Geithner, Tim gs

<div style="font-size: small; background-color: rgb(255, 255, 255);">=</div><div style="font-size: small; background-color: rgb(255, 255, 255);"><a href="https://kpfa.org/episode/letters-and-politics-june-15-2020/" style="text-decoration-line: none; font-weight: bold; color: rgb(0, 51, 153); outline: none;">https://kpfa.org/episode/letters-and-politics-june-15-2020/</a></div><div style="font-size: small; background-color: rgb(255, 255, 255);">
</div><div style="font-size: small; background-color: rgb(255, 255, 255);"><a href="https://www.risingupwithsonali.com/2019/07/17/swindlers-all-a-brief-history-of-government-business-frauds-from-alexander-hamilton-to-aig/" style="text-decoration-line: none; font-weight: bold; color: rgb(0, 51, 153); outline: none;">https://www.risingupwithsonali.com/2019/07/17/swindlers-all-a-brief-history-of-government-business-frauds-from-alexander-hamilton-to-aig/</a></div><div style="font-size: small; background-color: rgb(255, 255, 255);">
</div><div style="font-size: small; background-color: rgb(255, 255, 255);"><div> MICHAEL POWELSON – Presidents throughout American history have enabled corporate excess even at the expense of public welfare. And yet they promise to uphold the Constitution and the rights of all Americans. Making the case that our economic and political system are inherently geared toward corruption, my next guest has written a history book about it. </div><div>
</div><div>
</div><div>Dr. Michael Powelson, teaches at LA Valley College and Cal State University Channel Islands. His new book is Swindlers All, a Brief History of Government Business Frauds from Alexander Hamilton to AIG.</div></div><div style="font-size: small; background-color: rgb(255, 255, 255);">
</div><div style="font-size: small;">could have bought GM for 3 bill$, instead gave 149b, cost us 11b never get back, Geitner; GS and AIG will never pay back</div><div style="font-size: small; background-color: rgb(255, 255, 255);"></div><a href="https://www.alternet.org/after-long-career-bailing-out-big-banks-obama-treasury-secretary-tim-geithner-now-runs-predatory">https://www.alternet.org/after-long-career-bailing-out-big-banks-obama-treasury-secretary-tim-geithner-now-runs-predatory</a>After a lengthy government career defined by his central role in <a href="https://www.rollingstone.com/politics/politics-news/secrets-and-lies-of-the-bailout-113270/" style="text-decoration-line: none;">bailing out predatory Wall Street banks</a> as former President Barack Obama's Treasury Secretary, Timothy Geithner appears to have found his <a href="https://twitter.com/nomiprins/status/1013772088304459776" style="text-decoration-line: none;">true calling</a> in the private sector, where he now heads a large financial institution that exploits the economic struggles of poor Americans for profit.As president of Warburg Pincus—a major New York private equity firm—Geithner helps manage a lucrative predatory lending outfit called Mariner Finance, which mass-mails loan checks to low-income Americans, hides exorbitant interest rates in the fine print, and quickly sues those who fail to repay the loan and interest in time, according to a detailed Washington Post <a href="https://www.washingtonpost.com/business/economy/a-way-of-monetizing-poor-people-how-private-equity-firms-make-money-offering-loans-to-cash-strapped-americans/2018/07/01/5f7e2670-5dee-11e8-9ee3-49d6d4814c4c_story.html" style="text-decoration-line: none;">report</a> published late Sunday."It's basically a way of monetizing poor people," John Lafferty, who worked as a manager trainee at a Mariner Finance branch in Nashville, told the Post. "Maybe at the beginning, people thought these loans could help people pay their electric bill. But it has become a cash cow.Part of the burgeoning "consumer installment" industry—which consists of firms that offer slightly larger loans than payday lenders—Mariner Finance has hundreds of thousands of customers who, often in desparation, use the loans to cover soaring medical costs, home repairs, and other urgent expenses.Given that in our "<a href="https://www.commondreams.org/news/2017/10/27/new-gilded-age-reaches-new-heights-worlds-billionaires-owning-staggering-6-trillion" style="text-decoration-line: none;">new gilded age</a>" 40 percent of Americans <a href="https://money.cnn.com/2018/05/22/pf/emergency-expenses-household-finances/index.html" style="text-decoration-line: none;">can't afford a $400 emergency payment</a>, the market for predatory lenders like Mariner Finance is vast and <a href="https://www.washingtonpost.com/news/wonk/wp/2018/06/15/for-the-biggest-group-of-american-workers-wages-arent-just-flat-theyre-falling/" style="text-decoration-line: none;">growing</a>."This industry is a pipeline to transfer money from the poor to the ultra-rich," Ben Wikler, Washington director of MoveOn.org, wrote in response to the Post's report on Sunday. "Obama's treasury secretary Tim Geithner is president of one of the private equity firms making a killing from it. Your economy, rigged to redistribute wealth to the top."After Williams fell behind on her payments, Mariner sued and "won court judgment against her in April for $3,852, including $632 in fees for Mariner's attorney.""Within a few months, Mariner suggested she borrow another $500, and she did," the Post reports. "She paid more than $350 for fees and insurance on the loan, according to the loan documents. The interest rate was 30 percent."Reacting to the Post's reporting—which also revealed how Mariner harasses customers and their relatives with phone calls if they're late on payments—Splinter's Libby Watson <a href="https://splinternews.com/tim-geithner-is-living-his-best-post-obama-life-by-runn-1827285288" style="text-decoration-line: none;">wrote</a>: "In a just world, Geithner would be shamed out of society and forced to beg for scraps after a story like this was published. Instead, he'll keep making millions—while people like Barbara Williams are forced to take out predatory loans to pay their hospital bills."

While Mariner refused to say how many loan checks it mails out to vulnerable Americans, the Post estimates that "the number is probably in the millions"—meaning there are likely countless others with stories similar to Williams'. "Were there a few loans that actually helped people? Yes," concluded an anonymous former branch manager in an interview with the Post. "Were 80 percent of them predatory? Probably."  In one illustrative case detailed by the Post, Barbara Williams—a 72-year-old retired school custodian—cashed a $2,539 loan check from Mariner to pay for dental work and hospital bills that had mounted after "three mini-strokes and pneumonia.

