Treasury secretary

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Senate OKs Geithner as Treasury Secretary

(Newser) - The Senate confirmed New York Fed chief Timothy Geithner to be President Barack Obama's secretary of the treasury today, the AP reports. The 60-34 vote puts Geithner at the helm of Obama's plan to rescue the economy from the worst financial crisis in three generations. It also dislodges one of...

Geithner: China 'Manipulating' Its Currency

Strong charge could roil relations at a delicate time

(Newser) - Tim Geithner today accused China of "manipulating" its currency, a volatile charge in the diplomatic world that is certain to anger Beijing and possibly prompt it to sell some of its massive reserves of US dollars, the New York Times reports. The Treasury nominee made the accusation in a...

Geithner Confirmation Expected
 Geithner Confirmation Expected 
UPDATED
Jan 21, 2009 2:14 PM CST

Geithner Confirmation Expected

Committee grills Treasury nominee on taxes, but session lasts just four hours

(Newser) - Members of the Senate Finance Committee reprimanded Timothy Geithner today for not paying $40,000 in taxes, but appeared ready to recommend the full Senate confirm him as Treasury Secretary despite his financial infractions, Roll Call reports. “I apologize for putting you in the position where you had to...

Geithner Sorry, Blames TurboTax
 Geithner 
 Sorry, 
 Blames 
 TurboTax 

UPDATED
Jan 21, 2009 10:50 AM CST

Geithner Sorry, Blames TurboTax

Treasury nominee, at confirmation hearings, apologizes for tax missteps

(Newser) - Timothy Geithner apologized for failing to pay $34,000 in taxes today in his Senate confirmation hearing. “I should have been more careful,” the would-be Treasury secretary said, calling them careless, avoidable mistakes. When asked how he prepared the taxes he replied, “I will answer that, but...

Geithner's Nomination Is Unlikely to Fail
Geithner's Nomination Is Unlikely to Fail
ANALYSIS
Jan 21, 2009 8:44 AM CST

Geithner's Nomination Is Unlikely to Fail

Taxes, schmaxes: Senate wants to know if he can fix economy

(Newser) - The herculean task awaiting Timothy Geithner is so critical to the nation that a niggling detail like unpaid taxes is unlikely to derail his bid to head up the Treasury Department, writes Deborah Solomon in the Wall Street Journal. While senators will likely press Geithner about his missteps during his...

'Bad Bank' for Toxic Assets Among Feds' TARP Options

Paulson, Bair show support creating federally sponsored institution

(Newser) - Support is growing for the latest proposed use of bailout funds: a federally sponsored “bad bank” to purchase toxic assets from troubled financial institutions, Bloomberg reports. “A lot of work has been done on an aggregator bank,” Treasury Secretary Henry Paulson said today; FDIC chief Sheila Bair...

GOP Still on Board With Geithner Despite Tax Errors

Treasury nominee 'going to be just fine' with bigger problems he'll be facing

(Newser) - Timothy Geithner’s tax mistakes are minor compared with how much he could contribute as Treasury secretary, Republican leaders say. “I don’t think we can get a better person for this position,” Senate Finance Committee No. 2 Orrin Hatch told the Washington Post. Geithner’s errors include...

Senate Delays Hearing on Geithner
Senate Delays Hearing on Geithner
Jan 14, 2009 11:08 AM CST

Senate Delays Hearing on Geithner

Troubled Treasury bid must wait until after Inauguration

(Newser) - The incoming administration's attempt to fast-track Tim Geithner's confirmation hearing has failed in the wake of trouble with his personal finances, and the session will now take place on Jan. 21, the New York Times reports. The delay of the Senate hearing until after the Inauguration, motivated by Republican lawmakers'...

Obama Team Scrambles to Save Geithner

PR blitz tackles nominee's tax, immigration issues

(Newser) - Barack Obama's transition team distributed talking points defending Timothy Geithner within minutes of emerging news on the Treasury nominee's tax and immigration issues, Politico reports. The PR push stressed that Geithner had paid off all his back taxes and that his former housekeeper's legal status did not lapse until the...

Illegal Hire, Tax Issues May Trouble Geithner

GOP's Grassley on Treasury nominee's case ahead of hearings

(Newser) - Timothy Geithner’s Treasury secretary nomination could be threatened by allegations he hired illegal help and didn’t pay Social Security and Medicare taxes while self-employed, the Wall Street Journal reports today. Senate Finance Committee members are meeting privately to discuss the issues, raised by GOP Sen. Charles Grassley. Aides...

