Timothy Geithner

Timothy Franz Geithner (/ˈɡaɪtnər/; born August 18, 1961) is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama, from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and managing director of Warburg Pincus, a private equity firm headquartered in New York City.[2]

As President of the New York Fed and Secretary of the Treasury, Geithner had a key role in government efforts to recover from the financial crisis of 2007–08 and the Great Recession. At the New York Fed, Geithner helped manage crises involving Bear Stearns, Lehman Brothers, and the American International Group; as Treasury Secretary, he oversaw allocation of $350 billion under the Troubled Asset Relief Program, enacted during the previous administration in response to the subprime mortgage crisis. Geithner also managed the administration's efforts to restructure regulation of the nation's financial system;[3] attempts to spur recovery of the mortgage market and the automobile industry; demands for protectionism; tax reform; and negotiations with foreign governments on global finance issues.[4][5]

Timothy Geithner
Timothy Geithner official portrait
75th United States Secretary of the Treasury
In office
January 26, 2009 – January 25, 2013
PresidentBarack Obama
DeputyNeal S. Wolin
Preceded byHenry Paulson
Succeeded byNeal S. Wolin (acting)
Jack Lew
9th President of the Federal Reserve Bank of New York
In office
November 17, 2003 – January 26, 2009
Preceded byWilliam Joseph McDonough
Succeeded byWilliam C. Dudley
United States Under Secretary of the Treasury for International Affairs
In office
1998–2001
PresidentBill Clinton
Preceded byDavid A. Lipton
Succeeded byJohn B. Taylor
Personal details
Born
Timothy Franz Geithner

August 18, 1961 (age 57)
New York City, New York, U.S.
Political partyIndependent[1]
Spouse(s)
Carole Sonnenfeld (m. 1985)
Children2
EducationDartmouth College (BA)
Johns Hopkins University (MA)
Occupationpresident, Warburg Pincus
Signature
Timothy Geithner's signature
WebsiteGovernment website

Family and education

Geithner was born in Brooklyn, New York, to Peter Franz Geithner and his wife Deborah Moore. His father, a German American, was the director of the Ford Foundation's Asia program in New York during the 1990s, after working for the United States Agency for International Development in Zambia and Zimbabwe.[6] During the early 1980s, Geithner's father oversaw the Ford Foundation's microfinance programs in Indonesia being developed by Ann Dunham Soetoro, Barack Obama's mother, and they met at least once.[7] Geithner's paternal grandfather, Paul Herman Geithner (1902–1972), immigrated with his parents to the United States in 1908 from Zeulenroda, Germany.[8]

Geithner's mother, a Mayflower descendant, belongs to a New England family.[8] Her father, Charles Frederick Moore, Jr., served as vice-president of public relations for the Ford Motor Company from 1952 to 1964, and advised President Dwight D. Eisenhower, as well as Nelson Rockefeller and George W. Romney, on their respective presidential campaigns. His uncle, Jonathan Moore, served in the departments of Defense, Justice and State, as well as in the United Nations.[6]

Geithner spent most of his childhood living abroad, including in Zimbabwe; Zambia; India; and Thailand, where he completed high school at the International School Bangkok.[9] He studied Mandarin and at Peking University in 1981, at Beijing Normal University, in 1982;[10] Like his father, paternal grandfather and uncle; Geithner attended Dartmouth College, graduating in 1983, with a A.B. in government and Asian studies,[9] then earned a M.A. in international economics and East Asian studies from Johns Hopkins University's School of Advanced International Studies, in 1985.[9][11] He has also studied Japanese.[12]

Geithner married Carole Marie Sonnenfeld, his classmate at Dartmouth, on June 8, 1985, at his parents' summer home in Orleans, Massachusetts.[13] She is a licensed clinical social worker and an assistant clinical professor of psychiatry and behavioral sciences at George Washington University School of Medicine, where she teaches listening skills to medical students.[14] She is the author of a coming-of-age children's novel about grief.[15] Her father, Albert Sonnenfeld, was a professor of French and Comparative Literature at Princeton University and a food critic;[16] her mother, Portia, died when Carole was 25, shortly after she was married. The Geithners have two adult children, a daughter named Elise and a son named Benjamin.[17]

Secretary Tim Geithner and Finance Minister Pranab Mukherjee 2010
Pranab Mukherjee, then India's finance minister, with Geithner in 2010

Early career

Geithner worked for Kissinger Associates in Washington, D.C., from 1985 to 1988, when he joined the International Affairs division of the U.S. Treasury Department.[18] He served as an attaché at the Embassy of the United States in Tokyo, then as deputy assistant secretary for international monetary and financial policy (1995–1996), senior deputy assistant secretary for international affairs (1996–1997), and assistant secretary for international affairs (1997–1998).[11] He was Under Secretary of the Treasury for International Affairs (1998–2001) under Secretaries Robert Rubin and Lawrence Summers,[11] who are widely considered to have been his mentors.[19][20][21][22][23][24] While at the Treasury Department, he helped manage financial crises in Brazil, Mexico, Indonesia, South Korea, and Thailand.[23][24]

Baucus Geithner 4
Treasury Secretary designee Geithner meets then-Finance Committee Chairman Max Baucus on November 25, 2008