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Timothy Franz Geithner is Secretary of the US Treasury, the key position responsible for financial policy in the executive branch of the US federal government. Geithner formally took office in January 26, 2009. Before his appointment as Treasury Secretary, Geithner was President of the New York Federal Reserve and was one of the three principal authors of the 2008 financial bailout.<div id="toc" class="toc" style="border: 1px solid rgb(170, 170, 170); padding: 7px; display: table; zoom: 1; line-height: 19.2px; background-color: rgb(249, 249, 249);"><div id="toctitle" style="direction: ltr; text-align: center;"><h2 style="margin: 0px 0px 0.6em; overflow: hidden; padding: 0px; border: none; display: inline; background: none;">Contents</h2>  [<a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#" class="internal" id="togglelink" style="text-decoration: none; background: none;">hide</a>] </div><ul style="line-height: 1.5em; list-style-type: none; margin: 0.3em 0px 0.5em; padding: 0px; list-style-image: none;"><li class="toclevel-1 tocsection-1" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Record_and_controversies" style="text-decoration: none; background: none;">1 Record and controversies</a><ul style="line-height: 1.5em; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-2 tocsection-2" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Record_as_Treasury_Secretary" style="text-decoration: none; background: none;">1.1 Record as Treasury Secretary</a></li><li class="toclevel-2 tocsection-3" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Position_on_Banking_Reform_Bill" style="text-decoration: none; background: none;">1.2 Position on Banking Reform Bill</a><ul style="line-height: 1.5em; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-3 tocsection-4" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Skepticism_about_regulation" style="text-decoration: none; background: none;">1.2.1 Skepticism about regulation</a></li><li class="toclevel-3 tocsection-5" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Views_on_the.E2.80.9CVolcker_Rule.E2.80.9D" style="text-decoration: none; background: none;">1.2.2 Views on the “Volcker Rule”</a></li><li class="toclevel-3 tocsection-6" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Opposition_to_a_Financial_Transactions_Tax" style="text-decoration: none; background: none;">1.2.3 Opposition to a Financial Transactions Tax</a></li><li class="toclevel-3 tocsection-7" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Support_for_a_Consumer_Financial_Protection_Agency" style="text-decoration: none; background: none;">1.2.4 Support for a Consumer Financial Protection Agency</a></li><li class="toclevel-3 tocsection-8" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Controversy_over_personal_tax_payments" style="text-decoration: none; background: none;">1.2.5 Controversy over personal tax payments</a></li><li class="toclevel-3 tocsection-9" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Controversy_over_hiring_financial_lobbyist" style="text-decoration: none; background: none;">1.2.6 Controversy over hiring financial lobbyist</a></li></ul></li><li class="toclevel-2 tocsection-10" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Record_as_President_of_the_New_York_Federal_Reserve" style="text-decoration: none; background: none;">1.3 Record as President of the New York Federal Reserve</a><ul style="line-height: 1.5em; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-3 tocsection-11" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Views_on_Role_of_Government_in_Financial_System" style="text-decoration: none; background: none;">1.3.1 Views on Role of Government in Financial System</a></li><li class="toclevel-3 tocsection-12" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Lack_of_enforcement" style="text-decoration: none; background: none;">1.3.2 Lack of enforcement</a></li><li class="toclevel-3 tocsection-13" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Role_in_Bailouts" style="text-decoration: none; background: none;">1.3.3 Role in Bailouts</a></li></ul></li><li class="toclevel-2 tocsection-14" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Supporter_of_Globalization" style="text-decoration: none; background: none;">1.4 Supporter of Globalization</a><ul style="line-height: 1.5em; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-3 tocsection-15" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Negotiator_of_the_WTO.E2.80.99s_Financial_Service_Agreement" style="text-decoration: none; background: none;">1.4.1 Negotiator of the WTO’s Financial Service Agreement</a></li><li class="toclevel-3 tocsection-16" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Project_Director_of.E2.80.9CBuilding_Support_for_More_Open_Trade.E2.80.9D" style="text-decoration: none; background: none;">1.4.2 Project Director of “Building Support for More Open Trade”</a></li></ul></li><li class="toclevel-2 tocsection-17" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Role_in_Asia.E2.80.99s_Financial_Crisis" style="text-decoration: none; background: none;">1.5 Role in Asia’s Financial Crisis</a></li></ul></li><li class="toclevel-1 tocsection-18" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Affiliations" style="text-decoration: none; background: none;">2 Affiliations</a><ul style="line-height: 1.5em; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-2 tocsection-19" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Personal" style="text-decoration: none; background: none;">2.1 Personal</a></li><li class="toclevel-2 tocsection-20" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Organizational" style="text-decoration: none; background: none;">2.2 Organizational</a></li></ul></li><li class="toclevel-1 tocsection-21" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Background_info" style="text-decoration: none; background: none;">3 Background info</a></li><li class="toclevel-1 tocsection-22" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Contact_details" style="text-decoration: none; background: none;">4 Contact details</a></li><li class="toclevel-1 tocsection-23" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Articles_and_Resources" style="text-decoration: none; background: none;">5 Articles and Resources</a><ul style="line-height: 1.5em; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-2 tocsection-24" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Related_SourceWatch_Articles" style="text-decoration: none; background: none;">5.1 Related SourceWatch Articles</a></li><li class="toclevel-2 tocsection-25" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#References" style="text-decoration: none; background: none;">5.2 References</a></li><li class="toclevel-2 tocsection-26" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#External_Articles" style="text-decoration: none; background: none;">5.3 External Articles</a></li><li class="toclevel-2 tocsection-27" style="margin-bottom: 0.1em;"><a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#Testimony_and_Speeches_by_Timothy_Geithner" style="text-decoration: none; background: none;">5.4 Testimony and Speeches by Timothy Geithner</a></li></ul></li></ul></div><h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); line-height: 19.2px; background: none rgb(255, 255, 255);">Record and controversies</h2><a href="http://www.sourcewatch.org/index.php/Goldman_Sachs" title="Goldman Sachs" style="text-decoration: none; line-height: 19.2px; background: none rgb(255, 255, 255);">Goldman Sachs</a> has had a history of strong ties to the Treasury Department. <a href="http://www.sourcewatch.org/index.php/Henry_Paulson" title="Henry Paulson" class="mw-redirect" style="text-decoration: none; line-height: 19.2px; background: none rgb(255, 255, 255);">Henry Paulson</a>, a former CEO of Goldman Sachs, was Treasury Secretary under President George W. Bush. Geithner has continued this tradition by naming Mark Patterson – a Goldman Sachs lobbyist – as his chief of staff. Because of new limits <a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-25" style="text-decoration: none; white-space: nowrap; background: none;">[25]</a> President Obama introduced on lobbyists being hired for government jobs, Patterson had to obtain a waiver to take his position at Treasury. Patterson was working as a lobbyist for Goldman Sachs in 2007 when the bank opposed key reform initiatives, including proposals for restraints on executive compensation backed by then-Senator Obama. <a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-26" style="text-decoration: none; white-space: nowrap; background: none;">[26]</a>