Rubin Quits Citi; Smith Barney for Sale

Ex-Treasury Sec. saw company's stock dive 90% since late '06

(Newser) - Former Treasury Secretary Robert Rubin is leaving his posts at struggling Citigroup, the Wall Street Journal reports. He retired as a senior counselor effective today, and won’t pursue another term on the board of directors. Journal sources also say Citigroup is in talks to sell Smith Barney, its brokerage...

Wall Streeters Question Geithner's Role in Crisis
Wall Streeters Question Geithner's
Role in Crisis
ANALYSIS
Nov 25, 2008 8:51 AM CST

Wall Streeters Question Geithner's Role in Crisis

Treasury pick has been at the table all along

(Newser) - Markets surged yesterday when Barack Obama announced that Timothy Geithner would become treasury secretary as part of an all-star economic team. But Wall Street actually harbors some skepticism about Geithner, writes Andrew Sorkin in the New York Times. As chair of the New York Fed, Geithner was the point man...

Politically, Geithner's a Mystery
Politically, Geithner's a Mystery
Nov 24, 2008 12:10 PM CST

Politically, Geithner's a Mystery

Non-Wall St. players know little of would-be Treasury secretary

(Newser) - As the head of the New York Fed, Timothy Geithner is a known quantity in certain circles. But as he starts the process of taking the helm at the Treasury Department, the officials who will vote on his confirmation know surprisingly little about him, reports Politico. “I always worry...

Dow Up 494 on Geithner Pick
 Dow Up 494 on Geithner Pick 
MARKETS
Nov 21, 2008 3:23 PM CST

Dow Up 494 on Geithner Pick

Index gets back over 8,000, but lose for the week

(Newser) - News that Barack Obama’s will nominate Timothy Geithner, head of the New York Fed, as Treasury Secretary buoyed stocks today, although the major indices all lost value for the week, MarketWatch reports. The Dow closed up 494.13 at 8,046.42. The Nasdaq gained 68.23 to settle...

Paulson: We're Doing the Right Thing

Bush administration 'creatively working' on financial crisis

(Newser) - On the eve of his testimony before Congress, beleaguered Treasury Secretary Henry Paulson used last night's speech to defend the administration's response to the nation's "unprecedented" financial crisis. Paulson said without the $700 billion Wall Street bailout, things would be even worse, ABC News reports. "It's hard to...

To Avoid Recession, Cheer Up: Aussie Pol

Finance minister pushes power of the positive

(Newser) - Australia's finance minister apparently didn't see what happened to Phil Gramm  last summer when he declared that the US economic slowdown was "mental" and called Americans a "nation of whiners."  The recession would disappear, said Ken Henry, if Australians would  just buck up, Australia’s News...

Summers Vs. Geithner for Treasury Chief

Democrats divided on pick

(Newser) - The top candidates to become Treasury secretary, Larry Summers and Timothy Geithner, have Democrats split, and Politico looks at the resumes of both. Summers is a brilliant economist and close Obama adviser, but hardly smells of change, having backed deregulation and free-market strategies as Clinton’s Treasury chief. He's supposedly...

Obama Huddles on Economy, Will Meet Press Today

Team of economic advisers already mapping out plan

(Newser) - Barack Obama isn't wasting any time in tackling the financial crisis, Reuters reports. The president-elect is meeting today with his new 17-strong team of economic advisers—and will hold his first press conference since his election victory at 2:30 EST. Wall Street has plummeted 10% in the last two...

Rubin Won't Take Treasury Post
 Rubin Won't Take Treasury Post 
Nov 6, 2008 2:50 PM CST

Rubin Won't Take Treasury Post

Decision paves the way for another former Secretary, Lawrence Summers

(Newser) - Former Treasury Secretary Robert Rubin, a top economic adviser to Barack Obama during the campaign, will not reprise that Cabinet role in the new administration, Bloomberg reports. “I've spoken with him and told him I'm not interested in going back into government,” Rubin said today. His denial boosts...

Obama Gets Down to Business
Obama Gets Down to Business 
Nov 6, 2008 4:20 AM CST

Obama Gets Down to Business

Treasury chief may be announced today as transition gears up

(Newser) - The Barack Obama team is swiftly dismantling his presidential campaign network and getting the framework in place for the transfer of power, the Washington Post reports. Economic issues are taking priority and the president-elect may announce his Treasury secretary as soon as today. Sources say New York Fed Chief Timothy...

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