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Timothy Geithner

Timothy Franz Geithner (; born August 18, 1961) is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama, from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and managing director of Warburg Pincus, a private equity firm headquartered in New York City.

Timothy Geithner
75th United States Secretary of the Treasury
In office
January 26, 2009 – January 25, 2013
PresidentBarack Obama
DeputyNeal S. Wolin
Preceded byHenry Paulson
Succeeded byJack Lew
9th President of the Federal Reserve Bank of New York
In office
November 17, 2003 – January 26, 2009
Preceded byWilliam Joseph McDonough
Succeeded byWilliam C. Dudley
United States Under Secretary of the Treasury for International Affairs
In office
July 3, 1998 – January 20, 2001
PresidentBill Clinton
Preceded byDavid A. Lipton
Succeeded byJohn B. Taylor
Personal details
Born
Timothy Franz Geithner
(1961-08-18)August 18, 1961 (age 60)
New York City, New York, U.S.
Political partyIndependent
Spouse(s)
Carole Sonnenfeld
(m. 1985)​
Children2
EducationDartmouth College (BA)
Johns Hopkins University (MA)
Signature
WebsiteGovernment website

As President of the New York Fed and Secretary of the Treasury, Geithner had a key role in government efforts to recover from the financial crisis of 2007–08 and the Great Recession. At the New York Fed, Geithner helped manage crises involving Bear Stearns, Lehman Brothers, and the American International Group; as Treasury Secretary, he oversaw allocation of $350 billion under the Troubled Asset Relief Program, enacted during the previous administration in response to the subprime mortgage crisis. Geithner also managed the administration's efforts to restructure regulation of the nation's financial system; attempts to spur recovery of the mortgage market and the automobile industry; demands for protectionism; tax reform; and negotiations with foreign governments on global finance issues.

Contents

Geithner was born in Manhattan, New York, to Peter Franz Geithner and Deborah Moore. His father, a German American, was the director of the Ford Foundation's Asia program in New York during the 1990s, after working for the United States Agency for International Development in Zambia and Zimbabwe. During the early 1980s, Geithner's father oversaw the Ford Foundation's microfinance programs in Indonesia being developed by Ann Dunham Soetoro, Barack Obama's mother, and they met at least once in Jakarta. Geithner's paternal grandfather, Paul Herman Geithner (1902–1972), immigrated with his parents to the United States in 1908 from Zeulenroda, Germany.

Geithner's mother, a Mayflower descendant, belongs to a New England family. Her father, Charles Frederick Moore, Jr., served as vice-president of public relations for the Ford Motor Company from 1952 to 1964, and advised President Dwight D. Eisenhower, as well as Nelson Rockefeller and George W. Romney, on their respective presidential campaigns. His uncle, Jonathan Moore, served in the departments of Defense, Justice and State, as well as in the United Nations.

Geithner spent most of his childhood living abroad, including in Zimbabwe; Zambia; India; and Thailand, where he completed high school at the International School Bangkok. He studied Mandarin at Peking University in 1981, and at Beijing Normal University in 1982. Like his father, paternal grandfather and uncle; Geithner attended Dartmouth College, graduating in 1983, with an A.B. in government and Asian studies, then earned a M.A. in international economics and East Asian studies from Johns Hopkins University's School of Advanced International Studies, in 1985. He has also studied Japanese.

Geithner married Carole Marie Sonnenfeld, his classmate at Dartmouth, on June 8, 1985, at his parents' summer home in Orleans, Massachusetts. She is a licensed clinical social worker and an assistant clinical professor of psychiatry and behavioral sciences at George Washington University School of Medicine, where she teaches listening skills to medical students. She is the author of a coming-of-age children's novel about grief. Her father, Albert Sonnenfeld, was a professor of French and Comparative Literature at Princeton University and a food critic; her mother, Portia, died when Carole was 25, shortly after she was married.

Pranab Mukherjee, then India's finance minister, with Geithner in 2010

Geithner worked for Kissinger Associates in Washington, D.C., from 1985 to 1988, when he joined the International Affairs division of the U.S. Treasury Department. He served as an attaché at the Embassy of the United States in Tokyo, then as deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996–1997), and assistant secretary for international affairs (1997–1998). He was Under Secretary of the Treasury for International Affairs (1998–2001) under Secretaries Robert Rubin and Lawrence Summers, who are widely considered to have been his mentors. While at the Treasury Department, he helped manage financial crises in Brazil, Mexico, Indonesia, South Korea, and Thailand.

Treasury Secretary designee Geithner meets then-Finance Committee Chairman Max Baucus on November 25, 2008

In 2001, Geithner left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department. He was director of the Policy Development and Review Department at the International Monetary Fund from 2001 to 2003.

In October 2003, Geithner was named president of the Federal Reserve Bank of New York. As president of the New York Fed, he served as Vice Chairman of the Federal Open Market Committee. In 2006, he became a member of the Washington-based financial advisory body, the Group of Thirty.

In 2005, Geithner expressed concern over Wall Street trading in financial derivatives, which would ultimately contribute to the spread of the late 2000s financial crisis, though he did not pursue major reforms. In 2004, Geithner called on banks to "build a sufficient cushion against adversity", though in May 2007, he expressed support for the Basel II accord, which critics, including Federal Deposit Insurance Corporation chairperson Sheila Bair, argued would reduce the amount of capital banks would be required to hold to guard against losses. That month, in a speech at the Federal Reserve Bank of Atlanta, Geithner stated, "Financial innovation has improved the capacity to measure and manage risk," but also cautioned that "financial innovation and global financial integration do not offer the prospect of eliminating the risk of asset price and credit cycles, of manias and panics, or of shocks that could have systemic consequences."

As president of the New York Fed, Geithner was a central figure in the U.S. government's response to the late 2000s financial crisis.

In mid-March 2008, together with then-Treasury Secretary Henry Paulson, Geithner arranged the rescue and fire sale of Bear Stearns, which was at risk of bankruptcy, to JPMorgan Chase for $2 per share (later raised to $10 per share). The Fed agreed to provide financing for the deal and support up to $30 billion of Bear Stearns's "less-liquid assets", despite some internal protests. In doing so, the New York Fed allowed Bear Stearns itself to calculate the value of assets acquired by the government and exposed itself to losses should those assets have declined in value, though JPMorgan agreed to absorb the first $1 billion in losses. The New York Fed stored these assets in the Maiden Lane limited liability company and awarded no-bid contracts to the Wall Street asset manager BlackRock for management of the assets, with the intent of ridding itself of the assets within 10 years. In testimony before the Senate Banking Committee, countering concerns that the rescue would invite moral hazard problems, Geithner argued that "a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy." Under questioning from Senator Chris Dodd, Geithner denied involvement in setting the share price of JPMorgan's purchase of Bear Stearns. Bear Stearns and JPMorgan chief executives Alan Schwartz and Jamie Dimon testified that Geithner and Federal Reserve Chairman Ben Bernanke were aware of the amount being discussed and encouraged negotiators to keep the price low to avoid rewarding investors.

