CCTV Script 13/05/14


— This is the script of CNBC's news report for China's CCTV on May 13, Tuesday.

Former US treasury secretary Timothy Geithner is out with his book, recounting the financial crisis.

Stress Test addresses why he and his colleagues made the decisions they made.

It also contains many annecdotes of what transpired during those difficult times, including a meeting Geithner had with former President Bill Clinton.

He recounts the episode and other moments, with CNBC's Andrew Ross Sorkin.

A) He said the basic reality, and this is the human thing, is that people wanted blood.

And you could take your pick. You could take out your favorite investment banker and slit their throat in the alley and the next day people would want more.

Q) He said that about Lloyd Blankfein.

A) That was his example, yeah. But he was making a more general point, which is the amount of damage was enormous. It was tragic. We're still living with the scars of the crisis today.

And he was making the observation that that amount of anger is something that you can honor and try to fix the problem, get the economy growing again. It's hard to honor and satisfy by going out and shooting people. But of course it's important for there to be accountability and strong deterrence against these kind of things. It's important to make sure people sitting in custodians as people's trusts are not taking advantage of them.

Q) To the extent that part of your job is persuading the public that what you are doing is the right thing.

A) This is kind of hard for me. I wasn't that successful at it.

Q) You talk how you were reluctant to become the Treasury Secretary. There were points at which you wanted to stap down and push the President to try to find a replacement for you. What was that about?

A) Well, when I first met him, I -- and he said I might have to ask you to come to Washington.

I said you shouldn't do that. He said I thought there were better choices. If he chose me, he would be burdened by the choices I made already. I was proud of those choices. He asked me to do it. I'm lucky he asked me to do it. It's true once we put out the financial fires the economy was growing. And we passed financial reform. I thought it was time for him to get somebody else to come in.

Q) It sounded like your wife hated you being there to the point where the president had to convince her to stay.

A) He took her for a walk in the rose garden during a birthday party and told her why he wanted me to stay. Which was a gracious thing to do. My wife didn't want me to do it. But she supported me through the whole thing. I wouldn't have done it if she said you can't. I wouldn't have done it.

That wraps up this edition of the Business Daily.

I'm Julia Wood , reporting from CNBC's Asian headquarters.

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