In 2001, Geithner left the Treasury to join the Council on Foreign Relations as a Senior Fellow in the International Economics department.[25] He was director of the Policy Development and Review Department at the International Monetary Fund from 2001 to 2003.[11]

Federal Reserve Bank of New York

In October 2003, Geithner was named president of the Federal Reserve Bank of New York.[18] As president of the New York Fed, he served as Vice Chairman of the Federal Open Market Committee. In 2006, he became a member of the Washington-based financial advisory body, the Group of Thirty.[26]

In 2005, Geithner expressed concern over Wall Street trading in financial derivatives, which would ultimately contribute to the spread of the late 2000s financial crisis, though he did not pursue major reforms.[19] In 2004, Geithner called on banks to "build a sufficient cushion against adversity," though in May 2007, he expressed support for the Basel II accord, which critics, including Federal Deposit Insurance Corporation chairperson Sheila Bair, argued would reduce the amount of capital banks would be required to hold to guard against losses.[19][27] That month, in a speech at the Federal Reserve Bank of Atlanta, Geithner stated, "Financial innovation has improved the capacity to measure and manage risk," but also cautioned that "financial innovation and global financial integration do not offer the prospect of eliminating the risk of asset price and credit cycles, of manias and panics, or of shocks that could have systemic consequences."[28]

As president of the New York Fed, Geithner was a central figure in the U.S. government's response to the late 2000s financial crisis.

In the fall of 2007, just prior to the onset of the subprime mortgage crisis, Citigroup announced that it would writedown $11 billion in subprime and other securities. Following the resignation of Charles Prince, former Citi chairman Sanford I. Weill offered the job of chief executive to Geithner, which he rejected.[29] Legal counsel at the New York Fed subsequently advised Geithner to recuse himself from Citi matters.[19]

In mid-March 2008, together with then-Treasury Secretary Henry Paulson, Geithner arranged the rescue and fire sale of Bear Stearns, which was at risk of bankruptcy, to JPMorgan Chase for $2 per share (later raised to $10 per share[30]).[31][20][32] The Fed agreed to provide financing for the deal and support up to $30 billion of Bear Stearns's "less-liquid assets," despite some internal protests.[33] In doing so, the New York Fed allowed Bear Stearns itself to calculate the value of assets acquired by the government and exposed itself to losses should those assets have declined in value, though JPMorgan agreed to absorb the first $1 billion in losses.[34][19][35] The New York Fed stored these assets in the Maiden Lane limited liability company and awarded no-bid contracts to the Wall Street asset manager BlackRock for management of the assets, with the intent of ridding itself of the assets within 10 years.[34][36] In testimony before the Senate Banking Committee, countering concerns that the rescue would invite moral hazard problems, Geithner argued that "a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy."[30] Under questioning from Senator Chris Dodd, Geithner denied involvement in setting the share price of JPMorgan's purchase of Bear Stearns.[34] Bear Stearns and JPMorgan chief executives Alan Schwartz and Jamie Dimon testified that Geithner and Federal Reserve Chairman Ben Bernanke were aware of the amount being discussed and encouraged negotiators to keep the price low to avoid rewarding investors.[37]

In the late summer of 2008, troubles at the financial services firm Lehman Brothers were accelerating. In late August, the company announced that 1,500 employees (6% of its workforce) would be laid off, following 6,000 layoffs since June 2007.[38] On September 9, Lehman's share price plunged 45% on fears that the company was facing billions of dollars in losses, and on news that a potential investment in the company by Korea Development Bank had fallen through.[39] Three days later, Geithner convened a meeting of Wall Street executives, Secretary Paulson, and Securities and Exchange Commission Chairman Christopher Cox to review exposure to Lehman's fortunes and discuss a possible liquidation of Lehman. Geithner indicated that the government would not save Lehman and urged the executives to cooperate on an industry solution, warning that the crisis could spread to their own firms should a deal not be reached. Government officials believed Lehman's collapse would be less dangerous than that of Bear Stearns,[40] though Geithner sought to avoid that contingency nonetheless, citing the increase in market fragility by the time of Lehman's crisis.[41] Nevertheless, no industry rescue materialized. Bank of America, which had been in talks to purchase Lehman, pulled out after the government indicated it would not take on Lehman's risky real-estate assets, as it had with Bear Stearns.[42] On September 15, Lehman announced that it would file for bankruptcy, making it the largest investment bank failure since Drexel Burnham Lambert in 1990.[43][42]

Geithner, Paulson, and Bernanke later argued that Lehman's financial situation was too dire for the government to have legally rescued it.[44] A team from Goldman Sachs and Credit Suisse had estimated prior to Lehman's bankruptcy filing that Lehman's liabilities exceeded its assets by tens of billions of dollars (i.e., a negative net worth).[41]