In the late summer of 2008, troubles at the financial services firm Lehman Brothers were accelerating. In late August, the company announced that 1,500 employees (6% of its workforce) would be laid off, following 6,000 layoffs since June 2007. On September 9, Lehman's share price plunged 45% on fears that the company was facing billions of dollars in losses, and on news that a potential investment in the company by Korea Development Bank had fallen through. Three days later, Geithner convened a meeting of Wall Street executives, Secretary Paulson, and Securities and Exchange Commission Chairman Christopher Cox to review exposure to Lehman's fortunes and discuss a possible liquidation of Lehman. Geithner indicated that the government would not save Lehman and urged the executives to cooperate on an industry solution, warning that the crisis could spread to their own firms should a deal not be reached. Government officials believed Lehman's collapse would be less dangerous than that of Bear Stearns, though Geithner sought to avoid that contingency nonetheless, citing the increase in market fragility by the time of Lehman's crisis. Nevertheless, no industry rescue materialized. Bank of America, which had been in talks to purchase Lehman, pulled out after the government indicated it would not take on Lehman's risky real-estate assets, as it had with Bear Stearns. On September 15, Lehman announced that it would file for bankruptcy, making it the largest investment bank failure since Drexel Burnham Lambert in 1990.

Geithner, Paulson, and Bernanke later argued that Lehman's financial situation was too dire for the government to have legally rescued it. A team from Goldman Sachs and Credit Suisse had estimated prior to Lehman's bankruptcy filing that Lehman's liabilities exceeded its assets by tens of billions of dollars (i.e., a negative net worth).

Geithner was instrumental in government dealings with the American International Group (AIG) insurance company. Over the summer of 2008, as credit rating agencies downgraded mortgage-backed securities, AIG faced mounting demands to provide increased collateral to buyers of its credit default swaps. Consequently, by the time of Lehman's failure in September, AIG was facing a rapidly increasing multibillion-dollar capital shortfall. On September 13, AIG chief Robert B. Willumstad informed Geithner that the company would need to raise $40 billion and asked for government assistance in doing so. Geithner rejected the request for government funds and pressed AIG to find a private-sector solution to the company's liquidity crisis. On the morning of September, Geithner reiterated this decision at a meeting of Wall Street executives and requested that Goldman Sachs and JPMorgan organize an industry-based solution. By that evening, private-sector appetite for an AIG rescue has dissipated. Later that night, a consensus emerged at the New York Fed that AIG, with $500 billion in troubled credit-swap obligations, could not be allowed to fail. At a meeting of the Federal Reserve in Washington the next day, Geithner and Paulson proposed lending $85 billion to AIG, with all of AIG's assets held as collateral, in exchange for a 79.9% equity stake in AIG and veto rights over dividend payments. Upon delivering this offer to AIG, Geithner informed Willumstad that there would be "no negotiation".

As a result of Lehman Brothers's failure, money market funds with exposure to Lehman securities found themselves in distress on the day of Lehman's bankruptcy filing. One such fund was the Reserve Primary Fund. Due to the highly stable net asset value (NAV) of money market funds ($1.00 per share), money market funds were extensively relied on by companies for regular cash demands (e.g., payroll). Following Lehman's bankruptcy filing, due to a slowdown in credit markets, the Primary Fund was unable to sell once liquid assets to meet rapidly mounting demands for the redemption of investments. Geithner's New York Fed had been informed of the worsening situation at 7:50 that morning, and the next day rebuffed a request from the Primary Fund to assist it in making payments. Unable to sell Lehman's securities held by the fund, the board of the Primary Fund announced that it would freeze redemptions for seven days and reduce its NAV to $0.97 per share, meaning a money market fund would break the buck for only the second time in the industry's history.

To stabilize the financial market, Geithner proposed that the traditional investment banks Goldman Sachs and Morgan Stanley transform themselves into bank holding companies to ensure continuing access to funding. Both banks completed the restructuring by September 21.

Geithner believed, along with Paulson, that the Treasury needed new authority to respond to the financial crisis. Paulson described Geithner as a "very unusually talented young man...[who] understands government and understands markets".

Nomination and confirmation

Geithner was sworn in as Treasury Secretary on January 26, 2009

During the 2008 presidential campaign, Geithner was rumored to be a possible choice for Treasury Secretary for both John McCain and Barack Obama. On November 24, 2008, President-elect Barack Obama announced his intention to nominate Geithner to be Treasury Secretary.

During his confirmation, it was disclosed that Geithner had not paid $35,000 in Social Security and Medicare payroll taxes from 2001 through 2004 while working for the International Monetary Fund. The IMF, as an international agency, did not withhold payroll taxes, but instead reimbursed the usual employer responsibility of these taxes to employees. Geithner received the reimbursements and paid the amounts received to the government, but had not paid the remaining half which would normally have been withheld from his pay. The issue, as well as other errors relating to past deductions and expenses, were noted during a 2006 audit by the Internal Revenue Service. Geithner subsequently paid the additional taxes owed. In a statement to the Senate Finance Committee, Geithner called the tax issues "careless", "avoidable", and "unintentional" errors. Geithner testified that he used the software TurboTax to prepare his 2001 and 2002 returns, but that the tax errors were his own responsibility.

On January 26, 2009, the U.S. Senate confirmed Geithner's appointment by a vote of 60–34. Geithner was sworn in as Treasury Secretary by Vice President Joe Biden and witnessed by President Barack Obama.

Bailouts

Geithner had authority over the second tranche of $350 billion from the $700 billion banking bailout bill passed by Congress in October 2008. 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. He also proposed expanding 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 be required to cut the salaries and perks of executives and sharply limit dividends and corporate acquisitions. The plan was criticized by Nobel laureates Paul Krugman and Joseph Stiglitz, a former World Bank Chief Economist.

The Troubled Asset Relief Program (TARP) and takeover of Fannie Mae and Freddie Mac amounted a combined outflow of $620.3 billion in Treasury funds in the form of spending, investments, and loans. As of July 2016, $689 billion has been returned to the Treasury, primarily in the form of refunds provided by bailed-out companies and revenue from dividends. This has earned the government a profit of $68.6 billion.

AIG bonuses

Geithner and Obama aboard Air Force One, 2009

Although President Obama expressed strong support for Geithner, outrage over hundreds of millions of dollars in bonus payments (or employee "retention" payments) by the American International Group, which had received more than $170 billion in federal bailout aid, undermined public support in early 2009. In March 2009, AIG paid $165 million in bonuses to its financial products division, the unit responsible for the company's near collapse the year prior, following $55 million paid to the same division in December 2008 and $121 million in bonus payments to senior executives. In early November 2008, a joint committee of the Federal Reserve, Ernst & Young, and AIG concluded that the bonus payments, which were in contracts predating the government takeover, could not be legally stopped.

During his time at the New York Fed and early in his tenure as Treasury Secretary, Geithner's aides had closely dealt with AIG on compensation issues, though Geithner indicated he was not aware of AIG's plans for bonus payments until March 10, 2009. On March 11, 2009, Geithner called Ed Liddy, the AIG chief, to protest the bonus payouts and request that the contracting containing the bonuses be renegotiated. Later in March, Liddy requested that employees who received bonuses of more than $100,000 return half of the payment. At Geithner's urging, Liddy cut $9.6 million in payments to company's top 50 executives in half and tied the remainder to performance.

