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Treasury Secretary Geithner Doesn't Expect To Be Part Of A Second Term

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gente

gente


Treasury Secretary Geithner Doesn't Expect To Be Part Of A Second Term

04:55 pm

January 25, 2012

by MARK MEMMOTT

Treasury Secretary Timothy Geithner told Bloomberg Television today that he's "pretty confident" he won't be asked to stay in his job if President Obama is re-elected for a second term.

"He's not going to ask me to stay on, I'm pretty confident," Geithner said. "I'm confident he'll be president. But I'm also confident he's going to have the privilege of having another secretary of the treasury."

The Hill adds that "Geithner mulled leaving the administration this summer once a deal to raise the debt limit was reached, but was persuaded to stay on by the president."

While Geithner has gotten some credit for helping steer the economy through the 2008-09 financial crisis, it was recently revealed that in 2006 (when he was president of the New York Federal Reserve), Geithner was among many officials who failed to foresee the crisis that was about to hit the housing market

Panhead

Panhead
Admin

Think perhaps this might have something to do with it?

Pay Czar Bent to Pressure From Banks, Treasury; Failed to Curb Excessive Pay at Banks

A watchdog says private executives and Treasury officials (IE Geithner) pressured a top government official to allow seven banks and businesses to bypass pay restrictions established in the $700 billion bailout.

Pay czar Kenneth Feinberg approved salaries for five executives in excess of the $500,000 limit, according to a report issued Tuesday by the deputy special inspector general for the bailout fund.

The report reviewed executive pay at American International Group (AIG), Citigroup, Chrysler Financial Services Americas, Chrysler Holding, General Motors, Ally Financial (used to be GMAC Finance) and Bank of America. Feinberg approved salaries exceeding the $500,000 cap for CEOs at six of the companies.

The exception was the retiring CEO of Bank of America, Kenneth Lewis. (Odd way to say that BofA did NOT pay excessive salary.)

From "Pay Czar Bent to Pressure From Banks, Treasury; Failed to Curb Excessive Pay at Banks"
Associated Press (01/24/12)


[i]

gente

gente

Try to leave the party before he has to clean up the mess....

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