Tuesday, April 21, 2009
Listening to Treasury Secretary Tim Geithner's opening remarks today before a congressional oversight panel on the government’s financial-rescue program, one couldn't help but be reminded of Amy Poehler in the debut of Parks and Recreation last week when she opted for a filibuster at a town hall meeting rather than face the wrath of the audience.
Committee Chairman Elizabeth Warren repeatedly asked Geithner to wrap things up so they could get on with the Q&A portion of the hearing, but it took quite a while for that to happen.
Interestingly, when the questioning did begin, Ms. Warren went right to the issue of the disparity between how the banking and auto industry were being treated throughout the long bailout process.
Naturally, the reply was less than confidence inspiring as the retort, "we have to get the financial industry working to get the rest of the economy working again" has long outworn its welcome amongst elected officials and the population in general.
Bloomberg filed this report focusing on whether big banks will require more bailout money, providing the answer that stock market investors were clamoring to hear.
Treasury Secretary Timothy Geithner said the “vast majority” of U.S. banks have more capital than needed, stoking a rally in stocks as investors await results of stress tests on the balance sheets of the biggest lenders.Can't wait for those stress test results.
“Currently, the vast majority of banks have more capital than they need to be considered well capitalized by their regulators,” Geithner said in testimony to a congressional oversight panel on the government’s financial-rescue program. He added that there will be a “series of options” for lenders deemed to need additional money at the conclusion of the tests.