Geithner was instrumental in government dealings with the American International Group (AIG) insurance company. Over the summer of 2008, as credit rating agencies downgraded mortgage-backed securities, AIG faced mounting demands to provide increased collateral to buyers of its credit default swaps. Consequently, by the time of Lehman's failure in September, AIG was facing a rapidly increasing multibillion-dollar capital shortfall. On September 13, AIG chief Robert B. Willumstad informed Geithner that the company would need to raise $40 billion and asked for government assistance in doing so. Geithner rejected the request for government funds and pressed AIG to find a private-sector solution to the company's liquidity crisis. On the morning of September, Geithner reiterated this decision at a meeting of Wall Street executives and requested that Goldman Sachs and JPMorgan organize an industry-based solution. By that evening, private-sector appetite for an AIG rescue has dissipated. Later that night, a consensus emerged at the New York Fed that AIG, with $500 billion in troubled credit-swap obligations, could not be allowed to fail. At a meeting of the Federal Reserve in Washington the next day, Geithner and Paulson proposed lending $85 billion to AIG, with all of AIG's assets held as collateral, in exchange for a 79.9% equity stake in AIG and veto rights over dividend payments. Upon delivering this offer to AIG, Geithner informed Willumstad that there would be "no negotiation."[41][19][44]

As a result of Lehman Brothers's failure, money market funds with exposure to Lehman securities found themselves in distress on the day of Lehman's bankruptcy filing. One such fund was the Reserve Primary Fund. Due to the highly stable net asset value (NAV) of money market funds ($1.00 per share), money market funds were extensively relied on by companies for regular cash demands (e.g., payroll). Following Lehman's bankruptcy filing, due to a slowdown in credit markets, the Primary Fund was unable to sell once liquid assets to meet rapidly mounting demands for the redemption of investments. Geithner's New York Fed had been informed of the worsening situation at 7:50 that morning, and the next day rebuffed a request from the Primary Fund to assist it in making payments.[41] Unable to sell Lehman's securities held by the fund, the board of the Primary Fund announced that it would freeze redemptions for seven days and reduce its NAV to $0.97 per share, meaning a money market fund would break the buck for only the second time in the industry's history.[45]

To stabilize the financial market, Geithner proposed that the traditional investment banks Goldman Sachs and Morgan Stanley transform themselves into bank holding companies to ensure continuing access to funding. Both banks completed the restructuring by September 21.[41][46]

Geithner believed, along with Paulson, that the Treasury needed new authority to respond to the financial crisis.[20] Paulson described Geithner as a "very unusually talented young man...[who] understands government and understands markets".[32]

Secretary of the Treasury

Nomination and confirmation

Timothy Geithner sworn in as Treasury Sec'y 1-26-09
Geithner was sworn in as Treasury Secretary on January 26, 2009

During the 2008 presidential campaign, Geithner was rumored to be a possible choice for Treasury Secretary for both John McCain and Barack Obama.[1] On November 24, 2008, President-elect Barack Obama announced his intention to nominate Geithner to be Treasury Secretary, passing over Geithner's former superior Lawrence Summers.[47][48][49]

During his confirmation, it was disclosed that Geithner had not paid $35,000 in Social Security and Medicare payroll taxes from 2001 through 2004 while working for the International Monetary Fund.[50] The IMF, as an international agency, did not withhold payroll taxes, but instead reimbursed the usual employer responsibility of these taxes to employees. Geithner received the reimbursements and paid the amounts received to the government, but had not paid the remaining half which would normally have been withheld from his pay. The issue, as well as other errors relating to past deductions and expenses, were noted during a 2006 audit by the Internal Revenue Service.[51][52][53][54] Geithner subsequently paid the additional taxes owed.[55][56] In a statement to the Senate Finance Committee, Geithner called the tax issues "careless," "avoidable," and "unintentional" errors.[55] Geithner testified that he used the software TurboTax to prepare his 2001 and 2002 returns, but that the tax errors were his own responsibility.[57][58]

On January 26, 2009, the U.S. Senate confirmed Geithner's appointment by a vote of 60–34.[59][60] Geithner was sworn in as Treasury Secretary by Vice President Joe Biden and witnessed by President Barack Obama.[61]

Bailouts

Geithner had authority over the second tranche of $350 billion from the $700 billion banking bailout bill passed by Congress in October 2008. Under the Financial Stability Plan, he proposed to create a new investment fund to provide a market for the legacy loans and securities—the so-called "toxic assets"—burdening the financial system, using a mix of taxpayer and private money.[62] He also proposed expanding a lending program that would spend as much as $1 trillion to cover the decline in the issuance of securities backed by consumer loans. He further proposed to give banks new infusions of capital with which to lend. In exchange, banks would be required to cut the salaries and perks of executives and sharply limit dividends and corporate acquisitions.[63][64] The plan was criticized by Nobel laureates Paul Krugman and Joseph Stiglitz, a former World Bank Chief Economist.[65][66]

The Troubled Asset Relief Program (TARP) and takeover of Fannie Mae and Freddie Mac amounted a combined outflow of $620.3 billion in Treasury funds in the form of spending, investments, and loans. As of July 2016, $689 billion has been returned to the Treasury, primarily in the form of refunds provided by bailed-out companies and revenue from dividends. This has earned the government a profit of $68.6 billion.[67]

AIG bonuses

Barack Obama & Timothy Geithner on Air Force One 3-31-09
Geithner and Obama aboard Air Force One, 2009

Although President Obama expressed strong support for Geithner, outrage over hundreds of millions of dollars in bonus payments (or employee "retention" payments) by the American International Group, which had received more than $170 billion in federal bailout aid, undermined public support in early 2009. In March 2009, AIG paid $165 million in bonuses to its financial products division, the unit responsible for the company's near collapse the year prior, following $55 million paid to the same division in December 2008 and $121 million in bonus payments to senior executives.[68][69] In early November 2008, a joint committee of the Federal Reserve, Ernst & Young, and AIG concluded that the bonus payments, which were in contracts predating the government takeover, could not be legally stopped.[70]

