury Secretary Timothy Geithner told Congress on Wednesday that it’ll stick around until October 2010, partly as a precautionary measure in case of economic emergency and partly to help struggling homeowners, banks and small businesses.

Posted on Dec 9, 2009 READ MORE


Is It Time for Financial Institutions to Give Back?

It seems plausible that payback time has arrived for the international financial community. The principal obstacle here is, at the moment, the Obama administration.

Posted on Dec 1, 2009 READ MORE


Geithner
AP / Jose Luis Magana

Still Doing God’s Work on Wall Street

Jail, anyone? Perhaps that’s too harsh, and at any rate premature, but is anyone ever going to be held accountable for the behind-the-scenes sweetheart deals that passed tens of billions of taxpayer dollars through the AIG shell game to the very banks that caused the financial meltdown?

Posted on Nov 25, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: The Geithner-Summers Backlash; Is Palin Dangerous?

At long last, it seems that members of Congress, of left- and right-leaning persuasions alike, are harboring serious doubts about a couple of key players on President Barack Obama’s economic task force. The right-leaning Tony Blankley thinks that this signals the cyclical, and helpful, breakdown of hyper-partisanship on Capitol Hill. Meanwhile, Robert Scheer thinks Sarah Palin is still scary.

Posted on Nov 20, 2009 READ MORE



AP / Alex Brandon

Who Are You and What Have You Done With the Community Organizer We Elected President?

What’s up with Barack Obama? Finally someone has a good idea about how to deal with Wall Street and the White House condemns it. 

Posted on Nov 18, 2009 READ MORE


Plouffe and Stewart

‘Daily Show’: Plouffe Weighs In on Obama’s First Year

Barack Obama’s top campaign strategist, David Plouffe, paid a visit to “The Daily Show” on Tuesday night, the anniversary of his candidate’s big win, to look back on Obama’s strategy for getting to the White House and how the president has done over the course of his first year. Jon Stewart doesn’t let Plouffe off easy, especially when it comes to Obama’s choice of economic advisers.

Posted on Nov 4, 2009 READ MORE


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