JPMorgan chief Jamie Dimon is seeking advice from Lloyd Blankfein as he wrestles with the fallout from a big trading loss. Not long ago, he was the one offering guidance.» Read More
Austan Goolsbee, Booth School of Business economics professor; and Richard Bernstein, Bernstein Advisors CEO, discuss the departure of Tim Geithner today as U.S. Treasury Secretary, and the challenges facing his replacement, Jack Lew.
Treasury Secretary Timothy Geithner prepares to step down on Friday, former colleagues are posing awkward questions about an allegation he leaked information on a planned interest rate cut when he led the New York Federal Reserve Bank.
WASHINGTON, Jan 23- The top Republican tax writer in the U.S. House of Representatives is close to releasing a draft on ways to revamp corporate taxes levied on complex financial products, a committee aide said on Wednesday.
Jan 22- Allegations that Timothy Geithner, then head of the New York Federal Reserve, may have told banks ahead of time about a surprise policy move in 2007 underscores the pressing case for reform to safeguard the integrity and independence of the central bank.
WASHINGTON, Jan 18- In the summer of 2007, as storm clouds gathered over the world's financial system, then-New York Federal Reserve President Timothy Geithner allegedly informed the Bank of America and other banks about the possibility the U.S. central bank would lower one of its critical interest rates, according to a senior Fed official.
CNBC's Tyler Mathisen looks ahead to what are likely to be next week's top business and financial stories.
WASHINGTON, Jan 18- Top policymakers at the Federal Reserve felt for most of 2007 that problems in housing and banking were isolated and unlikely to tear down the U.S. economy as they ultimately did.
NEW YORK, Jan 18- As the United States teetered on the edge of financial crisis in 2007, one prescient voice within the Federal Reserve was all but silenced when he warned that problems at Wall Street bank Bear Stearns were not contained and posed "enormous risk."
WASHINGTON, Jan 18- Top policymakers at the U.S. Treasury Secretary Timothy Geithner, then president of the New York Federal Reserve Bank, said during an emergency telephone call on Aug. 10 of that year that most of Wall Street was still doing fine. Similarly, Fed Chairman Ben Bernanke underestimated the risks of a looming financial blow-up.
In what some call the "reverse Volcker moment," Ben Bernanke has become the first head of a central bank for decades to announce he will target a 6 percent level of unemployment alongside his inflation objective.
Treasury Secretary Timothy Geithner has sent a letter to Rep. Boehner regarding the debt limit, reports CNBC's John Harwood.
LONDON, Jan 15- Copper prices hit two week lows on Tuesday as investors grew concerned about a looming battle in Washington over the government's borrowing limit, and about the cloudy outlook for demand from top consumer China.
*Raises stakes with White House news conference. At a White House news conference called to promote his position on the budget, Obama vowed not to trade cuts in government spending sought by Republicans in exchange for raising the borrowing limit.
In a letter to Congress, Treasury Secretary Timothy Geithner urged lawmakers to raise the $16.4 trillion legal limit on the nation's debt or risk "irreparable" economic harm.
CNBC's Eamon Javers reports Treasury Secretary Timothy Geithner has written a letter to Congress on the debt ceiling.
WASHINGTON, Jan 14- The United States should run out of tools to avoid a default between mid-February and early March, which could lead to lasting damage to the U.S. economy and its creditworthiness, the Treasury said on Monday.
Timothy Geithner reportedly has no interest in a Fed job, reports CNBC's Steve Liesman.
President Barack Obama on Thursday nominated White House chief of staff Jack Lew to succeed him. If Lew is not confirmed by the Senate by the time Geithner departs, Deputy Treasury Secretary Neal Wolin will serve as acting secretary, a Treasury official said. Jan. 26, 2009: Senate votes 60-34 to approve nomination.
A look back at Tim Geithner's policies during his years at the helm of the Treasury Department, with CNBC's Steve Liesman.
Jack Lew, Obama's chief of staff, was chosen to lead the Treasury Department as the White House heads into another round of difficult talks with Congress on how to put the nation on a sound fiscal path.