wikiTimothy Franz Geithner (<a href="http://en.wikipedia.org/wiki/Help:IPA_for_English" title="Help:IPA for English" style="background: none; text-decoration: none !important;">/</a><a href="http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English" style="background: none; text-decoration: none !important;">ˈ</a><a href="http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English" style="background: none; text-decoration: none !important;">ɡ</a><a href="http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English" style="background: none; text-decoration: none !important;">aɪ</a><a href="http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English" style="background: none; text-decoration: none !important;">t</a><a href="http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English" style="background: none; text-decoration: none !important;">n</a><a href="http://en.wikipedia.org/wiki/Help:IPA_for_English#Key" title="Help:IPA for English" style="background: none; text-decoration: none !important;">ər</a><a href="http://en.wikipedia.org/wiki/Help:IPA_for_English" title="Help:IPA for English" style="background: none; text-decoration: none !important;">/</a>; born August 18, 1961) is an American <a href="http://en.wikipedia.org/wiki/Economic_policy" title="Economic policy" style="text-decoration: none; background: none;">economic policy</a> maker and <a href="http://en.wikipedia.org/wiki/Central_bank" title="Central bank" style="text-decoration: none; background: none;">central banker</a> who served as the 75th <a href="http://en.wikipedia.org/wiki/United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury" style="text-decoration: none; background: none;">United States Secretary of the Treasury</a>, under <a href="http://en.wikipedia.org/wiki/President_of_the_United_States" title="President of the United States" style="text-decoration: none; background: none;">President</a> <a href="http://en.wikipedia.org/wiki/Barack_Obama" title="Barack Obama" style="text-decoration: none; background: none;">Barack Obama</a>, from 2009 to 2013. He was previously the president of the <a href="http://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York" style="text-decoration: none; background: none;">Federal Reserve Bank of New York</a> from 2003 to 2009. He now serves as president of <a href="http://en.wikipedia.org/wiki/Warburg_Pincus" title="Warburg Pincus" style="text-decoration: none; background: none;">Warburg Pincus</a>, a Wall Street private equity firm.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-JoinPincus-2" style="text-decoration: none; white-space: nowrap; background: none;">[2]</a>Geithner's position included a large role in directing the Federal Government's spending on the crisis, including allocation of $350 billion of funds from the <a href="http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program" style="text-decoration: none; background: none;">Troubled Asset Relief Program</a> enacted during the previous administration. At the end of his first year in office, he continued to deal with multiple high visibility issues, including administration efforts to restructure the regulation of the nation's financial system,<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-3" style="text-decoration: none; white-space: nowrap; background: none;">[3]</a> attempts to spur recovery of both the mortgage market and the automobile industry, demands for <a href="http://en.wikipedia.org/wiki/Protectionism" title="Protectionism" style="text-decoration: none; background: none;">protectionism</a>, President Obama's tax changes, and negotiations with foreign governments on approaches to worldwide financial issues.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-4" style="text-decoration: none; white-space: nowrap; background: none;">[4]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-5" style="text-decoration: none; white-space: nowrap; background: none;">[5]</a><div id="toc" class="toc" style="border: 1px solid rgb(170, 170, 170); padding: 7px; display: table; zoom: 1; background-color: rgb(249, 249, 249);"><div id="toctitle" style="direction: ltr; text-align: center;"><h2 style="margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border: none; display: inline; line-height: 1.3; background: none;">Contents</h2>  [<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#" class="internal" id="togglelink" style="text-decoration: none; background: none;">hide</a>] </div><ul style="line-height: 1.6; list-style-type: none; margin: 0.3em 0px; padding: 0px; list-style-image: none;"><li class="toclevel-1 tocsection-1" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Family_and_education" style="text-decoration: none; background: none;">1 Family and education</a></li><li class="toclevel-1 tocsection-2" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Early_career" style="text-decoration: none; background: none;">2 Early career</a></li><li class="toclevel-1 tocsection-3" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Secretary_of_the_Treasury" style="text-decoration: none; background: none;">3 Secretary of the Treasury</a><ul style="line-height: 1.6; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-2 tocsection-4" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Nomination_and_confirmation" style="text-decoration: none; background: none;">3.1 Nomination and confirmation</a></li><li class="toclevel-2 tocsection-5" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Bank_bailout" style="text-decoration: none; background: none;">3.2 Bank bailout</a><ul style="line-height: 1.6; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-3 tocsection-6" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#AIG_bonuses" style="text-decoration: none; background: none;">3.2.1 AIG bonuses</a></li><li class="toclevel-3 tocsection-7" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#AIG_payments_to_banks" style="text-decoration: none; background: none;">3.2.2 AIG payments to banks</a></li></ul></li><li class="toclevel-2 tocsection-8" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#China" style="text-decoration: none; background: none;">3.3 China</a></li><li class="toclevel-2 tocsection-9" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Opposing_extension_of_tax_cuts" style="text-decoration: none; background: none;">3.4 Opposing extension of tax cuts</a></li><li class="toclevel-2 tocsection-10" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Fiscal_cliff_and_debt_limit_negotiations" style="text-decoration: none; background: none;">3.5 Fiscal cliff and debt limit negotiations</a></li><li class="toclevel-2 tocsection-11" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Criticism" style="text-decoration: none; background: none;">3.6 Criticism</a></li><li class="toclevel-2 tocsection-12" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#End_of_term" style="text-decoration: none; background: none;">3.7 End of term</a></li></ul></li><li class="toclevel-1 tocsection-13" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Media" style="text-decoration: none; background: none;">4 Media</a></li><li class="toclevel-1 tocsection-14" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Memberships" style="text-decoration: none; background: none;">5 Memberships</a></li><li class="toclevel-1 tocsection-15" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#References" style="text-decoration: none; background: none;">6 References</a></li><li class="toclevel-1 tocsection-16" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#Further_reading" style="text-decoration: none; background: none;">7 Further reading</a></li><li class="toclevel-1 tocsection-17" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#External_links" style="text-decoration: none; background: none;">8 External links</a></li></ul></div><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(170, 170, 170); line-height: 1.3; background: none rgb(255, 255, 255);">Family and education</h2>...<h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background: none rgb(255, 255, 255);">Bank bailout<span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Timothy_Geithner&action=edit&section=5&editintro=Template:BLP_editintro" title="Edit section: Bank bailout" style="text-decoration: none; background: none;">edit</a>]</h3>Geithner had the authority to decide what to do with the second <a href="http://en.wikipedia.org/wiki/Tranche" title="Tranche" style="text-decoration: none; background: none;">tranche</a> of $350 billion from the $700 billion banking bailout bill passed by Congress in October 2008. He was not mandated to seek Congressional approval, but went to Congress on February 10–11, 2009 to explain his plans. Under the Financial Stability Plan, he proposed to create a new investment fund to provide a market for the legacy loans and securities—the so-called “toxic assets”—burdening the financial system, using a mix of taxpayer and private money.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-44" style="text-decoration: none; white-space: nowrap; background: none;">[44]</a> He also proposed to expand a lending program that would spend as much as $1 trillion to cover the decline in the issuance of securities backed by consumer loans. He further proposed to give banks new infusions of capital with which to lend. In exchange, banks would have to cut the salaries and perks of their executives and sharply limit dividends and corporate acquisitions.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-45" style="text-decoration: none; white-space: nowrap; background: none;">[45]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-46" style="text-decoration: none; white-space: nowrap; background: none;">[46]</a> The plan was criticized by <a href="http://en.wikipedia.org/wiki/Nobel_Memorial_Prize_in_Economic_Sciences" title="Nobel Memorial Prize in Economic Sciences" style="text-decoration: none; background: none;">Nobel-prize</a> winning economist <a href="http://en.wikipedia.org/wiki/Paul_Krugman" title="Paul Krugman" style="text-decoration: none; background: none;">Paul Krugman</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-47" style="text-decoration: none; white-space: nowrap; background: none;">[47]</a> as well as fellow Nobel laureate and former <a href="http://en.wikipedia.org/wiki/World_Bank" title="World Bank" style="text-decoration: none; background: none;">World Bank</a><a href="http://en.wikipedia.org/wiki/World_Bank_Chief_Economist" title="World Bank Chief Economist" style="text-decoration: none; background: none;">Chief Economist</a> <a href="http://en.wikipedia.org/wiki/Joseph_Stiglitz" title="Joseph Stiglitz" style="text-decoration: none; background: none;">Joseph Stiglitz</a>.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-48" style="text-decoration: none; white-space: nowrap; background: none;">[48]</a><h4 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 22.4px; background: none rgb(255, 255, 255);">AIG bonuses<span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Timothy_Geithner&action=edit&section=6&editintro=Template:BLP_editintro" title="Edit section: AIG bonuses" style="text-decoration: none; background: none;">edit</a>]</h4><div class="hatnote relarticle mainarticle" style="font-style: italic; padding-left: 1.6em; margin-bottom: 0.5em; line-height: 22.4px; background-color: rgb(255, 255, 255);">Main article: <a href="http://en.wikipedia.org/wiki/AIG_bonus_payments_controversy" title="AIG bonus payments controversy" style="text-decoration: none; background: none;">AIG bonus payments controversy</a></div>Although President Obama expressed strong support for Geithner, the outrage over the <a href="http://en.wikipedia.org/wiki/AIG" title="AIG" class="mw-redirect" style="text-decoration: none; background: none;">AIG</a> bonuses undermined public support. <a href="http://en.wikipedia.org/wiki/AIG" title="AIG" class="mw-redirect" style="text-decoration: none; background: none;">AIG</a> paid bonuses to executives in its Financial Services division after receiving more than $170 billion in federal bailout aid.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-49" style="text-decoration: none; white-space: nowrap; background: none;">[49]</a> Even prior to the election, senior aides to Timothy Geithner had closely dealt with <a href="http://en.wikipedia.org/wiki/American_International_Group" title="American International Group" style="text-decoration: none; background: none;">American International Group</a> Inc. on compensation issues including bonuses, both from his time as president of the Federal Reserve Bank of New York and as Treasury secretary. In early November, 2008, a committee concluded that the bonuses, which were in contracts signed before the government takeover, couldn't be legally blocked. On March 3, 2009, appearing at a hearing of the <a href="http://en.wikipedia.org/wiki/House_Ways_and_Means_Committee" title="House Ways and Means Committee" class="mw-redirect" style="text-decoration: none; background: none;">House Ways and Means Committee</a> Rep. <a href="http://en.wikipedia.org/wiki/Joseph_Crowley" title="Joseph Crowley" style="text-decoration: none; background: none;">Joseph Crowley</a>, a New York Democrat, asked him about the bonuses that AIG would be paying to financial-products employees "in the coming weeks." On March 11, Geithner called Edward Liddy, AIG chief, to protest the bonus payouts. Mr. Geithner and <a href="http://en.wikipedia.org/wiki/Federal_Reserve" title="Federal Reserve" class="mw-redirect" style="text-decoration: none; background: none;">Federal Reserve</a> Chairman <a href="http://en.wikipedia.org/wiki/Ben_Bernanke" title="Ben Bernanke" style="text-decoration: none; background: none;">Ben Bernanke</a>attended a hearing by Congress on March 24, 2009.