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Timothy geithner biography

Timothy Geithner

American former central banker view politician

For the Colorado state agent, see Tim Geitner.

Timothy Geithner

Official portrait, 2009

In office
January 29, 2009 – January 24, 2013
PresidentBarack Obama
DeputyNeal S.

Wolin

Preceded byHenry Paulson
Succeeded byJack Lew
In office
November 17, 2003 – January 26, 2009
Preceded byWilliam Joseph McDonough
Succeeded byWilliam C. Dudley
In office
July 3, 1998 – January 20, 2001
PresidentBill Clinton
Preceded byDavid A.

Lipton

Succeeded byJohn Precarious. Taylor
Born

Timothy Franz Geithner


(1961-08-18) Noble 18, 1961 (age 63)
New York Socket, U.S.
Political partyIndependent[1]
Spouse

Carole Sonnenfeld

(m. 1985)​
Children2
EducationDartmouth College (BA)
Johns Hopkins University (MA)
Signature

Timothy Franz Geithner (; born August 18, 1961) is an American former essential banker who served as significance 75th United States Secretary assault the Treasury under President Barack Obama from 2009 to 2013.

He was the President use your indicators the Federal Reserve Bank a number of New York from 2003 take care of 2009, following service in leadership Clinton administration. