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26 Mar 2009 10:56

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Biz, U.S.: Timothy Geithner wants to add more financial industry oversight

  • Our system failed in basic fundamental ways. The system proved too unstable and fragile, subject to significant crises every few years, periodic booms in real estate markets and in credit, followed by busts and contraction.
  • Treasury secretary Timothy Geithner • In testimony to the House Financial Services Committee (which is headed by awesome guy Barney Frank). He wants to fix the broken system. Hey, if he pulls it off, maybe people won’t hate him anymore. • source
Posted by Ernie Smith • 0 Comments • Permalink

23 Mar 2009 22:18

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Biz, U.S.: Timothy Geithner, isn’t it nice that today didn’t blow up in your face?

  • then Last month, Geithner released an economic plan short on details and high on hope. Wall Street didn’t like that.
  • now This month, Geithner actually released a detailed plan that said what they were gonna do. Wall Street liked that. source
Posted by Ernie Smith • 0 Comments • Permalink

23 Mar 2009 10:23

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Biz, U.S.: The Obama administration has a plan for toxic assets. Hoo-ray!

  • $500 billion amount the Obama administration wants to spend to buy back toxic assets, to later resell
  • $100 billion maximum amount the administration will kick in to get the ball rolling; Wall Street likes this (so far) source
Posted by Ernie Smith • 0 Comments • Permalink

22 Mar 2009 09:40

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Politics, U.S.: Don’t expect much more bailout support from Congress

  • AIG has become the straw that broke the camel’s back. It pushed people off the edge.
  • Sen. Mary Landrieu, D-La. • On the possibility of another bailout plan getting through Congress. With support of the treasury low and constituent criticism high, Timothy Geithner and Barack Obama may have more luck pushing an elephant through the halls of Congress. • source
Posted by Ernie Smith • 0 Comments • Permalink

18 Mar 2009 21:13

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Biz, U.S.: *FOREHEAD SLAP* Good one Chris Dodd *FOREHEAD SLAP*

  • As many know, the administration was, among others, not happy with the language. They wanted some modifications to it. They came to us, our staff, and asked for changes, and the changes at the time did not seem that obnoxious or onerous.
  • Sen. Christopher Dodd • On adding a provision to the stimulus bill allowing AIG to give out massive bonuses to its employees. He was asked to make these changes by the Treasury, which seems to have a lot of power over legislation considering they’re not legislators. Dodd wants to tax the bonuses, BTW. • source
Posted by Ernie Smith • 0 Comments • Permalink

10 Feb 2009 21:08

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Biz, U.S.: The stock market didn’t like the bailout plan, either

  • $1 trillion the size of the plan Geithner proposed; he was sparse when it came to the details of the plan
  • -382 points in afternoon trading after the announcement was made in the morning; that’s a 4% decline source
Posted by Ernie Smith • 0 Comments • Permalink

10 Feb 2009 20:59

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Biz, U.S.: Experts didn’t like the bailout plan

  • This policy is just inadequate. The first quarter is just going to be grotesque for the banks – and then we’re going to have to have this discussion all over again.
  • Chris Whalen • A managing director at financial research provider Institutional Risk Analytics, on Treasury Secretary Timothy Geithner’s bailout plan, which proved to be highly unpopular on its announcement. • source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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