Beruflich Dokumente
Kultur Dokumente
Geitner redirects here. For the surname, see Geitner an M.A. in international economics and East Asian stud(surname).
ies from Johns Hopkins Universitys School of Advanced
International Studies in 1985.[8][10] He has also studied
[11]
Timothy Franz "Tim" Geithner (/atnr/; born Au- Japanese.
gust 18, 1961) is a former American economic policy
maker and central banker who served as the 75th United
States Secretary of the Treasury, under President Barack
Obama, from 2009 to 2013, now employed in the private
sector. He was previously the president of the Federal
Reserve Bank of New York from 2003 to 2009. He
now serves as president of Warburg Pincus, a Wall Street
private equity rm.[2]
Geithner spent most of his childhood living abroad, including Zimbabwe, Zambia, India, and Thailand, where
he completed high school at the International School
Bangkok.[8] As did his father and paternal grandfather, Geithner attended Dartmouth College, graduating
in 1983, with an A.B. in government and Asian studies.[8] He studied Mandarin at Peking University in 1981,
and at Beijing Normal University in 1982;[9] and earned
Early career
Geithner worked for Kissinger Associates in Washington for three years and then joined the International Affairs division of the U.S. Treasury Department in 1988. 3 Secretary of the Treasury
He went on to serve as an attach at the Embassy of the
United States in Tokyo. He was deputy assistant secretary
for international monetary and nancial policy (1995 3.1 Nomination and conrmation
1996), senior deputy assistant secretary for international
aairs (19961997), and assistant secretary for interna- Main article: Conrmations of Barack Obamas Cabinet
tional aairs (19971998).[10]
During the 2008 Presidential election, Geithner was
He was Under Secretary of the Treasury for International Aairs (19982001) under Treasury Secretaries
Robert Rubin and Lawrence Summers.[10] Summers was
his mentor,[18][19] but other sources call him a Rubin
protg.[20][21][22]
On January 26, 2009, the U.S. Senate conrmed Geithners appointment by a vote of 6034.[40][41] Geithner
was sworn in as Treasury Secretary by Vice President Joe
Biden and witnessed by President Barack Obama.[42]
3.2
3.2
Bank bailout
Bank bailout
3
billion. In the end, the Bank Bailouts turned a prot to
the US treasury.[48]
3.2.1 AIG bonuses
Main article: AIG bonus payments controversy
Although President Obama expressed strong support for
Geithner, the outrage over the AIG bonuses undermined
public support. AIG paid bonuses to executives in its Financial Services division after receiving more than $170
billion in federal bailout aid.[49] Even prior to the election, senior aides to Timothy Geithner had closely dealt
with American International Group Inc. on compensation issues including bonuses, both from his time as president of the Federal Reserve Bank of New York and as
Treasury secretary. In early November, 2008, a committee concluded that the bonuses, which were in contracts signed before the government takeover, couldn't
be legally blocked. On March 3, 2009, appearing at
a hearing of the House Ways and Means Committee
Rep. Joseph Crowley, a New York Democrat, asked him
about the bonuses that AIG would be paying to nancialproducts employees in the coming weeks. On March
11, Geithner called Edward Liddy, AIG chief, to protest
the bonus payouts. Mr. Geithner and Federal Reserve
Chairman Ben Bernanke attended a hearing by Congress
on March 24, 2009.[50]
3.2.2 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.
3.3
China
In written comments to the Senate Finance Committee during his conrmation 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 Chinas currency practices.[59] The
Obama administration would pressure China diplomatically to change this practice more strongly than the
George W. Bush Administration had done.[60] The United
States maintained that Chinas actions hurt American
businesses and contributed to the nancial crisis.[61]
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.[62]
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.[63][64]
Geithner co-chaired the high-prole U.S.China Strategic and Economic Dialogue from July 27 to 28 in Washington, D.C. and led the Economic Track for the U.S.
side.
3.6 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.[73]
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 red in order to curtail unemployment and signal a new direction for the
Obama administrations scal policy.[74] 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 condence in this presidents
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.[75]
5
In June 2011, The New Republic criticized Geithner from
the left, arguing that he was and is overly concerned with
the decit 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.[76]
[2] Devin Banerjee & Ian Katz (16 November 2013). Tim
Geithner to Join Leveraged Buyout Firm Warburg Pincus. Bloomberg L.P. Retrieved 17 November 2013.