AIG payments to banks

In November 2009, Neil Barofsky, 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 New York Federal Reserve Bank while Geithner was president.

In January 2010, Rep. Darrell Issa 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 SEC filings. Issa pushed for an investigation of the matter, and for records and e-mails from the Fed to be subpoenaed. Rep. Edolphus Towns, Chairman of the House Oversight and Government Reform Committee, issued subpoenas for the records and scheduled hearings for late January. Federal Reserve Chairman Ben Bernanke said the Fed would welcome a full review of its actions regarding the AIG payments.

Geithner and his predecessor, former Treasury Secretary Henry Paulson, 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.

Making Home Affordable

In his book Bailout: How Washington Abandoned Main Street While Rescuing Wall Street, Neil Barofsky argues that Geithner never had the intention to utilize the Home Affordable Modification Program as intended by Congress. Instead of providing relief for homeowners to avoid foreclosures, it was Geithner's plan that the bank should proceed with these foreclosures. Geithner said that he "estimates" that the banks "can handle ten million foreclosures, over time", and that HAMP "will help foam the runway for them" by “keeping the full flush of foreclosures from hitting the financial system all at the same time." As such, "banks participating in the program have rejected four million borrowers’ requests for help, or 72 percent of their applications, since the process began". Citimortgage and JPMorgan Chase were among the banks that refused the most HAMP claims. As such, the program only helped 887,001 people out of the over 4 Million people that were originally estimated to be able to benefit from the program.

China

Geithner with Secretary of State Hillary Clinton at the opening session of the first U.S.–China Strategic and Economic Dialogue on July 27, 2009

In written comments to the Senate Finance Committee during his confirmation hearings, Geithner stated that the new administration believed China was "manipulating" its currency and that the Obama administration would act "aggressively" using "all the diplomatic avenues" to change China's currency practices. The Obama administration would pressure China diplomatically to change this practice more strongly than the George W. Bush Administration had done. The United States maintained that China's actions hurt American businesses and contributed to the financial crisis.

Shortly after assuming his role as Secretary of the Treasury, Geithner met in Washington with Chinese Foreign Minister Yang Jiechi. He told Yang that the U.S. attached great importance to its relations with China and that U.S.–China cooperation was essential in order for the world economy to fully recover.

On June 1, 2009, during a question-and-answer session following a speech at Peking University, 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.

Geithner co-chaired the high-profile U.S.–China Strategic and Economic Dialogue from July 27 to 28 in 2009 in Washington, D.C. and led the Economic Track for the U.S. side.

In September 2011, Geithner told a forum that China had "made possible systematic stealing of intellectual property of American companies and have not been very aggressive to put in place the basic protections for property rights that every serious economy needs over time", a rebuke of longstanding policy on the part of China to demand patents and other intellectual property from companies that sought to produce their products in China. He furthered that China was acting "very, very aggressive in a strategy they started several decades ago", which he defined as the ultimatum of transferring technology or being unable to produce products in China.

Opposing extension of tax cuts

In summer 2010, The New York Times said Geithner "is President Obama's point man in opposing the extension of the Bush tax cuts 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."

Fiscal cliff and debt limit negotiations

Geithner was Obama's lead negotiator about the fiscal cliff and the increase in the 2013 debt limit. For example, on December 5, 2012, Geithner confirmed leaks from the White House, 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.

Criticism

Geithner weathered criticism early in the Obama presidency, when Congressman Connie Mack (R-FL) suggested he should resign over the AIG bonus scandal, and Alabama Senator Richard Shelby 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.

In November 2009, Oregon Representative Peter DeFazio, speaking for himself and some fellow members of the Progressive Caucus, suggested that both Geithner and Lawrence Summers, the director of the National Economic Council, should be fired in order to curtail unemployment and signal a new direction for the Obama administration's fiscal policy. When Geithner appeared in front of the Congressional Joint Economic Committee that month, the ranking House Republican, Kevin Brady 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.

In June 2011, The New Republic criticized Geithner from the left, arguing that he was and is overly concerned with the deficit at a time when, following the Great Recession, the government should be pursuing stimulus; and as a result, it is possible that the stimulus was smaller than it could have been.

Geithner left the Obama administration on January 25, 2013, and joined the Council on Foreign Relations as a Distinguished Fellow. In March 2014, he became the president and managing director of Warburg Pincus, a private equity firm. In February 2016, it was announced that JPMorgan Chase would provide a line of credit to help Warburg Pincus executives invest in a new multibillion-dollar fund at the firm.

In July 2018, The Washington Post revealed that Mariner Finance, a company owned by the private equity firm of which Geithner is President, engaged in predatory lending behavior; capturing the sentiments of many former employees of Mariner Finance interviewed by The Post, a former manager trainee at a Mariner Finance branch in Nashville characterized the company's business model as "a way of monetizing poor people".

Geithner lectures at the Yale School of Management, and is co-chair of the board of directors of the International Rescue Committee. His memoir of his time as Secretary of Treasury, Stress Test: Reflections on Financial Crises, was published in May 2014.

In April 2016, he was one of eight former Treasury secretaries who called on the United Kingdom to remain a member of the European Union ahead of the June 2016 membership referendum.

Geithner was portrayed by Billy Crudup in the HBO film Too Big to Fail, and by Alex Jennings in the BBC TV movie The Last Days of Lehman Brothers.