During his time at the New York Fed and early in his tenure as Treasury Secretary, Geithner's aides had closely dealt with AIG on compensation issues, though Geithner indicated he was not aware of AIG's plans for bonus payments until March 10, 2009. On March 11, 2009, Geithner called Ed Liddy, the AIG chief, to protest the bonus payouts and request that the contracting containing the bonuses be renegotiated.[70][71] Later in March, Liddy requested that employees who received bonuses of more than $100,000 return half of the payment.[72] At Geithner's urging, Liddy cut $9.6 million in payments to company's top 50 executives in half and tied the remainder to performance.[69]

AIG payments to banks

In November 2009, Neil Barofsky, the Treasury Department Inspector General responsible for oversight of TARP funds, issued a report critical of the use of $62.1 billion of government funds to redeem derivative contracts held by several large banks which AIG had insured against losses. The banks received face value for the contracts although their market value at the time was much lower. In the report, Barofsky said the payments "provided [the banks] with tens of billions of dollars they likely would have not otherwise received". Terms for use of the funds had been negotiated with the New York Federal Reserve Bank while Geithner was president.

In January 2010, Rep. Darrell Issa released a series of e-mails between AIG and the New York Fed. In these e-mails, the Fed urged AIG not to disclose the full details of the payments publicly or in its SEC filings. Issa pushed for an investigation of the matter, and for records and e-mails from the Fed to be subpoenaed. Rep. Edolphus Towns, Chairman of the House Oversight and Government Reform Committee, issued subpoenas for the records and scheduled hearings for late January. Federal Reserve Chairman Ben Bernanke said the Fed would welcome a full review of its actions regarding the AIG payments.[73][74][75][76]

Geithner and his predecessor, former Treasury Secretary Henry Paulson, both appeared before the Committee on January 27. Geithner defended the bailout of AIG and the payments to the banks, while reiterating previous denials of any involvement in efforts to withhold details of the transactions. His testimony was met with skepticism and angry disagreement by House members of both parties.[77][78][79][80]

China

Timothy Geithner with Hillary Rodham Clinton
Geithner with Secretary of State Hillary Clinton at the opening session of the first U.S.–China Strategic and Economic Dialogue on July 27, 2009

In written comments to the Senate Finance Committee during his confirmation hearings, Geithner stated that the new administration believed China was "manipulating" its currency and that the Obama administration would act "aggressively" using "all the diplomatic avenues" to change China's currency practices.[81] The Obama administration would pressure China diplomatically to change this practice more strongly than the George W. Bush Administration had done.[82] The United States maintained that China's actions hurt American businesses and contributed to the financial crisis.[83]

Shortly after assuming his role as Secretary of the Treasury, Geithner met in Washington with Chinese Foreign Minister Yang Jiechi. He told Yang that the U.S. attached great importance to its relations with China and that U.S.–China cooperation was essential in order for the world economy to fully recover.[84]

On June 1, 2009, during a question-and-answer session following a speech at Peking University, Geithner was asked by a student whether Chinese investments in U.S. Treasury debt were safe. His reply that they were "very safe" drew laughter from the audience.[85][86]

Geithner co-chaired the high-profile U.S.–China Strategic and Economic Dialogue from July 27 to 28 in 2009 in Washington, D.C. and led the Economic Track for the U.S. side.

Opposing extension of tax cuts

In summer 2010, The New York Times said Geithner "is President Obama's point man in opposing the extension of the Bush tax cuts for the wealthy after their Dec. 31 expiration. ... [Geithner] has cited the projected $700 billion, 10-year cost of the tax cuts, and nonpartisan analyses that they do not stimulate the economy because the wealthy tend to save the additional money rather than spend it. 'I believe there is no credible argument to be made that the purpose of government is to borrow from future generations of Americans to finance an extension of tax cuts for the top 2 percent,' [he] said in a recent speech."[87]

Fiscal cliff and debt limit negotiations

Geithner was Obama's lead negotiator about the fiscal cliff and the increase in the 2013 debt limit.[88][89] For example, on December 5, 2012, Geithner confirmed leaks from the White House,[90][91][92] Treasury Secretary Geithner told CNBC that the Obama Administration is "absolutely" willing to go over the fiscal cliff if Republicans refused to back off from their opposition to raising rates on wealthier Americans.[93][94]

Criticism

Geithner weathered criticism early in the Obama presidency, when Congressman Connie Mack (R-FL) suggested he should resign over the AIG bonus scandal, and Alabama Senator Richard Shelby said that Geithner was "out of the loop". Democrats largely joined Obama in supporting Geithner, and there was no serious talk of him losing his job.[95]

In November 2009, Oregon Representative Peter DeFazio, speaking for himself and some fellow members of the Progressive Caucus, suggested that both Geithner and Lawrence Summers, the director of the National Economic Council, should be fired in order to curtail unemployment and signal a new direction for the Obama administration's fiscal policy.[96] When Geithner appeared in front of the Congressional Joint Economic Committee that month, the ranking House Republican, Kevin Brady of Texas, said to the secretary, "Conservatives agree that, as point person, you've failed. Liberals are growing in that consensus as well. Poll after poll shows the public has lost confidence in this president's ability to handle the economy. For the sake of our jobs, will you step down from your post?" Geithner defended his record, suggesting Brady was misrepresenting the situation and overestimating popular disapproval of his job performance.[97]

