Knowledge is the new black.
19 November 2017 03:25 (South Africa)

US watchdog gives a little more leash to Geithner

tim geithner

US Treasury secretary Tim Geithner’s desire to keep the 14-month-old government bailout programme going has been generally supported by the congressional watchdog. But it’s not giving him a free run to the post box. In his quarterly appearance before the Congressional oversight panel, Geithner was hammered on a range of issues, including why the titans of Wall Street were paid out for claims against American International Group. AIG received more taxpayers’ money than anyone else, and then paid it out to other big firms. The panel also asked why smaller banks and businesses were still in trouble. It’s not surprising that Geithner is being hauled over the coals, as government will soon surpass a $12.1 trillion limit for borrowing. And while Congress has made another $1.8 trillion available, it’s a lot more money to pay back.

Read more: The New York Times

Get overnight news and latest Daily Maverick articles

Do Not Miss