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Timothy Geithner
timothy, geithner, language, watch, edit, timothy, franz, geithner, born, august, 1961, former, american, central, banker, served, 75th, united, states, secretary, treasury, under, president, barack, obama, from, 2009, 2013, president, federal, reserve, bank, . Timothy Geithner Language Watch Edit Timothy Franz Geithner ˈ ɡ aɪ t n er born August 18 1961 is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama from 2009 to 2013 He was the President of the Federal Reserve Bank of New York from 2003 to 2009 following service in the Clinton administration Since March 2014 he has served as president and managing director of Warburg Pincus a private equity firm headquartered in New York City 2 Timothy Geithner75th United States Secretary of the TreasuryIn office January 26 2009 January 25 2013PresidentBarack ObamaDeputyNeal S WolinPreceded byHenry PaulsonSucceeded byJack Lew9th President of the Federal Reserve Bank of New YorkIn office November 17 2003 January 26 2009Preceded byWilliam Joseph McDonoughSucceeded byWilliam C DudleyUnited States Under Secretary of the Treasury for International AffairsIn office July 3 1998 January 20 2001PresidentBill ClintonPreceded byDavid A LiptonSucceeded byJohn B TaylorPersonal detailsBornTimothy Franz Geithner 1961 08 18 August 18 1961 age 60 New York City New York U S Political partyIndependent 1 Spouse s Carole Sonnenfeld m 1985 wbr Children2EducationDartmouth College BA Johns Hopkins University MA SignatureWebsiteGovernment website As President of the New York Fed and Secretary of the Treasury Geithner had a key role in government efforts to recover from the financial crisis of 2007 08 and the Great Recession At the New York Fed Geithner helped manage crises involving Bear Stearns Lehman Brothers and the American International Group as Treasury Secretary he oversaw allocation of 350 billion under the Troubled Asset Relief Program enacted during the previous administration in response to the subprime mortgage crisis Geithner also managed the administration s efforts to restructure regulation of the nation s financial system 3 attempts to spur recovery of the mortgage market and the automobile industry demands for protectionism tax reform and negotiations with foreign governments on global finance issues 4 5 Contents 1 Family and education 2 Early career 3 Federal Reserve Bank of New York 4 Secretary of the Treasury 4 1 Nomination and confirmation 4 2 Bailouts 4 2 1 AIG bonuses 4 2 2 AIG payments to banks 4 2 3 Making Home Affordable 4 3 China 4 4 Opposing extension of tax cuts 4 5 Fiscal cliff and debt limit negotiations 4 6 Criticism 5 Post Treasury career 6 Media 7 Memberships 8 Published works 9 References 10 Further reading 11 External linksFamily and education EditGeithner was born in Manhattan New York to Peter Franz Geithner and Deborah Moore 6 His father a German American was the director of the Ford Foundation s Asia program in New York during the 1990s after working for the United States Agency for International Development in Zambia and Zimbabwe 7 During the early 1980s Geithner s father oversaw the Ford Foundation s microfinance programs in Indonesia being developed by Ann Dunham Soetoro Barack Obama s mother and they met at least once in Jakarta 8 Geithner s paternal grandfather Paul Herman Geithner 1902 1972 immigrated with his parents to the United States in 1908 from Zeulenroda Germany 9 Geithner s mother a Mayflower descendant belongs to a New England family 9 Her father Charles Frederick Moore Jr served as vice president of public relations for the Ford Motor Company from 1952 to 1964 and advised President Dwight D Eisenhower as well as Nelson Rockefeller and George W Romney on their respective presidential campaigns His uncle Jonathan Moore served in the departments of Defense Justice and State as well as in the United Nations 7 Geithner spent most of his childhood living abroad including in Zimbabwe Zambia India and Thailand where he completed high school at the International School Bangkok 10 He studied Mandarin at Peking University in 1981 and at Beijing Normal University in 1982 11 Like his father paternal grandfather and uncle Geithner attended Dartmouth College graduating in 1983 with an A B in government and Asian studies 10 then earned a M A in international economics and East Asian studies from Johns Hopkins University s School of Advanced International Studies in 1985 10 12 He has also studied Japanese 13 Geithner married Carole Marie Sonnenfeld his classmate at Dartmouth on June 8 1985 at his parents summer home in Orleans Massachusetts 14 She is a licensed clinical social worker and an assistant clinical professor of psychiatry and behavioral sciences at George Washington University School of Medicine where she teaches listening skills to medical students 15 She is the author of a coming of age children s novel about grief 16 Her father Albert Sonnenfeld was a professor of French and Comparative Literature at Princeton University and a food critic 17 her mother Portia died when Carole was 25 shortly after she was married 18 Pranab Mukherjee then India s finance minister with Geithner in 2010Early career EditGeithner worked for Kissinger Associates in Washington D C from 1985 to 1988 when he joined the International Affairs division of the U S Treasury Department 19 He served as an attache at the Embassy of the United States in Tokyo then as deputy assistant secretary for international monetary and financial policy 1995 1996 senior deputy assistant secretary for international affairs 1996 1997 and assistant secretary for international affairs 1997 1998 12 He was Under Secretary of the Treasury for International Affairs 1998 2001 under Secretaries Robert Rubin and Lawrence Summers 12 who are widely considered to have been his mentors 20 21 22 23 24 25 While at the Treasury Department he helped manage financial crises in Brazil Mexico Indonesia South Korea and Thailand 24 25 Treasury Secretary designee Geithner meets then Finance Committee Chairman Max Baucus on November 25 2008 In 2001 Geithner left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department 26 He was director of the Policy Development and Review Department at the International Monetary Fund from 2001 to 2003 12 Federal Reserve Bank of New York EditIn October 2003 Geithner was named president of the Federal Reserve Bank of New York 19 As president of the New York Fed he served as Vice Chairman of the Federal Open Market Committee In 2006 he became a member of the Washington based financial advisory body the Group of Thirty 27 In 2005 Geithner expressed concern over Wall Street trading in financial derivatives which would ultimately contribute to the spread of the late 2000s financial crisis though he did not pursue major reforms 20 In 2004 Geithner called on banks to build a sufficient cushion against adversity though in May 2007 he expressed support for the Basel II accord which critics including Federal Deposit Insurance Corporation chairperson Sheila Bair argued would reduce the amount of capital banks would be required to hold to guard against losses 20 28 That month in a speech at the Federal Reserve Bank of Atlanta Geithner stated Financial innovation has improved the capacity to measure and manage risk but also cautioned that financial innovation and global financial integration do not offer the prospect of eliminating the risk of asset price and credit cycles of manias and panics or of shocks that could have systemic consequences 29 As president of the New York Fed Geithner was a central figure in the U S government s response to the late 2000s financial crisis In mid March 2008 together with then Treasury Secretary Henry Paulson Geithner arranged the rescue and fire sale of Bear Stearns which was at risk of bankruptcy to JPMorgan Chase for 2 per share later raised to 10 per share 30 31 21 32 The Fed agreed to provide financing for the deal and support up to 30 billion of Bear Stearns s less liquid assets despite some internal protests 33 In doing so the New York Fed allowed Bear Stearns itself to calculate the value of assets acquired by the government and exposed itself to losses should those assets have declined in value though JPMorgan agreed to absorb the first 1 billion