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-50" style="text-decoration: none; white-space: nowrap; background: none;">[50]</a><h4 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 22.4px; background: none rgb(255, 255, 255);">AIG payments to banks<span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Timothy_Geithner&action=edit&section=7&editintro=Template:BLP_editintro" title="Edit section: AIG payments to banks" style="text-decoration: none; background: none;">edit</a>]</h4>In November 2009, <a href="http://en.wikipedia.org/wiki/Neil_Barofsky" title="Neil Barofsky" style="text-decoration: none; background: none;">Neil Barofsky</a>, the Treasury Department Inspector General responsible for oversight of TARP funds, issued a report critical of the use of $62.1 billion of government funds to redeem derivative contracts held by several large banks which AIG had insured against losses. The banks received face value for the contracts although their market value at the time was much lower. In the report, Barofsky said the payments "provided [the banks] with tens of billions of dollars they likely would have not otherwise received". Terms for use of the funds had been negotiated with the <a href="http://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York" style="text-decoration: none; background: none;">New York Federal Reserve Bank</a> while Geithner was president.In January 2010, Rep. <a href="http://en.wikipedia.org/wiki/Darrell_Issa" title="Darrell Issa" style="text-decoration: none; background: none;">Darrell Issa</a> released a series of e-mails between AIG and the New York Fed. In these e-mails, the Fed urged AIG not to disclose the full details of the payments publicly or in its <a href="http://en.wikipedia.org/wiki/U.S.Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission" style="text-decoration: none; background: none;">SEC</a> filings. Issa pushed for an investigation of the matter, and for records and e-mails from the Fed to be subpoenaed. Rep. <a href="http://en.wikipedia.org/wiki/Edolphus_Towns" title="Edolphus Towns" style="text-decoration: none; background: none;">Edolphus Towns</a>, Chairman of the <a href="http://en.wikipedia.org/wiki/United_States_House_Committee_on_Oversight_and_Government_Reform" title="United States House Committee on Oversight and Government Reform" style="text-decoration: none; background: none;">House Oversight and Government Reform Committee</a>, issued subpoenas for the records and scheduled hearings for late January. <a href="http://en.wikipedia.org/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve" style="text-decoration: none; background: none;">Federal Reserve Chairman</a> <a href="http://en.wikipedia.org/wiki/Ben_Bernanke" title="Ben Bernanke" style="text-decoration: none; background: none;">Ben Bernanke</a> said the Fed would welcome a full review of its actions regarding the AIG payments.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-51" style="text-decoration: none; white-space: nowrap; background: none;">[51]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-52" style="text-decoration: none; white-space: nowrap; background: none;">[52]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-53" style="text-decoration: none; white-space: nowrap; background: none;">[53]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-54" style="text-decoration: none; white-space: nowrap; background: none;">[54]</a>Geithner and his predecessor, former Treasury Secretary <a href="http://en.wikipedia.org/wiki/Henry_Paulson" title="Henry Paulson" style="text-decoration: none; background: none;">Henry Paulson</a>, both appeared before the Committee on January 27. Geithner defended the bailout of AIG and the payments to the banks, while reiterating previous denials of any involvement in efforts to withhold details of the transactions. His testimony was met with skepticism and angry disagreement by House members of both parties.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-55" style="text-decoration: none; white-space: nowrap; background: none;">[55]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-56" style="text-decoration: none; white-space: nowrap; background: none;">[56]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-57" style="text-decoration: none; white-space: nowrap; background: none;">[57]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-58" style="text-decoration: none; white-space: nowrap; background: none;">[58]</a><h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background: none rgb(255, 255, 255);">China<span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Timothy_Geithner&action=edit&section=8&editintro=Template:BLP_editintro" title="Edit section: China" style="text-decoration: none; background: none;">edit</a>]</h3>
On June 1, 2009, during a question-and-answer session following a speech at <a href="http://en.wikipedia.org/wiki/Peking_University" title="Peking University" style="text-decoration: none; background: none;">Peking University</a>, Geithner was asked by a student whether Chinese investments in U.S. Treasury debt were safe. His reply that they were "very safe" drew laughter from the audience.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-63" style="text-decoration: none; white-space: nowrap; background: none;">[63]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-64" style="text-decoration: none; white-space: nowrap; background: none;">[64]</a>
Shortly after assuming his role as Secretary of the Treasury, Geithner met in Washington with Chinese Foreign Minister <a href="http://en.wikipedia.org/wiki/Yang_Jiechi" title="Yang Jiechi" style="text-decoration: none; background: none;">Yang Jiechi</a>. He told Yang that the U.S. attached great importance to <a href="http://en.wikipedia.org/wiki/Sino-American_relations" title="Sino-American relations" class="mw-redirect" style="text-decoration: none; background: none;">its relations with China</a> and that U.S.–China cooperation was essential in order for the world economy to fully recover.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-62" style="text-decoration: none; white-space: nowrap; background: none;">[62]</a>In written comments to the Senate Finance Committee during his confirmation hearings, Geithner stated that the new administration believed <a href="http://en.wikipedia.org/wiki/People%27s_Republic_of_China" title="People's Republic of China" class="mw-redirect" style="text-decoration: none; background: none;">China</a> was "manipulating" <a href="http://en.wikipedia.org/wiki/Renminbi" title="Renminbi" style="text-decoration: none; background: none;">its currency</a> and that the Obama administration would act "aggressively" using "all the diplomatic avenues" to change China's currency practices.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-manipulates-59" style="text-decoration: none; white-space: nowrap; background: none;">[59]</a> The Obama administration would pressure China diplomatically to change this practice more strongly than the <a href="http://en.wikipedia.org/wiki/George_W.Bush_Administration" title="George W. Bush Administration" class="mw-redirect" style="text-decoration: none; background: none;">George W. Bush Administration</a> had done.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-60" style="text-decoration: none; white-space: nowrap; background: none;">[60]</a> The United States maintained that China's actions hurt American businesses and contributed to the financial crisis.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-61" style="text-decoration: none; white-space: nowrap; background: none;">[61]</a>Geithner co-chaired the high-profile <a href="http://en.wikipedia.org/wiki/U.S.%E2%80%93China_Strategic_and_Economic_Dialogue" title="U.S.–China Strategic and Economic Dialogue" style="text-decoration: none; background: none;">U.S.–China Strategic and Economic Dialogue</a> from July 27 to 28 in Washington, D.C. and led the Economic Track for the U.S. side.