In June 2011, The New Republic criticized Geithner from the left, arguing that he was and is overly concerned with the deficit at a time, following the Great Recession, the government should be pursuing stimulus; and as a result, it is possible that the stimulus was smaller than it could have been.[98]

In his memoir Stress Test, Geithner wrote: “The financial crisis exposed our system of consumer protection as a dysfunctional mess, leaving ordinary Americans way too vulnerable to fraud and other malfeasance....Many borrowers, especially in subprime markets, bit off more than they could chew because they didn’t understand the absurdly complex and opaque terms of their financial arrangements, or were actively channeled into the riskiest deals.”[99] In July 2018, The Washington Post revealed that Mariner Finance, a company owned by the hedge fund Geithner now leads, engaged in predatory lending behavior similar to that described by Geithner in Stress Test; capturing the sentiments of many former employees of Mariner Finance interviewed by The Post, a former manager trainee at a Mariner Finance branch in Nashville characterized the company's business model as "a way of monetizing poor people."[99]

Post-Treasury career

Geithner left the Obama administration on January 25, 2013,[100][101] and joined the Council on Foreign Relations as a Distinguished Fellow.[25] In March 2014, he became the president and managing director of Warburg Pincus, a private equity firm.[102] In February 2016, it was announced that JPMorgan Chase would provide a line of credit to help Warburg Pincus executives invest in a new multibillion-dollar fund at the firm.[103][104]

Geithner lectures at the Yale School of Management, and is on the board of directors of the International Rescue Committee.[25] His memoir of his time as Secretary of Treasury, Stress Test: Reflections on Financial Crises, was published in May 2014,[105] and was listed for five consecutive on The New York Times Non-Fiction Bestseller list upon its release.[106]

In April 2016, he was one of eight former Treasury secretaries who called on the United Kingdom to remain a member of the European Union ahead of the June 2016 membership referendum.[107]

Media

Geithner was portrayed by Billy Crudup in the HBO film Too Big to Fail.

Memberships

Published works

  • Geithner, Timothy (2014). Stress Test: Reflections on Financial Crises. Crown Publishing Group, Random House. ISBN 9780804138598.

References

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Further reading

External links

Civic offices
Preceded by
William Joseph McDonough
President of the Federal Reserve Bank of New York
2003–2009
Succeeded by
William C. Dudley
Political offices
Preceded by
Henry Paulson
United States Secretary of the Treasury
2009–2013
Succeeded by
Neal S. Wolin (Acting)
Jack Lew
A Date with Luyu

A Date With Luyu (also spelled A Date With Lu Yu) (simplified Chinese: 鲁豫有约; traditional Chinese: 魯豫有約; pinyin: Lǔyù Yǒu Yuē) is a popular Chinese television talk show that airs on Phoenix Television. Because the show emulates the success and format of The Oprah Winfrey Show, its host and creator, Chen Luyu, has been called "China's Oprah". The show includes a studio audience of about 300. The show covers a wide range of issues: interviewees range from artists and musicians such as Li Yundi, business leaders such as Robin Li, diplomatic figures such as Gary Locke (the first U.S. Ambassador to China of Chinese ancestry) academics such as Prof Michael Dobson and sports figures such as Shane Battier. She is also willing to address controversial subjects.

It is noted that some interviews are conducted in English, with Chinese subtitles, as was the cases when Lu Yu interviewed Wentworth Miller, Nick Vujicic, and Hillary Clinton with Timothy Geithner. Audience members are required to understand English in these instances, because Lu Yu has warned about problems with interviews being done entirely in a single language, i.e. Mandarin Chinese

Luyu averages 140 million viewers per show.

Assistant Secretary of the Treasury for Economic Policy

The Assistant Secretary of the Treasury for Economic Policy is the head of the Office of Economic Policy in the United States Department of the Treasury. The position is currently vacant.

According to U.S. statute, there are ten Assistant Secretaries of the Treasury appointed by the President of the United States with the advice and consent of the United States Senate. The Assistant Secretary of the Treasury for Economic Policy reports directly to the United States Secretary of the Treasury and the United States Deputy Secretary of the Treasury.

Assistant Secretary of the Treasury for Financial Markets

The Assistant Secretary of the Treasury for Financial Markets is an official in the United States Department of the Treasury who heads the Office of Financial Markets.

According to U.S. statute, there are ten Assistant Secretaries of the Treasury appointed by the President of the United States with the advice and consent of the United States Senate. The Assistant Secretary of the Treasury for Financial Markets reports to the Under Secretary of the Treasury for Domestic Finance, who in turn reports to the United States Secretary of the Treasury and the United States Deputy Secretary of the Treasury.

Assistant Secretary of the Treasury for Financial Stability

The Assistant Secretary of the Treasury for Financial Stability is the head of the Office of Financial Stability in the United States Department of the Treasury.

The position was created in 2008 by the Emergency Economic Stabilization Act of 2008, the act that created the Office of Financial Stability to administer the Troubled Asset Relief Program.

By law, the Assistant Secretary of the Treasury for Financial Stability is appointed by the President of the United States with the advice and consent of the United States Senate. During a vacancy, the United States Secretary of the Treasury is authorized to appoint an Acting Assistant Secretary of the Treasury for Financial Stability.