in losses 34 20 35 The New York Fed stored these assets in the Maiden Lane limited liability company and awarded no bid contracts to the Wall Street asset manager BlackRock for management of the assets with the intent of ridding itself of the assets within 10 years 34 36 In testimony before the Senate Banking Committee countering concerns that the rescue would invite moral hazard problems Geithner argued that a sudden disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy 30 Under questioning from Senator Chris Dodd Geithner denied involvement in setting the share price of JPMorgan s purchase of Bear Stearns 34 Bear Stearns and JPMorgan chief executives Alan Schwartz and Jamie Dimon testified that Geithner and Federal Reserve Chairman Ben Bernanke were aware of the amount being discussed and encouraged negotiators to keep the price low to avoid rewarding investors 37 In the late summer of 2008 troubles at the financial services firm Lehman Brothers were accelerating In late August the company announced that 1 500 employees 6 of its workforce would be laid off following 6 000 layoffs since June 2007 38 On September 9 Lehman s share price plunged 45 on fears that the company was facing billions of dollars in losses and on news that a potential investment in the company by Korea Development Bank had fallen through 39 Three days later Geithner convened a meeting of Wall Street executives Secretary Paulson and Securities and Exchange Commission Chairman Christopher Cox to review exposure to Lehman s fortunes and discuss a possible liquidation of Lehman Geithner indicated that the government would not save Lehman and urged the executives to cooperate on an industry solution warning that the crisis could spread to their own firms should a deal not be reached Government officials believed Lehman s collapse would be less dangerous than that of Bear Stearns 40 though Geithner sought to avoid that contingency nonetheless citing the increase in market fragility by the time of Lehman s crisis 41 Nevertheless no industry rescue materialized Bank of America which had been in talks to purchase Lehman pulled out after the government indicated it would not take on Lehman s risky real estate assets as it had with Bear Stearns 42 On September 15 Lehman announced that it would file for bankruptcy making it the largest investment bank failure since Drexel Burnham Lambert in 1990 43 42 Geithner Paulson and Bernanke later argued that Lehman s financial situation was too dire for the government to have legally rescued it 44 A team from Goldman Sachs and Credit Suisse had estimated prior to Lehman s bankruptcy filing that Lehman s liabilities exceeded its assets by tens of billions of dollars i e a negative net worth 41 Geithner was instrumental in government dealings with the American International Group AIG insurance company Over the summer of 2008 as credit rating agencies downgraded mortgage backed securities AIG faced mounting demands to provide increased collateral to buyers of its credit default swaps Consequently by the time of Lehman s failure in September AIG was facing a rapidly increasing multibillion dollar capital shortfall On September 13 AIG chief Robert B Willumstad informed Geithner that the company would need to raise 40 billion and asked for government assistance in doing so Geithner rejected the request for government funds and pressed AIG to find a private sector solution to the company s liquidity crisis On the morning of September Geithner reiterated this decision at a meeting of Wall Street executives and requested that Goldman Sachs and JPMorgan organize an industry based solution By that evening private sector appetite for an AIG rescue has dissipated Later that night a consensus emerged at the New York Fed that AIG with 500 billion in troubled credit swap obligations could not be allowed to fail At a meeting of the Federal Reserve in Washington the next day Geithner and Paulson proposed lending 85 billion to AIG with all of AIG s assets held as collateral in exchange for a 79 9 equity stake in AIG and veto rights over dividend payments Upon delivering this offer to AIG Geithner informed Willumstad that there would be no negotiation 41 20 44 As a result of Lehman Brothers s failure money market funds with exposure to Lehman securities found themselves in distress on the day of Lehman s bankruptcy filing One such fund was the Reserve Primary Fund Due to the highly stable net asset value NAV of money market funds 1 00 per share money market funds were extensively relied on by companies for regular cash demands e g payroll Following Lehman s bankruptcy filing due to a slowdown in credit markets the Primary Fund was unable to sell once liquid assets to meet rapidly mounting demands for the redemption of investments Geithner s New York Fed had been informed of the worsening situation at 7 50 that morning and the next day rebuffed a request from the Primary Fund to assist it in making payments 41 Unable to sell Lehman s securities held by the fund the board of the Primary Fund announced that it would freeze redemptions for seven days and reduce its NAV to 0 97 per share meaning a money market fund would break the buck for only the second time in the industry s history 45 To stabilize the financial market Geithner proposed that the traditional investment banks Goldman Sachs and Morgan Stanley transform themselves into bank holding companies to ensure continuing access to funding Both banks completed the restructuring by September 21 41 46 Geithner believed along with Paulson that the Treasury needed new authority to respond to the financial crisis 21 Paulson described Geithner as a very unusually talented young man who understands government and understands markets 32 Secretary of the Treasury EditNomination and confirmation Edit Main article Confirmations of Barack Obama s CabinetFurther information Economic policy of the Barack Obama administration Geithner was sworn in as Treasury Secretary on January 26 2009 During the 2008 presidential campaign Geithner was rumored to be a possible choice for Treasury Secretary for both John McCain and Barack Obama 1 On November 24 2008 President elect Barack Obama announced his intention to nominate Geithner to be Treasury Secretary 47 48 49 During his confirmation it was disclosed that Geithner had not paid 35 000 in Social Security and Medicare payroll taxes from 2001 through 2004 while working for the International Monetary Fund 50 The IMF as an international agency did not withhold payroll taxes but instead reimbursed the usual employer responsibility of these taxes to employees Geithner received the reimbursements and paid the amounts received to the government but had not paid the remaining half which would normally have been withheld from his pay The issue as well as other errors relating to past deductions and expenses were noted during a 2006 audit by the Internal Revenue Service 51 52 53 54 Geithner subsequently paid the additional taxes owed 55 56 In a statement to the Senate Finance Committee Geithner called the tax issues careless avoidable and unintentional errors 55 Geithner testified that he used the software TurboTax to prepare his 2001 and 2002 returns but that the tax errors were his own responsibility 57 58 On January 26 2009 the U S Senate confirmed Geithner s appointment by a vote of 60 34 59 60 Geithner was sworn in as Treasury Secretary by Vice President Joe Biden and witnessed by President Barack Obama 61 Bailouts Edit Geithner had authority over the second tranche of 350 billion from the 700 billion banking bailout bill passed by Congress in October 2008 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 62 He also proposed expanding 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 be required to cut the salaries and perks of executives and sharply limit dividends and corporate acquisitions 63 64 The plan was criticized by Nobel laureates Paul Krugman and Joseph Stiglitz a former World Bank Chief Economist 65 66 The Troubled Asset Relief Program TARP and takeover of Fannie Mae and Freddie Mac amounted a combined outflow of 620 3 billion in Treasury funds in the form of spending investments and loans As of July 2016 689 billion has been returned to the Treasury primarily in the form of refunds provided by bailed out