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Geithner to Outline Bank Rescue Plan
By
Jen Chung
Published Feb 10, 2009
Modified Feb 10, 2009
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By
Jen Chung
Published Feb 10, 2009
Modified Feb 10, 2009
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Treasury Secretary Timothy Geithner is set to unveil the Obama administration's take on the bank bailout plan at 11 a.m. this morning. The NY Times reports that he "largely prevailed in opposing tougher conditions on financial institutions that were sought by presidential aides" (like David Axelrod) and "successfully fought against more severe limits on executive pay for companies receiving government aid. He resisted those who wanted to dictate how banks would spend their rescue money. And he prevailed over top administration aides who wanted to replace bank executives and wipe out shareholders at institutions receiving aid." And, still, stock futures fell! Politico has some of Geithner's prepared remarks: "Instead of catalyzing recovery, the financial system is working against recovery, and that’s the dangerous dynamic we need to change."
Tagged
bank bailout
bank rescue
banking crisis
recession
timothy geithner
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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