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Front Page: Treasury Unveils $1 Trillion Plan For Banks
- Treasury Secretary Timothy Geithner unveiled a complex plan today to end the nation's banking crisis. A new federal entity would help private investors buy as much as $1 trillion in devalued real-estate assets. — New York Times
- Fourteen people died after a plane crashed into a Montana cemetery last night.
Obama Will Try to Block AIG Bonuses — Are You On Board?
President Obama has ordered Treasury Secretary Timothy Geithner to do what he can to block millions of dollars in bonuses to AIG executives. The insurance giant has received billions in taxpayer money, but still plans to pay out $165 million to executives and traders working at the failing company.
Taxpayers have footed over $175 billion to AIG, which is now 80 percent owned by the government.
Obama Administration Talks to Main Street and Wall Street
This morning Treasury Secretary Timothy Geithner unveiled the Obama administration's new bailout plan, making it clear that the new plan is intended to be swift, comprehensive, and transparent. He conceded: The spectacle of huge amounts of taxpayer money being provided to the same institutions that helped cause the crisis, with limited transparency and oversight, added to the public distrust. American people have lost faith in the leaders of our financial institutions and are skeptical that their government has — to this point — used taxpayers’ money in ways that will benefit them.
Do You Care If Obama's Treasury Pick Didn't Pay His Taxes?
Timothy Geithner, the man who wants to spend trillions of dollars in taxpayer money as the next US Treasury Secretary, forgot to pay his own taxes. No, it didn't just slip his mind one year when he was living under a rock leading up to April 15 — from 2001 to 2004 Geithner failed to pay $34,000 in taxes while working abroad for the International Monetary Fund.
Thanks to Obama's transition team's super detective work, Geithner realized his mistake and apparently paid the years-late taxes days before Obama publicly tapped him for the job.
What Do You Know About the Next US Treasury Secretary?
Barack Obama has put his money on Timothy Geithner as the man to fix America's economic woes. When news leaked that Obama would tap Geithner, the head of the New York Federal Reserve, to serve as the next Treasury Secretary, the stock market soared. Take this quiz to find out what you know, and what might surprise you, about Obama's nominee for the most crucial position in his cabinet.
Markets Rally as Obama Narrows in on Economic Team
The Dow Jones shot up yesterday, closing almost 500 points ahead, after news broke that President-elect Obama would tap Timothy Geithner to be treasury secretary. Geithner currently serves as the chief of the New York Federal Reserve. The news helped reduce uncertainty in the markets, and pushed the Dow above 8,000 points.
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Front Page: Judges to Release Thousands of CA Prisoners
- A panel of federal judges has backed a one-third reduction in California's state prison population. As many as 57,000 people may be released because overcrowding violates their right to adequate healthcare, which has resulted in the unnecessary death of one inmate per week. — Los Angeles Times
- Today Treasury Secretary Timothy Geithner will unveil the Obama administration's new plan to bail out banks.
Front Page: Home Values Fall by Nearly 20 Percent
- Home prices across 20 major US cities fell an average of 18.2 percent in November, compared to prices from a year earlier. While the slide has made homes more affordable, foreclosures have resulted in $1 trillion in losses worldwide. — Bloomberg
- Timothy Geithner officially became Treasury Secretary yesterday, after the Senate confirmed his nomination.
Front Page: South Africa Denies Dalai Lama Entrance
- Organizers of a peace conference in South Africa have canceled the event after the government denied a visa to the Dalai Lama. — New York Times
- Treasury secretary Timothy Geithner is asking Congress today for unprecedented power to seize non-banking financial companies. — AP
- The recent volcano eruption in Alaska has made a case for the volcano monitoring funding included in Obama's stimulus package and criticized by many.
Front Page: Bernie Madoff Pleads Guilty and Faces Victims
- Bernie Madoff plead guilty to all charges this morning. Some of his victims are expected to speak, and the judge will soon decide if he should go directly to jail. — New York Times
- The teenage gunman who killed 15 people in Germany warned of the attack in an Internet chatroom.
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