Geithner on the Defensive
Day 23
Feb. 11, 2009
"I do not want to compound the mistakes of the last 12 months, when things were rushed out before they were ready ... We're going to do this carefully."
—Timothy Geithner, Treasury Secretary, in testimony before Congress, saying he's right to keep the bailout plan vague for now
The world seemed to be crashing down on Geithner just a day earlier when he unveiled his plans to use the remainder of the TARP funds — bankers were confused, stocks plunged and jaws probably dropped within the Administration at how badly the public seemed to be taking the news. But despite investors' complaining about a lack of details on how the toxic assets on bank balance sheets would be sold, the Treasury Secretary stands behind his initial remarks during testimony before the Senate Budget Committee the next day. At the same time, CEOs from eight major banks receiving bailout funds appear on Capitol Hill, enduring a tongue-lashing from elected officials and acceding to demands for greater accountability.
Meanwhile, Obama, still on the road, appears with the Caterpillar CEO in East Peoria, Ill., to say that his stimulus package will help save jobs at the company — something that seems to surprise the Caterpillar CEO.