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Timothy Geithner book defends financial crisis decisions

Monday, May 12, 2014 - 5:07 PM
From The WallStreet Journal via Yahoo Finance:
"The inconvenient truth of financial-crisis response is that the actions that feel right are often wrong," he writes.Mr. Geithner, who was tapped by President Barack Obama to lead the Treasury and before that was president of the Federal Reserve Bank of New York, says he was right to avoid the populist push for blood, including refusing to upend bonus payments to employees of American International Group Inc.  And he says there was little reason to take a tougher approach to the big banks by nationalizing them and handing the reins to the government.

At the same time, Mr. Geithner says the U.S. should have done more to save Lehman Brothers and criticizes members of Congress for polluting the 2010 Dodd-Frank law with unwise provisions.

As for regrets, Mr. Geithner has a few.
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pearlbrownpearlbrown1,491 posts since
Nov 2, 2010
Rep Points: 6,486
1. Tuesday, May 13, 2014 - 6:43 AM
Neil Barofsky, who was appointed as a watchdog for the Troubled Asset Relief Program (TARP) bailout said Geithner continues to ignore criticism that his "management of the bailout woefully failed to fulfill the promise made to the American people that TARP would be used to help struggling homeowners on Main Street as well as the big banks," wrote Barofsky in a response to Geithner's book.

Critics of Geithner hit back on book - May. 12, 2014
5
ShorebreakShorebreak2,699 posts since
Apr 6, 2010
Rep Points: 14,632
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