companies and revenue from dividends This has earned the government a profit of 68 6 billion 67 AIG bonuses Edit Main article AIG bonus payments controversy Geithner and Obama aboard Air Force One 2009 Although President Obama expressed strong support for Geithner outrage over hundreds of millions of dollars in bonus payments or employee retention payments by the American International Group which had received more than 170 billion in federal bailout aid undermined public support in early 2009 In March 2009 AIG paid 165 million in bonuses to its financial products division the unit responsible for the company s near collapse the year prior following 55 million paid to the same division in December 2008 and 121 million in bonus payments to senior executives 68 69 In early November 2008 a joint committee of the Federal Reserve Ernst amp Young and AIG concluded that the bonus payments which were in contracts predating the government takeover could not be legally stopped 70 During his time at the New York Fed and early in his tenure as Treasury Secretary Geithner s aides had closely dealt with AIG on compensation issues though Geithner indicated he was not aware of AIG s plans for bonus payments until March 10 2009 On March 11 2009 Geithner called Ed Liddy the AIG chief to protest the bonus payouts and request that the contracting containing the bonuses be renegotiated 70 71 Later in March Liddy requested that employees who received bonuses of more than 100 000 return half of the payment 72 At Geithner s urging Liddy cut 9 6 million in payments to company s top 50 executives in half and tied the remainder to performance 69 AIG payments to banks Edit In November 2009 Neil Barofsky 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 New York Federal Reserve Bank while Geithner was president In January 2010 Rep Darrell Issa 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 SEC filings Issa pushed for an investigation of the matter and for records and e mails from the Fed to be subpoenaed Rep Edolphus Towns Chairman of the House Oversight and Government Reform Committee issued subpoenas for the records and scheduled hearings for late January Federal Reserve Chairman Ben Bernanke said the Fed would welcome a full review of its actions regarding the AIG payments 73 74 75 76 Geithner and his predecessor former Treasury Secretary Henry Paulson 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 77 78 79 80 Making Home Affordable Edit In his book Bailout How Washington Abandoned Main Street While Rescuing Wall Street Neil Barofsky argues that Geithner never had the intention to utilize the Home Affordable Modification Program as intended by Congress Instead of providing relief for homeowners to avoid foreclosures it was Geithner s plan that the bank should proceed with these foreclosures Geithner said that he estimates that the banks can handle ten million foreclosures over time and that HAMP will help foam the runway for them by keeping the full flush of foreclosures from hitting the financial system all at the same time 81 As such banks participating in the program have rejected four million borrowers requests for help or 72 percent of their applications since the process began 82 Citimortgage and JPMorgan Chase were among the banks that refused the most HAMP claims As such the program only helped 887 001 people out of the over 4 Million people that were originally estimated to be able to benefit from the program 83 China Edit Geithner with Secretary of State Hillary Clinton at the opening session of the first U S China Strategic and Economic Dialogue on July 27 2009 In written comments to the Senate Finance Committee during his confirmation hearings Geithner stated that the new administration believed China was manipulating its currency and that the Obama administration would act aggressively using all the diplomatic avenues to change China s currency practices 84 The Obama administration would pressure China diplomatically to change this practice more strongly than the George W Bush Administration had done 85 The United States maintained that China s actions hurt American businesses and contributed to the financial crisis 86 Shortly after assuming his role as Secretary of the Treasury Geithner met in Washington with Chinese Foreign Minister Yang Jiechi He told Yang that the U S attached great importance to its relations with China and that U S China cooperation was essential in order for the world economy to fully recover 87 On June 1 2009 during a question and answer session following a speech at Peking University 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 88 89 Geithner co chaired the high profile U S China Strategic and Economic Dialogue from July 27 to 28 in 2009 in Washington D C and led the Economic Track for the U S side In September 2011 Geithner told a forum that China had made possible systematic stealing of intellectual property of American companies and have not been very aggressive to put in place the basic protections for property rights that every serious economy needs over time a rebuke of longstanding policy on the part of China to demand patents and other intellectual property from companies that sought to produce their products in China He furthered that China was acting very very aggressive in a strategy they started several decades ago which he defined as the ultimatum of transferring technology or being unable to produce products in China 90 Opposing extension of tax cuts Edit In summer 2010 The New York Times said Geithner is President Obama s point man in opposing the extension of the Bush tax cuts 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 91 Fiscal cliff and debt limit negotiations Edit Geithner was Obama s lead negotiator about the fiscal cliff and the increase in the 2013 debt limit 92 93 For example on December 5 2012 Geithner confirmed leaks from the White House 94 95 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 96 97 Criticism Edit Geithner weathered criticism early in the Obama presidency when Congressman Connie Mack R FL suggested he should resign over the AIG bonus scandal and Alabama Senator Richard Shelby 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 98 In November 2009 Oregon Representative Peter DeFazio speaking for himself and some fellow members of the Progressive Caucus suggested that both Geithner and Lawrence Summers the director of the National Economic Council should be fired in order to curtail unemployment and signal a new direction for the Obama administration s fiscal policy 99 When Geithner appeared in front of the Congressional Joint Economic Committee that month the ranking House Republican Kevin Brady 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 100 In June 2011 The New Republic criticized Geithner from the left arguing that he was and is overly concerned with the deficit at a time when following the Great Recession the government should be pursuing stimulus and as a result it is possible that the stimulus was smaller than it could have been 101 Post Treasury career EditGeithner left the Obama administration on January 25 2013 102 103 and joined the Council on Foreign Relations as a Distinguished Fellow 26 In March 2014 he became the president and managing director of Warburg Pincus a private equity firm 104 In February 2016 it was announced that JPMorgan Chase would provide a line of credit to help Warburg Pincus executives invest in a new multibillion dollar fund at the firm 105 106 In July 2018 The Washington Post revealed that Mariner Finance a company owned by the private equity firm of which Geithner is President engaged in predatory lending behavior capturing the sentiments of many former employees of Mariner Finance interviewed by The Post a former manager trainee at a Mariner Finance branch in Nashville characterized the company s business model as a way of monetizing poor people 107 108 Geithner lectures at the Yale School of Management and is co chair of the board of directors of the International Rescue Committee 26 109 His memoir of his time as Secretary of Treasury Stress Test Reflections on Financial Crises was published in May 2014 110 In April 2016 he was one of eight former Treasury secretaries who called on the United Kingdom to remain a member of the European Union ahead