Bureau of the Fiscal Service

The Bureau of the Fiscal Service (Fiscal Service) is a bureau of the U.S. Department of the Treasury, an agency of the United States federal government. The mission of the Fiscal Service is to promote the financial integrity and operational efficiency of the U.S. government through exceptional accounting, financing, collections, payments, and shared services. Their vision is to transform financial management and the delivery of shared services in the federal government. They collaborate with and help other government organizations raise the level of their performance by utilizing modern business practices and emerging technology for federal financial management and shared services.The Fiscal Service replaced the Bureau of the Public Debt and the Financial Management Service effective October 7, 2012 per directive of Treasury Secretary Timothy Geithner.The Bureau manages the government's accounting, central payment systems, and public debt. Among its duties is to collect any voluntary donations made to the government for reduction of the public debt.

Confidence Men

Confidence Men: Wall Street, Washington and the Education of a President is a book by journalist Ron Suskind, published by HarperCollins on September 20, 2011.

Having obtained an advance copy of the book, The New York Times published a review on September 15, 2011, writing that it "offers a portrait of a White House operating under intense pressure as it dealt with a cascade of crises, from insolvent banks to collapsing carmakers. And it details the rivalries among figures around the president," including economic advisor Lawrence Summers; Treasury secretary Timothy F. Geithner; former chief of staff Rahm Emanuel; and budget director Peter R. Orszag.The following day, the Washington Post elaborated on the content of the book, citing the allegation that Treasury Secretary Timothy Geithner ignored a directive from the president to draw up plans for restructuring Citibank in the spring of 2009. The article also notes that in an interview in the book, Geithner denies the account saying "I don't slow-walk the president on anything". The White House pushed back against the book in spite of having granted Ron Suskind an interview with the president, with communications director Dan Pfeiffer saying that books like these “tend to take the normal day-to-day activities of governing and infuse them with drama, palace intrigue and salacious details”.While some faulted Suskind for giving greater credence to the views of sources who gave him more journalistic access others praised him for doing the opposite. In his New York Times book review, Joe Nocera wrote “to his everlasting credit, Suskind savages several people he clearly spent time interviewing, starting with Obama’s former chief economic adviser, Larry Summers, and Timothy Geithner, his Treasury secretary. And he’s more than willing to step outside his re-created scenes to conduct interviews, in which Obama aides and allies tell truths that are genuinely painful to hear.”Confidence Men was released on September 20, 2011. In his first television appearance, on the Today Show, Suskind was interviewed by anchor Ann Curry who cited the White House pushback in her questioning, with Suskind maintaining that the book represented an accurate depiction of what he had found in his reporting. Hendrik Hertzberg wrote in his review of the book for The New Yorker that the book would offer “support for some of today’s standard progressive gripes about the President” being stymied by his conservative, Wall Street-attentive advisers, “and for a few of the conservative ones,” namely assertions that Obama arrived in office unprepared to lead. In his review of the book for The New York Times, Joe Nocera noted that the book had “an omniscient quality” of fly-on-the-wall scenes from inside the White House, much like the books of Bob Woodward, but “doesn’t really go for phony omniscience” where the sources who are most cooperative are rendered most favorably. In a New Republic review, John B. Judis wrote, "Suskind’s book is being widely portrayed as critical of the Obama administration, but if you read the entire book, its message is that during Obama’s first two years he was foiled by his own inexperience as a manager and by a staff that didn’t do good by him, but that after the Democratic defeat in 2010 he learned from his failure."Both Summers and Geithner, who offered extensive responses to key disclosures in the book’s pages, pushed back hard against their characterizations after publication.A week after publication, the book debuted at #2 on the New York Times Bestseller list for Nonfiction.According to the book President Obama supported a financial transaction tax on trades of stocks, derivatives, and other financial instruments, but he was blocked by Summers.

Coons v. Geithner

Coons v. Geithner is a lawsuit filed on August 12, 2010, by the Goldwater Institute as a constitutional challenge to the Patient Protection and Affordable Care Act legislation passed in March 2010. The lawsuit was dismissed on December 19, 2012.

David Mulford

David Campbell Mulford (born June 1937) was the United States Ambassador to India from January 23, 2004 to February 2009, and served as Vice-Chairman International of Credit Suisse from 2009 to 2016. He is currently a distinguished visiting fellow at the Hoover Institution, Stanford University focusing on research, writing, and activities related to global economic integration, including the legal and political environments of trade agreements and their management. He also concentrates his efforts on economic growth in the Indian subcontinent and the trend of receding globalization in developed economies.Mulford was born in Rockford, Illinois. He earned his bachelor's degree from Lawrence University in 1959, his master's degree from Boston University in 1962 and his doctor of philosophy (DPhil.) from Oxford University in 1966.

Prior to becoming Ambassador to India, Mulford was Chairman International and Member of the Executive Board for Credit Suisse First Boston in London, England, where he earlier held the position of Chairman and Chief Executive Officer (Europe).

From 1984 to 1988, he served as Assistant Secretary for International Affairs and later as Under Secretary for International Affairs for the Department of the Treasury from 1988 through 1992. In those roles, he served as the senior international economic policy official at the Treasury under Secretaries Donald Regan, James Baker, and Nicholas Brady.

