Timothy Geithner

Timothy Geithner
And the taxpayer continues to pick up the tab for the mistakes, recklessness, and stupidity of others.

2009-05-20: Geithner Says Toxic-Asset Plan to Start in Six Weeks
May 20 (Bloomberg) -- Treasury Secretary Timothy Geithner said policy makers plan by early July to begin helping banks dispose of illiquid assets, in the U.S. government’s next step to end the worst credit crisis in decades.

“Working with the Federal Reserve and the FDIC, we expect these programs to begin operating over the next six weeks,” Geithner said in testimony to the Senate Banking Committee today in Washington.

The Treasury’s Public-Private Investment Program will use $75 billion to $100 billion of government funds to finance sales of as much as $1 trillion in distressed mortgage-backed securities and other assets. The effort has two components, which the Treasury will manage in conjunction with the Fed and the Federal Deposit Insurance Corp.