Barack Obama said that executives receiving TARP funds are going to find their salaries are capped at $500k. The full speech is below, which gets into some of the details of forthcoming stimulus and bank bailout provisions. Obama was accompanied by Treasury Secretary Tim Geithner, who said that bank bailout details should start coming out
Timothy Geithner
Here’s a good link from the Washington Post about the bank package and executive compensation.
William C. Dudley was named today to serve as President and Chief Executive Officer of the Federal Reserve Bank of New York. His appointment by the Board of Directors of the New York Fed, succeeding Timothy F. Geithner who was sworn in as Secretary of the Treasury yesterday, was approved by the Federal Reserve Board
Tim Geithner was sworn in as Treasury Secretary this afternoon. According to CNBC: “We are at a moment of maximum challenge for our economy and our country,” Geithner said at a swearing-in ceremony as he stood by the President Barack Obama’s side. “Our agenda is to move quickly to help you do what the country
Tim Geithner was approved by the Senate Finance Committee as Treasury Secretary, the vote was 18-5.
The Dow is up almost 300 points in late trading today following a brutal dank for markets and especially trading in large banks yesterday. Treasury and mortgage bonds are selling off significantly to fund the rally. The stock news is mostly sentiment as there’s really no solution just the perception that the Obama is hitting
Treasury Secretary nominee Tim Geithner is in confirmation hearings today with a vote set for tomorrow to see if he will be confirmed as Treasury Secretary. The big issue is that Geithner was late on $34,000 in self-prepared taxes. Thankfully lawmakers know the bigger issues are billions in market losses, and as former Fed chairman
Amazon.com WidgetsThe Obama Era starts this week with a lot of tears and idealism and hope. We don’t discount the historical magnitude of Obama’s win, and in fact, we’re a bit caught up in the moment right now as you can see by our Obamafied logo in the rotation. But to those who are looking
Kevin Warsh, the 38-year-old Fed governor and former M&A executive at Morgan Stanley, was thought to be the lead contender to succeed Tim Geithner as the head of the New York Fed when Geithner takes over as Treasury Secretary under President Obama. But now the number two speculative pick, former Goldman Sachs economist William Dudley,
There is $350b left in of the original $700 billion Troubled Asset Relief Program funds that were approved by Congress and the White House in October. At that time, funds were to be used to buy troubled assets from banks—illiquid mortgage securities mostly—to get banks to regain their appetite for lending again. Right after TARP
By now everyone’s heard about the Fed’s quantitative rate easing plan. The announcement that the Fed will buy $500b in Fannie/Freddie bonds to drive yields down caused rates to drop by about .625%. But the Fed hasn’t even started purchasing the mortgage bonds yet because they need to raise money to do so. Now the
President Elect Barack Obama announced key members of his economic team today. Below are bios of these individuals, and also video of Obama’s announcement and Q&A. Obama Announcing His Economic Team Obama’s Press Q&A On Economic Team Economic team members announced today: Timothy F. Geithner, Secretary of the Treasury Timothy Geithner currently serves as president
As the Economist said this week: “The New York Fed president is by tradition the financial system’s go-to crisis manager. Even in calm times the job places a premium on steady nerves, good judgment, stature, even temperament and an ability to learn quickly. That premium has been multiplied in the current environment.” Which is why
Timothy Geithner, current president of the New York Fed and voting member of the Ben Bernanke’s FOMC which sets interest rates, will replace Treasury Secretary Henry Paulson in Barack Obama’s new administration. Former Treasury Secretary from 1999-2001 Larry Summers will also have a key economic and regulatory advisory role. Geithner (pronounced GYTE-ner) has played a
The NY Times has an interactive chart to track the Treasury’s $700b TARP (Troubled Asset Relief Program). Almost half of funds have been committed by the Bush administration and they announced this week that the remaining funds would be allocated by the Obama administration. As of this morning, it looks like Hillary Clinton is Obama’s
The Federal Open Market Committee today cut the bank-to-bank Fed Funds Rate 50bps to 1% and the Fed-to-bank Discount Rate 50bps to 1.25%, citing a marked decline in consumer expenditures. These cuts to short term rate are aimed at getting short-term business-to-business lending back on track, which then feeds down to the consumer. Since most
Load More