TIMOTHY GEITHNER

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Obama drops car czar idea

CHICAGO - President Barack Obama has decided to form a government task force to oversee the restructuring of the struggling U.S. auto industry instead of naming a car czar with sweeping powers, a senior administration official said on Sunday. Obama is appointing Treasury Secretary Timothy Geithner as his designee for overseeing auto bailout loans and as co-head of the new high-level pane...

One big victory, a series of setbacks

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Barack Obama won a big victory when Congress agreed to his economic stimulus plan, but the new U.S. president has also suffered a series of setbacks to his No-Drama Obama image in his first weeks in office.
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U.S. Reaches $789 Bln Economic Stimulus Deal, Grills Bankers

U.S. efforts to take action on slowing business activity, joblessness and reduced credit grew on Wednesday as U.S. lawmakers moved to pump tax dollars into the economy, reduce taxes going forward and grilled top U.S. bank executives amid widespread concern.
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Private funds may be used for Treasury bailout

Treasury Secretary Timothy Geithner may introduce private funding as one component of his bank bailout plan to help institutions deal with the bad debt weighing on their balance sheets.
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Treasury delays bank bailout announcement

The Obama administration has delayed the announcement for a plan to overhaul the financial system until Tuesday as officials work on passing an important economic stimulus package in the Senate and with some questions remaining about specific aspects of the Treasury's bailout plan.
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The Road to Bank Nationalization

This week, seven major corporations announced major layoffs, adding 72,000 to the unemployed. At the same time, lending by the big banks fell. With falling demand for loans,
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What really is a 'bad bank'?

There is talk among top U.S. officials about a partial solution to the current financial crisis which involves creating a so-called 'bad bank,' but what exactly is the concept behind it?
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Obama's rescue plan delayed one week: report

President Barack Obama's administration has delayed the presentation of its full financial rescue plan by one week until the second week of February, senior officials in the administration said, according to CNN.
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Obama Calls Wall St. Bonuses Amid Crisis 'Shameful'

President Barack Obama called Wall Street corporate decisions to pay employees more than $18 billion in bonuses last year 'shameful' and 'the height of irresponsibility' even as the firms receive billions of dollars in bailout money to move beyond the current economic crisis.
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Fed Defends Bear Deal as 'Best Option'

New York Federal Reserve Bank Chairman Timothy Geithner defended the bank's decision to assist in the JPMorgan Chase merger with Bear Stearns, saying it was the best option available under the circumstances.
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Top banks tap Fed discount window

The four largest U.S. banks, led by Citigroup and Bank of America Corp., took the unusual step of borrowing $2 billion directly from the Federal Reserve on Wednesday, as the Fed tries to stabilize tempestuous financial markets by adding money to the banking system.
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Major banks meet with policy officials, praise Fed's move

A group of major banks meeting in a conference call with U.S. monetary policy officials expressed strong support for the Federal Reserve's move on Friday to bring stability to volatile financial markets by reducing the discount lending rate.

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