[3] Stout, David (June 18, 2009). Senators Skeptical of Financial Regulation Plan. The New York Times. Retrieved
January 16, 2010.
[4] Obama On AIG Rage, Recession, Challenges. 60 Minutes. March 22, 2009. CBS.
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
Referendum. [80]
[8] Farley, Kate (October 3, 2008). Family describes Geithner '83s youth. The Dartmouth (Hanover, NH). Retrieved January 16, 2010.
Media
[12] Carole M. Sonnenfeld Wed To T. F. Geithner. NYTimes.com. June 9, 1985. Retrieved November 30, 2012.
Memberships
Center for Global Development (Board of
Directors)[81]
Published works
Geithner, Timothy (2014). Stress Test: Reections on Financial Crises. Crown Publishing Group,
Random House. ISBN 9780804138598.
References
[1] Raum, Tom (October 18, 2008). Next treasury boss will
feel power - and stress. USA Today. Retrieved November
25, 2010.
Carolegeithner.com.
Retrieved
[15] CAROLE M. SONNENFELD WED TO T. F. GEITHNER. nytimes.com. June 9, 1985. Retrieved August 3,
2013.
[16] Romero, Frances, Obamas White House Treasury
Secretary: Timothy Geithner, Time Specials, December
2, 2008
[17] Ford Foundation Links Parents of Obama and Treasury Secretary Nominee. The Chronicle of Philanthropy.
2008-12-03. Retrieved 2008-12-20.
[18] Cho, David; Montgomery, Lori; Murray, Shailagh
(November 22, 2008). Obama Picks N.Y. Fed President
Geithner as Treasury Secretary. The Washington Post. p.
A1. Retrieved November 23, 2008.
[19] Canova, Timothy (November 25, 2008). Obamanomics:
Is this real change?". The Real News. Retrieved December 13, 2008. He had been mentored by Lawrence Summers.
REFERENCES
[22] Obama picks Geithner as treasury secretary. The Financial Express. Mumbai. November 23, 2008. Retrieved November 23, 2008. Geithner is a protege of
Lawrence Summers and has been involved in the bailouts
of Brazil, Mexico, Indonesia, South Korea and Thailand
in the 1990s as the treasury undersecretary
[23] Timothy F. Geithner. Experts. Council on Foreign Relations. February 2013. Retrieved March 18, 2013.
[24] Becker, Jo; Morgenstern, Gretchen (April 26, 2009).
Geithner, as Member and Overseer, Forged Ties to Finance Club. The New York Times. Retrieved April 26,
2009.
[25] Fuerbringer, Jonathan (October 16, 2003). I.M.F. Ofcial Is Named President of New York Fed. The New
York Times. Business. Retrieved November 24, 2008.
[26] Lanman, Scott (November 24, 2008). Geithner Nomination Takes Top Fed Wall Street Liaison. Bloomberg.
Retrieved November 24, 2008.
[27] Timothy F. Geithner. Current Members. Group of
Thirty. November 24, 2008. Archived from the original
on October 9, 2008. Retrieved November 24, 2008.
[28] Tumulty, Karen; Calabresi, Massimo (September 25,
2008). Three Men And a Bailout. Time. Retrieved
November 22, 2008.<
[29] change.gov (November 24, 2008). Geithner, Summers
among key economic team members announced today.
Newsroom. Oce of the President-elect. Retrieved
November 24, 2008.
[37] Documents regarding Treasury nominee Geithner, Senate Finance Committee. January 13, 2009.
[39] Geithner Links Woes to Tax Software Used by 18 Million Americans. Fox News. January 22, 2009. Archived
from the original on January 23, 2009.
[40] U.S. Senate Roll Call Votes 111th Congress - 1st Session
[41] Senate Conrms Geithner To Head Treasury.
Washington Post. Retrieved May 25, 2010.
The
[53] Son, Hugh, Geithners Fed Told AIG to Limit Swaps Disclosure (Update3)",Bloomberg Press, January 7, 2010
[54] Son, Hugh, Paulson Asked to Testify at AIG Bailout
Hearing With Geithner, Bloomberg Business Week, January 16, 2010
[34] Gandel, Stephen (January 21, 2009). Tax Tips for Geithner. Time.