<h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background: none rgb(255, 255, 255);">Opposing extension of tax cuts<span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Timothy_Geithner&action=edit&section=9&editintro=Template:BLP_editintro" title="Edit section: Opposing extension of tax cuts" style="text-decoration: none; background: none;">edit</a>]</h3>In summer 2010, The New York Times said Geithner "is President Obama’s point man in opposing the extension of the <a href="http://en.wikipedia.org/wiki/Bush_tax_cuts" title="Bush tax cuts" style="text-decoration: none; background: none;">Bush tax cuts</a> for the wealthy after their Dec. 31 expiration. ... [Geithner] has cited the projected $700 billion, 10-year cost of the tax cuts, and nonpartisan analyses that they do not stimulate the economy because the wealthy tend to save the additional money rather than spend it. 'I believe there is no credible argument to be made that the purpose of government is to borrow from future generations of Americans to finance an extension of tax cuts for the top 2 percent,' [he] said in a recent speech."<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-NYT01-65" style="text-decoration: none; white-space: nowrap; background: none;">[65]</a><h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background: none rgb(255, 255, 255);">Fiscal cliff and debt limit negotiations<span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Timothy_Geithner&action=edit&section=10&editintro=Template:BLP_editintro" title="Edit section: Fiscal cliff and debt limit negotiations" style="text-decoration: none; background: none;">edit</a>]</h3>Geithner was Obama's lead negotiator about the <a href="http://en.wikipedia.org/wiki/United_States_fiscal_cliff" title="United States fiscal cliff" style="text-decoration: none; background: none;">fiscal cliff</a> and the increase in the 2013 debt limit.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-Nov_30_2012_T.G.neg-66" style="text-decoration: none; white-space: nowrap; background: none;">[66]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-TNT_Nov_2012_Fiscal_Cliff-67" style="text-decoration: none; white-space: nowrap; background: none;">[67]</a> For example on December 5, 2012, Geithner confirmed leaks from the White House,<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-Obama_cliff_from_caller_dec_6-68" style="text-decoration: none; white-space: nowrap; background: none;">[68]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-Obama_cliff_dec_5_item-69" style="text-decoration: none; white-space: nowrap; background: none;">[69]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-Obama_cliff_from_WP_Dec_6-70" style="text-decoration: none; white-space: nowrap; background: none;">[70]</a> Treasury Secretary Geithner told CNBC that the Obama Administration is "absolutely" willing to go over the fiscal cliff if Republicans refused to back off from their opposition to raising rates on wealthier Americans.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-go_over_the_cliff_Dec_5-71" style="text-decoration: none; white-space: nowrap; background: none;">[71]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-CNBC-Geithner-Nov5-72" style="text-decoration: none; white-space: nowrap; background: none;">[72]</a><h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background: none rgb(255, 255, 255);">Criticism<span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Timothy_Geithner&action=edit&section=11&editintro=Template:BLP_editintro" title="Edit section: Criticism" style="text-decoration: none; background: none;">edit</a>]</h3>Geithner weathered criticism early in the Obama presidency, when Congressman <a href="http://en.wikipedia.org/wiki/Connie_Mack_IV" title="Connie Mack IV" style="text-decoration: none; background: none;">Connie Mack</a> (R-FL) suggested he should resign over the AIG bonus scandal, and Alabama Senator <a href="http://en.wikipedia.org/wiki/Richard_Shelby" title="Richard Shelby" style="text-decoration: none; background: none;">Richard Shelby</a> said that Geithner was "out of the loop". Democrats largely joined Obama in supporting Geithner, and there was no serious talk of him losing his job.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-73" style="text-decoration: none; white-space: nowrap; background: none;">[73]</a>In November 2009, Geithner again came under fire from members of both the <a href="http://en.wikipedia.org/wiki/Congressional_Progressive_Caucus" title="Congressional Progressive Caucus" style="text-decoration: none; background: none;">Congressional Progressive Caucus</a> and the Republican Party. Oregon Representative <a href="http://en.wikipedia.org/wiki/Peter_DeFazio" title="Peter DeFazio" style="text-decoration: none; background: none;">Peter DeFazio</a> suggested that both Geithner and<a href="http://en.wikipedia.org/wiki/Lawrence_Summers" title="Lawrence Summers" style="text-decoration: none; background: none;">Lawrence Summers</a>, the director of the <a href="http://en.wikipedia.org/wiki/United_States_National_Economic_Council" title="United States National Economic Council" style="text-decoration: none; background: none;">National Economic Council</a>, should be fired in order to curtail <a href="http://en.wikipedia.org/wiki/Unemployment" title="Unemployment" style="text-decoration: none; background: none;">unemployment</a> and signal a new direction for the Obama administration's fiscal policy. "We think it is time, maybe, that we turn our focus to Main Street," said DeFazio, speaking for himself and some fellow members of the Progressive Caucus.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-74" style="text-decoration: none; white-space: nowrap; background: none;">[74]</a> When Geithner appeared in front of the <a href="http://en.wikipedia.org/wiki/Congressional_Joint_Economic_Committee" title="Congressional Joint Economic Committee" class="mw-redirect" style="text-decoration: none; background: none;">Congressional Joint Economic Committee</a>, the ranking House Republican, <a href="http://en.wikipedia.org/wiki/Kevin_Brady" title="Kevin Brady" style="text-decoration: none; background: none;">Kevin Brady</a> of Texas, said to the secretary, "Conservatives agree that, as point person, you've failed. Liberals are growing in that consensus as well. Poll after poll shows the public has lost confidence in this president's ability to handle the economy. For the sake of our jobs, will you step down from your post?" Geithner defended his record, suggesting Brady was misrepresenting the situation and overestimating popular disapproval of his job performance.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-75" style="text-decoration: none; white-space: nowrap; background: none;">[75]</a>In June 2011, <a href="http://en.wikipedia.org/wiki/The_New_Republic" title="The New Republic" style="text-decoration: none; background: none;">The New Republic</a> criticized Geithner from the left, arguing that he was and is overly concerned with the deficit at a time, following the <a href="http://en.wikipedia.org/wiki/Great_Recession" title="Great Recession" style="text-decoration: none; background: none;">Great Recession</a>, the government should be pursuing stimulus; and as a result, it is possible that the <a href="http://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act" title="American Recovery and Reinvestment Act" class="mw-redirect" style="text-decoration: none; background: none;">stimulus</a> was smaller than it could have been.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-76" style="text-decoration: none; white-space: nowrap; background: none;">[76]</a>In Bull by the Horns <a href="http://en.wikipedia.org/wiki/Sheila_Bair" title="Sheila Bair" style="text-decoration: none; background: none;">Sheila Bair</a> often criticizes Geithner for his penchant for bailouts, protecting <a href="http://en.wikipedia.org/wiki/Citigroup" title="Citigroup" style="text-decoration: none; background: none;">Citigroup</a>, and trying to push more obligations onto the <a href="http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation" style="text-decoration: none; background: none;">Federal Deposit Insurance Corporation</a>.