of the June 2016 membership referendum 111 Media EditGeithner was portrayed by Billy Crudup in the HBO film Too Big to Fail and by Alex Jennings in the BBC TV movie The Last Days of Lehman Brothers Memberships EditCenter for Global Development Board of Directors 112 Council on Foreign Relations 26 Economic Club of New York trustee 112 Bank for International Settlements 12 Bilderberg GroupPublished works EditGeithner Timothy 2014 Stress Test Reflections on Financial Crises Crown Publishing Group Random House ISBN 9780804138598 References Edit a b Raum Tom October 18 2008 Next treasury boss will feel power and stress USA Today Retrieved November 25 2010 Bloomberg Company Overview of Warburg Pincus LLC Timothy F Geithner Bloomberg L P 2018 Retrieved 12 07 18 Stout David June 18 2009 Senators Skeptical of Financial Regulation Plan The New York Times Retrieved January 16 2010 Obama On AIG Rage Recession Challenges 60 Minutes March 22 2009 CBS Lawder David January 13 2009 Geithner to attend Feb G7 meeting in Canada Reuters Retrieved January 16 2010 Geithner Timothy 2014 Stress Test Reflections on Financial Crises Random House p 25 ISBN 9781448185757 Retrieved November 21 2019 a b Milton Susan November 25 2008 Treasury nominee has ties to Orleans Cape Cod Times Archived from the original on March 6 2012 Retrieved July 31 2016 Ford Foundation Links Parents of Obama and Treasury Secretary Nominee The Chronicle of Philanthropy December 3 2008 Archived from the original on December 11 2008 Retrieved August 2 2016 a b geithner Freepages genealogy rootsweb ancestry com Archived from the original on October 22 2012 Retrieved November 30 2012 a b c Farley Kate October 3 2008 Family describes Geithner 83 s youth The Dartmouth Hanover NH Archived from the original on 2008 12 21 Retrieved January 16 2010 Speech by Secretary Geithner 24 October 2014 a b c d e Timothy F Geithner Fee 7 95 Who s Who Marquis Who s Who November 22 2008 pp K2017000959 Retrieved November 22 2008 Obama picks dynamic duo to rescue US The Sydney Morning Herald November 24 2008 Retrieved November 25 2008 Carole M Sonnenfeld Wed To T F Geithner NYTimes com June 9 1985 Retrieved November 30 2012 About the Author Carolegeithner com Retrieved August 3 2013 About the Author Carolegeithner com Retrieved November 30 2012 CAROLE M SONNENFELD WED TO T F GEITHNER nytimes com June 9 1985 Retrieved August 3 2013 Romero Frances Obama s White House Treasury Secretary Timothy Geithner Time Specials December 2 2008 a b Fuerbringer Jonathan October 16 2003 I M F Official Is Named President of New York Fed The New York Times Business Retrieved November 24 2008 a b c d e Becker Jo Morgenstern Gretchen April 26 2009 Geithner as Member and Overseer Forged Ties to Finance Club The New York Times Retrieved April 26 2009 a b c Cho David Montgomery Lori Murray Shailagh November 22 2008 Obama Picks N Y Fed President Geithner as Treasury Secretary The Washington Post p A1 Retrieved November 23 2008 Canova Timothy November 25 2008 Obamanomics Is this real change The Real News Retrieved December 13 2008 He had been mentored by Lawrence Summers Kessler Glenn November 24 2008 As White House Economic Adviser Summers to Assume Less Public Role The Washington Post p A13 Retrieved November 24 2008 Summers also got along well with another Rubin protege Timothy F Geithner now chairman of the New York Federal Reserve Bank a b Irwin Neil November 22 2008 A Treasury Contender Schooled in Crisis The Washington Post p A6 Retrieved November 23 2008 a b Obama picks Geithner as treasury secretary The Financial Express Mumbai November 23 2008 Retrieved November 23 2008 Geithner is a protege of Lawrence Summers and has been involved in the bailouts of Brazil Mexico Indonesia South Korea and Thailand in the 1990s as the treasury undersecretary a b c d Timothy F Geithner Experts Council on Foreign Relations February 2013 Retrieved March 18 2013 Timothy F Geithner Current Members Group of Thirty November 24 2008 Archived from the original on October 9 2008 Retrieved November 24 2008 May 17 Meeting With Fellow Regulator on New Banking Standards Followed by Breakfast With Sanford I Weill Retrieved July 7 2016 Timothy Geithner May 15 2007 Liquidity Risk and the Global Economy Speech Federal Reserve Bank of Atlanta Retrieved July 9 2016 a b Grynbaum Michael M April 3 2008 Fed Officials Defend Rescue of Bear Stearns The New York Times Retrieved July 9 2016 Weekend of March 15 Rescue of Bear Stearns Retrieved July 7 2016 a b Tumulty Karen Calabresi Massimo September 25 2008 Three Men And a Bailout Time Archived from the original on September 27 2008 Retrieved November 22 2008 Sorkin Andrew Ross March 17 2008 JP Morgan Pays 2 a Share for Bear Stearns The New York Times Retrieved July 9 2016 a b c Labaton Stephen April 4 2008 Testimony Offers Details of Bear Stearns Deal The New York Times Retrieved July 9 2016 Sidel Robin Berman Dennis K Kelly Kate March 17 2008 J P Morgan Buys Bear in Fire Sale As Fed Widens Credit to Avert Crisis The Wall Street Journal Retrieved July 9 2016 July 7 Meeting About Maiden Lane Followed by Dinner With Ralph Schlosstein Retrieved July 7 2016 Hall Kevin G April 3 2008 Bankers blame feds for forcing Bear Stearns fire sale price McClatchyDC Retrieved July 9 2016 Anderson Jenny Dash Eric August 28 2008 For Lehman More Cuts and Anxiety The New York Times Retrieved July 9 2016 Guerrera Francesco Mackenzie Michael Farrell Greg September 9 2008 Equities suffer as Lehman shares fall 45 Financial Times Retrieved July 9 2016 Dash Eric September 12 2008 U S Gives Banks Urgent Warning to Solve Crisis The New York Times Retrieved July 9 2016 a b c d e Stewart James B September 21 2009 Eight Days The New Yorker Retrieved July 9 2016 a b Sorkin Andrew Ross September 14 2008 Lehman Files for Bankruptcy Merrill Is Sold The New York Times Retrieved July 9 2016 Ellis David September 15 2008 Wall Street on red alert CNN Money Retrieved July 9 2016 a b Stewart James P Eavis Peter September 29 2014 Revisiting the Lehman Brothers Bailout That Never Was The New York Times Retrieved July 9 2016 Mamudi Sam Burton Jonathan September 17 2008 Money market breaks the buck freezes redemptions Marketwatch Retrieved July 10 2016 Morgan Stanley Granted Federal Bank Holding Company Status By U S Federal Reserve Board of Governors Retrieved July 7 2016 change gov November 24 2008 Geithner Summers among key economic team members announced today Newsroom Office of the President elect Retrieved November 24 2008 Geithner to Be Nominated as Treasury Secretary CNBC November 21 2008 Retrieved February 28 2010 Fed Official Is Said to Be Choice for Treasury The New York Times November 21 2008 Retrieved July 11 2016 Geithner s Mistake on Tax Is Common Experts Say The New York Times January 15 2009 Finance Committee Questions for the Record Hearing on Confirmation of Mr Timothy F Geithner to be Secretary of the U S Department of Treasury PDF United States Senate January 21 2009 Hearing to Consider the Nomination of Timothy F Geithner to be Secretary of the Treasury United States Senate January 21 2009 Gandel Stephen January 21 2009 Tax Tips for Geithner Time Archived from the original on January 24 2009 Weisman Jan January 14 2009 Geithner s Tax History Muddles Confirmation WSJ Retrieved September 23 2012 a b Felsenthal Mark Lawder David January 21 2009 Geithner urges bailout reforms apologizes on taxes Reuters Documents regarding Treasury nominee Geithner Senate Finance Committee January 13 2009 Tim Geithner I Used TurboTax Congressional testimony YouTube Geithner Links Woes to Tax Software Used by 18 Million Americans Fox News January 22 2009 Archived from the original on January 23 2009 U S Senate U S Senate Roll Call Votes 111th Congress 1st Session www senate gov Archived from the original on 15 June 2010 Retrieved 25 March 2018 Senate Confirms Geithner To Head Treasury The Washington Post Retrieved May 25 2010 Jackie Calmes 2009 01 26 Senate Confirms Geithner for Treasury The New York Times Retrieved 2009 01 27 Timothy Geithner 2009 03 23 My Plan for Bad Bank Assets The Wall Street Journal Brian Knowlton Geithner Is Pressed for Bailout Details New York Times February 11 2009 E J Dionne Centrism Meh The New Republic February 12 2009 permanent dead link Daly Corbett B 2009 03 23 Nobel laureate Krugman