[55] Secretary Written Testimony before the House Committee on Oversight and Government Reform, United States
Department of the Treasury Press Room, January 27, 2010
[35] Weisman, Jan (January 14, 2009). Geithners Tax History Muddles Conrmation. WSJ. Retrieved September
23, 2012.
[56] Ng, Serena and Crittenden, Michael R., " Geithner Defends Big AIG Payouts, The Wall Street Journal, January
27, 2010
[57] U.S. lawmakers turn up heat on Geithner over AIG, January 28, 2010
[58] DeCambre, Mark, Geithner AIG grilling has bipartisan
fervor, New York Post, January 28, 2010
[59] Montgomery, Lori; Faiola, Anthony (January 23, 2009).
Geithner Says China Manipulates Its Currency. The
Washington Post. p. A08.
[60] Drajem, Mark; Christie, Rebecca (January 23, 2009).
Geithner Warning on Yuan May Renew U.S.-China Tension. Bloomberg LP.
[61] Moore, Malcolm (January 23, 2009). Timothy Geithner
currency 'manipulation' accusation angers China. The
Daily Telegraph (London).
[62] Yang Jiechi Meets with U.S. Secretary of Treasury Geithner. Chinese Ministry of Foreign Aairs. March 12,
2009. Retrieved February 23, 2010.
[76] Judis, John B. (June 9, 2011). Why Tim Geithners Obsession With Decits Is Hurting The Economy. The New
Republic. Retrieved July 24, 2011.
[65] Calmes, Jackie (August 19, 2010). At Treasury, Geithner Struggles to Escape a Past He Never Had. The New
York Times. Retrieved 2010-08-20.
[66] Terence Burlij; Katelyn Polantz (November 30, 2012).
Republicans Unhappy With Latest Fiscal Cli Talks.
PBS NewsHour. Retrieved 30 November 2012.
[67] Gleeson, Michael M.; McPherson, Lindsey M. (November 30, 2012). 2012 TNT 231-3 REPUBLICANS
CALL ADMINISTRATION'S FISCAL CLIFF PLAN
'UNREASONABLE'. (Section 1 -- Individual Tax) (Release Date: NOVEMBER 29, 2012) (Doc 2012-24491)".
Tax Notes Today (Tax Analysts) (2012 TNT 231-3).
[68] Munro, Neil (December 3, 2012). Obama willing to go
over scal cli, according to White House leaks. The
Daily Caller. Retrieved December 6, 2012. rst of two
December 3 leaks came via the left-wing Mother Jones
publication and claim was later seconded by a left-wing
columnist at The Washington Post, Greg Sargent, who
sometimes is used by the White House to leak ocial
views
[69] Corn, David (December 3, 2012). John Boehners
Hostage Crisis. Mother Jones. Retrieved December
6, 2012. According to senior administration ocials,
Obama is not eager to go over the cli, but he is willing.
[70] Sargent, Greg (3 December 2012). White House willing
to go over scal cli if absolutely necessary. The Washington Post. Retrieved December 6, 2012. I have just
conrmed that this is accurate Obama is willing, albeit
very reluctant, to go over the cli.
9 Further reading
Anderson, Jenny (2007-02-09). Calm Before and
During a Storm. The New York Times.
Cho, David; Irwin, Neil (2008-09-19). In Crucible of Crisis, Paulson, Bernanke, Geithner Forge
a Committee of Three. The Washington Post.
Schreiber, Noam (2008-11-05). Obamas Choice:
The next Larry Summers or Larry Summers.
The New Republic.
Judis, John B. (2009-03-23). The Geithner Disaster: How The Treasury Secretary Is Undermining
Obamas Entire Economic Agenda. The New Republic.
10
Stewart, James B., Eight Days: the battle to save the
American nancial system, The New Yorker magazine, September 21, 2009.
Cassidy, John (15 March 2010). Annals of Economics: No Credit. The New Yorker 86 (4): 2630.
Retrieved 15 January 2011.
10
External links
skipper
makes
waves,
EXTERNAL LINKS
11
11.1
11.2
Images
10
11
11.3
Content license