<h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background: none rgb(255, 255, 255);">End of term<span class="mw-editsection" style="user-select: none; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Timothy_Geithner&action=edit&section=12&editintro=Template:BLP_editintro" title="Edit section: End of term" style="text-decoration: none; background: none;">edit</a>]</h3>Geithner left the administration on January 25, 2013.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-77" style="text-decoration: none; white-space: nowrap; background: none;">[77]</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-78" style="text-decoration: none; white-space: nowrap; background: none;">[78]</a>After leaving office, Geithner wrote a memoir of his time serving as Secretary of Treasury entitled Stress Test: Reflections on Financial Crises, published in May 2014. In November 2013, it was announced that Geithner would join the private equity firm Warburg Pincus as president and managing director in March 2014.<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-JoinPincus-2" style="text-decoration: none; white-space: nowrap; background: none;">[2]</a><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(170, 170, 170); line-height: 1.3; background: none rgb(255, 255, 255);">...</h2><div><h3 style="margin: 0px 0px 0.3em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom-style: none; line-height: 19.2px; background: none rgb(255, 255, 255);">Supporter of Globalization</h3><h4 style="margin: 0px 0px 0.3em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom-style: none; line-height: 19.2px; background: none rgb(255, 255, 255);">Negotiator of the WTO’s Financial Service Agreement</h4>Geithner was one of two lead US negotiators responsible for the establishment in 1998 of the WTO’s Financial Services Agreement, an agreement originally conceived of by AIG in the 1970’s. Geithner, who was Assistant Secretary of the Treasury Department at the time, and Deputy US Trade Representative Jeffrey Lang collaborated to achieve the shared goals of the US financial industry and government. Through the agreement, US financial companies gained the WTO-guaranteed right to trade internationally in risky products like derivatives and to hold majority ownership of banks and insurance companies in foreign countries.<a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-47" style="text-decoration: none; white-space: nowrap; background: none;">[47]</a> The agreement also locked in the administration’s commitment to deregulate the US financial sector by eliminating the Glass-Steagall Act. <a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-48" style="text-decoration: none; white-space: nowrap; background: none;">[48]</a>The US withheld its consent to a WTO financial services agreement until five years after the WTO was founded. It only signed when other countries had made enough concessions to satisfy US demands that markets be opened to its banks and insurance companies. At the very last stages of the negotiations, US negotiators Geithner and Lang threatened to hold up the agreement again if the interests of AIG in the Malaysian market were not met.<a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-49" style="text-decoration: none; white-space: nowrap; background: none;">[49]</a>When the Financial Services Agreement was finalized, Geithner gave a speech to the US Coalition of Service Industries. He praised this trade lobby – founded by AIG, Citicorp, and American Express – for the “critical role” they had played in getting the agreement. He said that it had been his job at Treasury in 1988 to write the first draft of the agreement. His strategy to get the final agreement included establishing “very effective cooperation with the U.S. financial community” in defining priorities. Geithner also made the WTO financial deal a “central issue” in every meeting Treasury had with key foreign finance ministers.<a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-50" style="text-decoration: none; white-space: nowrap; background: none;">[50]</a><h4 style="margin: 0px 0px 0.3em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom-style: none; line-height: 19.2px; background: none rgb(255, 255, 255);">Project Director of “Building Support for More Open Trade”</h4>Geithner has been described as “an unabashed supporter of open markets and free trade” and as a strong voice within the Obama administration for expanding trade agreements. <a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-51" style="text-decoration: none; white-space: nowrap; background: none;">[51]</a> Geithner promoted the global interests of US financial institutions as Treasury’s negotiator for international financial services agreements. In addition, in advocating continued US government funding for the International Monetary Fund, Geithner explained that the IMF worked as a “powerful force for trade liberalization around the world.”<a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-52" style="text-decoration: none; white-space: nowrap; background: none;">[52]</a>>In 2001, Geithner was named project director of a task force established by the Council on Foreign Relations on ways to increase domestic support for free trade and have Congress grant President Bush Trade Promotion Authority. The task force included Robert Rubin, advisor to Citigroup and former Treasury Secretary; Kenneth Duberstein, a former chief of staff for Ronald Reagan; and Carla Hills and Charlene Barshevsky, both former US Trade Representatives. The task force report recommended reducing the political opposition to free trade by: implementing “an extensive, ongoing program of education on the positive effects of trade”; taking a gradualist approach and getting approvals for a series of bilateral agreements; emphasizing the “pro-development” potential of the agreements in order to appeal to US groups concerned about world poverty; and linking Trade Promotion Authority votes with popular initiatives such as programs for displaced workers.<a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-53" style="text-decoration: none; white-space: nowrap; background: none;">[53]</a><h3 style="margin: 0px 0px 0.3em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom-style: none; line-height: 19.2px; background: none rgb(255, 255, 255);">Role in Asia’s Financial Crisis</h3>During the Bush era, the New York Post described Geithner as a “financial braniac” and someone who had acted as “Uncle Sam’s golden boy emissary” during the late 1999’s Asian financial crisis. <a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-54" style="text-decoration: none; white-space: nowrap; background: none;">[54]</a> However, now that Geithner is Treasury Secretary, the Post has published a sharp critique of his role in that crisis. The Cato Institute’s Mark Calabria wrote in the Post that the IMF rescue Geithner engineered for Asian economies helped US banks cut their losses. Calabria claimed: “If there's a common thread to almost every bank bailout over the last 15 years, it's that Timothy Geithner was always somewhere in the room.” <a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-55" style="text-decoration: none; white-space: nowrap; background: none;">[55]</a><h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); line-height: 19.2px; background: none rgb(255, 255, 255);">Affiliations</h2><h3 style="margin: 0px 0px 0.3em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom-style: none; line-height: 