Timothy Geithner served as a special assistant to Mulford at the Treasury during the administration of George H.W. Bush.

From 1974 to 1984, Ambassador Mulford was Managing Director and head of International Finance at White, Weld & Co., Inc., and senior investment advisor to the Saudi Arabian Monetary Agency. From 1970 to 1974, he was head of White Weld International Finance Group in New York and was with White Weld's international investment banking in New York and London from 1966 to 1974. He was a White House fellow in 1965 and 1966 and served as a special assistant to the Secretary of the Treasury.

Mulford is married to Jeannie Simmons Mulford.

On November 30, 2016, a court in Argentina (Judge Sebastian R. Ramos) resolved a long-running investigation into the conduct of former Argentine government officials in connection with that country’s 2001 debt exchange, known as the Megacanje (Mega Exchange). The court dismissed Mulford from the case, stating that the existence of the case should not in any way affect Mulford’s good name and honor. The court had previously sought Mulford’s testimony in the matter. It incorrectly attempted to use the Interpol system to compel him to appear in Argentina, which attempt was rejected by Interpol as an abuse of its system, with instructions that Argentina not seek further use of Interpol’s systems in this matter.

Financial Management Service

The Financial Management Service (or FMS) was a bureau of the United States Department of the Treasury and provided several financial services for the federal government. On October 7, 2012, Secretary of the Treasury Timothy Geithner issued a directive merging the FMS with the Bureau of the Public Debt to form the new Bureau of the Fiscal Service.

Geithner

Geithner is a surname. Notable people with the surname include:

Aura Cristina Geithner (born 1967), actress

Timothy Geithner (born 1961), central banker and former Secretary of the Treasury

Jack Lew

Jacob Joseph "Jack" Lew (born August 29, 1955) is an American attorney and Democratic Party politician who was the 76th United States Secretary of the Treasury, serving from 2013 to 2017. He also served as the 25th White House Chief of Staff from 2012 to 2013 and served as Director of the Office of Management and Budget in both the Clinton and Obama Administrations.

Born in New York City, Lew earned his A.B. from Harvard College, then a J.D. from Georgetown University Law Center. He began his legal career as a legislative assistant to Representative Joe Moakley, and as a senior policy adviser to former House Speaker Tip O'Neill. Lew then worked as an attorney in private practice before joining Boston's office of management and budget as a deputy. In 1993, he began work for the Clinton Administration as Special Assistant to the President. In 1994, Lew served as Associate Director for Legislative Affairs and Deputy Director of the Office of Management and Budget, then served as the agency's Director, from 1998 to 2001, then, again, from 2010 to 2012. Following his work in the Clinton administration, Lew became executive vice-president of operations at New York University, serving from 2001 to 2006, then the COO at Citigroup, from 2006 to 2008. During 2009 to 2010, Lew served as the first Deputy Secretary of State for Management and Resources.

On January 10, 2013, during President Barack Obama's second term, Lew was nominated to replace retiring Treasury Secretary Timothy Geithner, was confirmed by the Senate February 27, 2013, and then sworn in on the following day, serving until the conclusion of the Obama administration, and resigning with the inauguration of Donald Trump. Lew was replaced, on an interim basis, by Adam Szubin, before being officially succeeded as Secretary of the Treasury by Steve Mnuchin.

Jamie B. Stewart

Jamie B. Stewart, Jr. was previously President and CEO of the Federal Farm Credit Banks Funding Corporation, based in Jersey City, NJ., since January 2004.Prior to joining FFCBFC, Stewart was first vice president of the Federal Reserve Bank of New York from January 1999 to January 2004. During a portion of his tenure with the Fed, there was no president of this branch of the Federal Reserve due to the resignation of William J. McDonough in 2003. McDonough was not replaced until November 2003, at which point he was succeeded by Timothy Geithner. (Geithner later became the Secretary of the Treasury under President Barack Obama.) Due to this situation, Stewart served as acting governor from June through December 2003, and had voting rights on the Federal Open Market Committee, which was headed at that time by Alan Greenspan.Stewart was instrumental in guiding the Federal Reserve Bank of New York through the banking crisis surrounding the terrorist attacks of September 11, 2001, which caused a temporary liquidity crisis in the U.S. banking system.Jamie B. Stewart started his professional career with the United States Navy as a surface line officer from 1966-1970. Stewart received a B.A. in French from Dartmouth College in 1966, a M.B.A. from Harvard Business School in 1972, and a J.D. from Suffolk Law School in Boston in 1980. In the following years, his career path took him from the Bank of Boston to Bank of America to Crocker National Bank (San Francisco) to Mellon Bank, where he served as vice chairman, with responsibility for overall wholesale banking, international operations and cash management activities.

Stewart resides in Brooklyn, NY, with his wife, Deborah.

List of presidents of the Federal Reserve Bank of New York

The Federal Reserve Bank of New York (New York Fed) is one of 12 regional reserve banks of the Federal Reserve System, which is the American central bank. It is described as being the most important of the banks, due to it being in the world's center of finance and serving as the Federal Open Market Committee's operating arm. This is also due to its conducting of open market operations and foreign exchange market intervention.

Quadrangle Group

Quadrangle Group is a private investment firm focused on private equity. The firm invests in middle-market companies within the media, communications and information-based sectors.