slams Geithner bailout plan Reuters Retrieved 2009 03 24 Stiglitz Joseph E 2009 03 31 Obama s Ersatz Capitalism The New York Times Retrieved 2009 04 02 https projects propublica org bailout bare URL Fletcher Michael A Faiola Anthony March 23 2009 Advisers To Obama Wary of Bonus Tax The Washington Post Retrieved May 25 2010 a b Andrews Edmund L Baker Peter March 14 2009 A I G Planning Huge Bonuses After 170 Billion Bailout The New York Times Retrieved July 9 2016 a b Phillips Michael M Reddy Sudeep March 23 2009 Geithner Aides Worked With AIG for Months on Bonuses The Wall Street Journal Live Blogging the House Hearing on A I G DealBook The New York Times March 24 2009 Goldman David Liberto Jennifer March 18 2009 Tug of war over AIG bonuses CNN Liberto Jennifer Bernanke Bring on AIG scrutiny CNNMoney com January 19 2010 Lawder David and Felsenthal Mark New emails show AIG mulled bank payment disclosures Reuters January 17 2010 Son Hugh Geithner s Fed Told AIG to Limit Swaps Disclosure Update3 Bloomberg Press January 7 2010 Son Hugh Paulson Asked to Testify at AIG Bailout Hearing With Geithner Bloomberg Business Week January 16 2010 Secretary Written Testimony before the House Committee on Oversight and Government Reform Archived 2010 01 27 at the Wayback Machine United States Department of the Treasury Press Room January 27 2010 Ng Serena and Crittenden Michael R Geithner Defends Big AIG Payouts The Wall Street Journal January 27 2010 U S lawmakers turn up heat on Geithner over AIG January 28 2010 DeCambre Mark Geithner AIG grilling has bipartisan fervor New York Post January 28 2010 Barofsky Neil M 2012 Bailout an inside account of how Washington abandoned Main Street while rescuing Wall Street New York Free Press ISBN 978 1 4516 8493 3 OCLC 793575355 Banks reject 72 of applicants under HAMP program The Real Deal Miami 2015 08 09 Retrieved 2020 06 24 Hudson Micheal 2015 17 Wall Street Takes Control and Blocks Debt Writedowns Killing the host how financial parasites and debt destroy the global economy CounterPunch Books ISBN 978 3 9814842 8 1 OCLC 920675065 Montgomery Lori Faiola Anthony January 23 2009 Geithner Says China Manipulates Its Currency The Washington Post p A08 Drajem Mark Christie Rebecca January 23 2009 Geithner Warning on Yuan May Renew U S China Tension Bloomberg LP Moore Malcolm January 23 2009 Timothy Geithner currency manipulation accusation angers China The Daily Telegraph London Yang Jiechi Meets with U S Secretary of Treasury Geithner Chinese Ministry of Foreign Affairs March 12 2009 Retrieved February 23 2010 Somerville Glenn June 1 2009 Geithner backs strong dlr says China s assets safe Reuters Retrieved February 23 2010 Powell Bill June 1 2009 Geithner s Asia Background Shows on His China Trip Time Archived from the original on June 11 2009 Retrieved February 23 2010 Mak Tim September 23 2011 Geithner China stealing U S ideas Politico Calmes Jackie August 19 2010 At Treasury Geithner Struggles to Escape a Past He Never Had The New York Times Retrieved 2010 08 20 Terence Burlij Katelyn Polantz November 30 2012 Republicans Unhappy With Latest Fiscal Cliff Talks PBS NewsHour Retrieved 30 November 2012 Gleeson Michael M McPherson Lindsey M November 30 2012 2012 TNT 231 3 REPUBLICANS CALL ADMINISTRATION S FISCAL CLIFF PLAN UNREASONABLE Section 1 Individual Tax Release Date NOVEMBER 29 2012 Doc 2012 24491 Tax Notes Today Tax Analysts 2012 TNT 231 3 Corn David December 3 2012 John Boehner s Hostage Crisis Mother Jones Retrieved December 6 2012 According to senior administration officials Obama is not eager to go over the cliff but he is willing Sargent Greg 3 December 2012 White House willing to go over fiscal cliff if absolutely necessary The Washington Post Retrieved December 6 2012 I have just confirmed that this is accurate Obama is willing albeit very reluctant to go over the cliff Burlij Terence Katelyn Polantz December 6 2012 Obama Boehner Resume Fiscal Talks With Phone Call PBS NewsHour Retrieved December 6 2012 Later on Wednesday Treasury Secretary Timothy Geithner told CNBC that the administration absolutely was prepared to allow the country to go over the cliff on Jan 1 if Republicans refused to back off from their opposition to raising rates on wealthier Americans Menza Justin November 5 2012 Geithner Ready to Go Over Cliff If Taxes Don t Rise CNBC Retrieved November 6 2012 Davis Susan March 18 2009 Should Geithner Resign The Wall Street Journal Rep DeFazio Fire Secretary Geithner The Ed Schultz Show November 19 2009 Archived from the original on July 19 2011 Retrieved July 24 2011 Fullhart Steve November 19 2009 Brady to Geithner Will You Step Down Bryan College Station TX KBTX TV Archived from the original on February 29 2012 Retrieved July 24 2011 Judis John B June 9 2011 Why Tim Geithner s Obsession With Deficits Is Hurting The Economy The New Republic Retrieved July 24 2011 Geithner s Planned Departure Puts Obama in Tough Spot CNBC Retrieved January 4 2013 Treasury Secretary Geithner reportedly wants to leave by month s end Los Angeles Times Archived from the original on January 5 2013 Retrieved January 4 2013 Devin Banerjee amp Ian Katz 16 November 2013 Tim Geithner to Join Leveraged Buyout Firm Warburg Pincus Bloomberg L P Retrieved 17 November 2013 Delamaide Darrell February 9 2016 Ex T man Geithner cashing in on Wall Street USA Today Retrieved August 2 2016 Robb Greg February 8 2016 Geithner gets help from bank he regulated to fund private investment Marketwatch Retrieved August 2 2016 A way of monetizing poor people How private equity firms make money offering loans to cash strapped Americans The Washington Post 1 July 2018 A way of monetizing poor people How private equity firms make money offering loans to cash strapped Americans Private equity firms are the new predatory lenders Report www cbsnews com 9 July 2018 Retrieved 27 May 2019 POLITICO Playbook PM Warren restricts big donor access Politico February 25 2019 Geithner Timothy 2014 Stress Test Reflections on Financial Crises Crown Publishing Group Random House ISBN 9780804138598 Staying in EU best hope for UK s future say ex US Treasury secretaries BBC News April 20 2016 a b Timothy F Geithner About CGD Washington D C Center for Global Development 2008 Archived from the original on June 3 2008 Retrieved November 24 2008 Further reading EditAnderson Jenny 2007 02 09 Calm Before and During a Storm The New York Times Cho David Irwin Neil 2008 09 19 In Crucible of Crisis Paulson Bernanke Geithner Forge a Committee of Three The Washington Post Schreiber Noam 2008 11 05 Obama s Choice The next Larry Summers or Larry Summers The New Republic Archived from the original on 2008 11 06 Judis John B 2009 03 23 The Geithner Disaster How The Treasury Secretary Is Undermining Obama s Entire Economic Agenda The New Republic Archived from the original on 2009 03 25 Stewart James B Eight Days the battle to save the American financial system The New Yorker magazine September 21 2009 Cassidy John 15 March 2010 Annals of Economics No Credit The New Yorker 86 4 26 30 Retrieved 15 January 2011 External links EditWikiquote has quotations related to Timothy GeithnerTimothy Geithnerat Wikipedia s sister projects Media from Wikimedia Commons News from Wikinews Data from Wikidata Biography at the United States Department of the Treasury Biography at the Federal Reserve Bank of New York Timothy Geithner collected news and commentary The New York Times Appearances on C SPAN Timothy Geithner on Charlie Rose Works by or about Timothy Geithner in libraries WorldCat catalog Who s Who The Federal Open Markets Committee msnbc com Bernanke s quiet skipper makes waves MarketWatch Toxic Assets Reduction Plan The Justice Dept March 23 2009 Liquidity Risk and the Global Economy International Finance Summer 2007 A collection of works by Timothy Geithner Membership at the Council on Foreign RelationsCivic officesPreceded by William Joseph McDonough President of the Federal Reserve Bank of New York 2003 2009 Succeeded by William C DudleyPolitical officesPreceded by Henry Paulson United States Secretary of the Treasury 2009 2013 Succeeded by Jack LewRetrieved from https en wikipedia org w index php title Timothy Geithner amp oldid 1034744811, wikipedia, wiki, book, books, library,

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