19.2px; background: none rgb(255, 255, 255);">Personal</h3><a href="http://www.sourcewatch.org/index.php/Robert_Rubin" title="Robert Rubin" class="mw-redirect" style="text-decoration: none; background: none;">Robert Rubin</a> – Rubin has been Chair of Goldman Sachs, US Treasury Secretary, and Senior Counselor and Director of Citigroup. He was Geithner’s boss and mentor while he was at the Treasury Department, and he recommended Geithner for the position of the New York Fed President. <a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-56" style="text-decoration: none; white-space: nowrap; background: none;">[56]</a><a href="http://www.sourcewatch.org/index.php/Sandy_Weill" title="Sandy Weill" style="text-decoration: none; background: none;">Sandy Weill</a> – The former CEO of Citigroup recommended in 2007 that Geithner become the bank’s CEO, a position Geithner declined to apply for. Weill appointed him as a director of the National Academy Foundation, a charity founded and chaired by Weill. <a href="http://www.sourcewatch.org/index.php?title=Timothy_F.Geithner#cite_note-57" style="text-decoration: none; white-space: nowrap; background: none;">[57]</a><a href="http://www.sourcewatch.org/index.php/Lawrence_Summers" title="Lawrence Summers" class="mw-redirect" style="text-decoration: none; background: none;">Lawrence Summers</a> – The current head of the National Economic Council, was Geithner’s mentor at the Treasury Department when Summers was Treasury Secretary. <a href="http://www.sourcewatch.org/index.php?title=Timothy_F._Geithner#cite_note-58" style="text-decoration: none; white-space: nowrap; background: none;">[58]</a>...</div><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom: 1px solid rgb(170, 170, 170); line-height: 1.3; background: none rgb(255, 255, 255);">Memberships[<a href="http://en.wikipedia.org/w/index.php?title=Timothy_Geithner&action=edit&section=14&editintro=Template:BLP_editintro" title="Edit section: Memberships" style="text-decoration: none; background: none;">edit</a>]</h2><ul style="line-height: 22.4px; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaauaaaanaqmaaabb8jblaaaablbmvex="iVBORw0KGgoAAAANSUhEUgAAAAUAAAANAQMAAABb8jbLAAAABlBMVEX" auow5qsojaaaaaxrstlmaqobyzgaaabnjrefucb1jyeabbqw="AUow5QSOjAAAAAXRSTlMAQObYZgAAABNJREFUCB1jYEABBQw" wlcagqeagpidyt0ivcsaaaaasuvork5cyii="); background-color: rgb(255, 255, 255);" xmlns:data="data"><li style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Center_for_Global_Development" title="Center for Global Development" style="text-decoration: none; background: none;">Center for Global Development</a> (Board of Directors)<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-cgdev.org-79" style="text-decoration: none; white-space: nowrap; background: none;">[79]</a></li><li style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Council_on_Foreign_Relations" title="Council on Foreign Relations" style="text-decoration: none; background: none;">Council on Foreign Relations</a><a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-nyFedrev-23" style="text-decoration: none; white-space: nowrap; background: none;">[23]</a></li><li style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/The_Economic_Club_of_New_York" title="The Economic Club of New York" style="text-decoration: none; background: none;">Economic Club of New York</a> (trustee)<a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-cgdev.org-79" style="text-decoration: none; white-space: nowrap; background: none;">[79]</a></li><li style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Bank_for_International_Settlements" title="Bank for International Settlements" style="text-decoration: none; background: none;">Bank for International Settlements</a>, <a rel="nofollow" class="external text" href="http://www.bis.org/cpss/index.htm" style="text-decoration: none; padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(" data:image="data:image" svg="svg" xml="xml" base64="base64" pd94bwwgdmvyc2lvbj0ims4wiiblbmnvzgluzz0ivvrgltgipz48c3znihhtbg5zpsjodhrwoi8vd3d3lnczlm9yzy8ymdawl3n2zyigd2lkdgg9ijewiibozwlnahq9ijewij48zyb0cmfuc2zvcm09inryyw5zbgf0zsgtodi2ljqyosatnjk4ljc5mskipjxyzwn0ihdpzhropsi1ljk4miigagvpz2h0psi1ljk4miiged0iodi2ljkyosiget0inzayljmwosigzmlsbd0ii2zmziigc3ryb2tlpsijmdzjii8="PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiPz48c3ZnIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgd2lkdGg9IjEwIiBoZWlnaHQ9IjEwIj48ZyB0cmFuc2Zvcm09InRyYW5zbGF0ZSgtODI2LjQyOSAtNjk4Ljc5MSkiPjxyZWN0IHdpZHRoPSI1Ljk4MiIgaGVpZ2h0PSI1Ljk4MiIgeD0iODI2LjkyOSIgeT0iNzAyLjMwOSIgZmlsbD0iI2ZmZiIgc3Ryb2tlPSIjMDZjIi8" pgc="PGc" phbhdgggzd0ittgzms4xotqgnjk4ljc5mwg1ljiznhy1ljm5mwwtms41nzegms41ndutms4zms0xljmxltiunzi1idiunzi1ltiunjg5ltiunjg5idiuoda4ltiuoda4lteumzexlteumzexeiigzmlsbd0iiza2ziivpjxwyxroigq9ik04mzuundi0idy5os43otvsljaymia0ljg4ns0xljgxny0xljgxny0yljg4msayljg4ms0xljiyoc0xljiyocayljg4ms0yljg4ms0xljg1ms0xljg1mxoiigzpbgw9iinmzmyilz48l2c="PHBhdGggZD0iTTgzMS4xOTQgNjk4Ljc5MWg1LjIzNHY1LjM5MWwtMS41NzEgMS41NDUtMS4zMS0xLjMxLTIuNzI1IDIuNzI1LTIuNjg5LTIuNjg5IDIuODA4LTIuODA4LTEuMzExLTEuMzExeiIgZmlsbD0iIzA2ZiIvPjxwYXRoIGQ9Ik04MzUuNDI0IDY5OS43OTVsLjAyMiA0Ljg4NS0xLjgxNy0xLjgxNy0yLjg4MSAyLjg4MS0xLjIyOC0xLjIyOCAyLjg4MS0yLjg4MS0xLjg1MS0xLjg1MXoiIGZpbGw9IiNmZmYiLz48L2c" pc9npjwvc3znpg="=" xmlns:data="data">Committee on payment and settlement systems (chairman)</a> <a href="http://en.wikipedia.org/wiki/Timothy_Geithner#cite_note-WhoWho-10" style="text-decoration: none; white-space: nowrap; background: none;">[10]</a></li><li style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Bilderberg_Group" title="Bilderberg Group" style="text-decoration: none; background: none;">Bilderberg Group</a></li></ul>===
JH:
Not only has the Wall Street bailout restored the banksters who wrecked our economy to full prosperity, it's also paying off very handsomely for the bank overseers who orchestrated the bailout.For example, as chairman of the Federal Reserve for six years, Ben Bernanke led the bucket brigade that poured trillions of public dollars into Wall Street's vaults. So, he's now on a global "Show Me Some Love" tour, pocketing up to $400,000 for each speech he delivers to the financial giants he rescued with our money.Then there's Timmy Geithner, whose chief responsibility as head of the New York Fed had been to regulate Wall Street's reckless banks so their greed wouldn't cause a nationwide financial crisis. But – oops! – they did exactly that on Timmy's see-no-evil watch. Still, having proven himself a banker's man, Geithner was promoted to be President Obama's Treasury Secretary. There, he insisted that the government's priority must be rescuing greedy bankers with taxpayer dollars, rather than saving the millions of American homeowners stuck with bloated mortgages, facing wage cuts and joblessness, and who were sinking into deep debt and poverty.But, being a banker's man, Geithner was not punished for his inept and morally-deplorable policies. Rather, he was richly rewarded with a top executive position as – what else? – a Wall Street banker. Now, he has published a book about his years of public screw-ups. Oh... sorry, I meant "public service." Concluding that he was correct and courageous, Geithner's book should've been titled: Heckuva Job, Timmy!This is Jim Hightower saying… So Wall Street prospers, Ben and Tim wallow in wealth – and the real economy remains mired in the ditch of joblessness, low wages, household debt… and rising anger at the Wall Street/Washington cabal of self-serving elites who shoved them into that ditch."Springtime for Bankers," http://www.nytimes.com/2014/05/19/opinion/krugman-springtime-for-bankers.html, May 19, 2014."Crisis Management, Rethought," The New York Times, May 18, 2014.