The firm, which is based in New York City, was founded in 2000, has raised approximately $3 billion of private equity capital since inception and employs approximately 40 investment professionals in offices in New York and Hong Kong.

Quadrangle's private equity business, Quadrangle Capital Partners, raised a $1.1 billion fund in 2000, followed by a $2.0 billion fund in 2005. Citing a not-further-identified "investor letter", a Feb. 2010 news report said the first fund had already returned the full amount to its investors and retained stakes in several companies, while the second fund had about $500 million left to invest and was up 19 percent in 2009. No 2008 fund was referenced in the report.In February, 2009, Steven Rattner left Quadrangle when he was named as lead auto industry adviser to United States Treasury Department Secretary Timothy Geithner. A report at the time said that Michael Huber, who joined the firm in 2000, and Joshua L. Steiner would become co-presidents of the firm.

Stress Test (book)

Stress Test: Reflections on Financial Crises is a 2014 memoir by former United States Secretary of the Treasury Timothy Geithner, written as an account of the effort to save the United States economy from collapsing in the wake of the 2008 financial crisis, and was listed for five consecutive on The New York Times Non-Fiction Bestseller list upon its release in May 2014.Stress Test details how “The financial crisis exposed our system of consumer protection as a dysfunctional mess, leaving ordinary Americans way too vulnerable to fraud and other malfeasance", and notes that "Many borrowers, especially in subprime markets, bit off more than they could chew because they didn’t understand the absurdly complex and opaque terms of their financial arrangements, or were actively channeled into the riskiest deals.”

Stress test

Stress test may refer to:

Cardiac stress test, testing of the heart (a.k.a. "treadmill test")

Stress testing of software, hardware, or nuclear plants

Stress test (hardware)

Stress testing (software)

Stress test (financial)

Stress Test, book by former United States Secretary of the Treasury Timothy Geithner

Stress analysis, methods for computing mechanical stress

Contraction stress test, relating to labor and delivery

Trier social stress test, a procedure used to induce stress in human research participants

Voice stress analysis, sometimes called a voice stress test

Under Secretary of the Treasury for Domestic Finance

The Under Secretary of the Treasury for Domestic Finance is a high-ranking position within United States Department of the Treasury that reports to, advises, and assists the Secretary of the Treasury and the Deputy Secretary of the Treasury. The under secretary leads the department's policy on the issues of domestic finance, fiscal policy, fiscal operations, government assets, government liabilities, and other related economic and fiscal matters.Under Secretary Mary J. Miller announced she was stepping down from the position on June 12, 2014, and the position has been officially vacant since that time.Matthew Rutherford served as acting Under Secretary until January 30, 2015. President Barack Obama nominated Antonio Weiss for the position on November 13, 2014. Weiss was never confirmed by the Senate, and withdrew his nomination on January 12, 2015.

West Town Academy

West Town Academy is a part of Greater West Town Community Development Project, a communitarian non-profit organization working toward development on the West Side of Chicago.

The school originated as a GED program aimed at Chicago high school dropouts. It became a fully state-certified high school in 1998 and has been retrieving "disenrolled" minority students from the Chicago Public Schools system through its association as a campus of Youth Connection Charter School. It also operates as an independent high school through the enrollment of students who are wards of the court and the Illinois Department of Children and Family Services. This situation makes West Town Academy both a public and private school simultaneously.

The school and its parent agency have hosted many local, statewide and national politicians. Then newly elected state senator Barack Obama was the commencement speaker for the class of 2000. Chicago Mayor Richard M. Daley, Illinois governors Rod Blagojevich and Pat Quinn, and U.S. Secretary of the Treasury Timothy Geithner have all used it as a podium to make policy statements. Democratic presidential candidate Senator John Kerry and then candidate for the U.S. Senate from Illinois Obama held a campaign event in its original location during the 2004 campaign.

The school was founded by William Leavy, who is also director of its parent organization, The school moved to its new location, 534 N Sacramento, Chicago, IL, in June 2010.

One of West Towns brightness student Anthony Robinson who am graduated at 16 thanks staff of 2007 for all their hard work.

Zeulenroda-Triebes

Zeulenroda-Triebes is a German town in the district of Greiz in the state of Thuringia.

Zeulenroda-Triebes is situated in the south of Greiz in the mountains of the Thuringian Slate Mountains (Thüringer Schiefergebirge), on the border with Saxonia. The population of Zeulenroda-Triebes in 2006 was about 18000. The largest company is Bauerfeind AG. The most famous sight in the town is the neoclassical town hall, built in 1827. Zeulenroda-Triebes is also known for the International Thuringia Women's Cycling Tour.

Zeulenroda-Triebes is twinned with the town of Strabane in Northern Ireland as well as with Giengen an der Brenz (Baden-Württemberg, Germany).

Jürgen Raab, a former East German football player, was born in Zeulenroda-Triebes. Paul Herman Geithner (1902–1972), was born in Zeulenroda and immigrated with his parents to Philadelphia, Pennsylvania in 1908. His grandson, Timothy Geithner, was the 75th United States Secretary of the Treasury, serving under President Barack Obama.

Zeulenroda unt Bf station lies on the Werdau–Mehltheuer railway.

18th century
19th century
20th century
21st century
Cabinet of President Barack Obama (2009–2017)

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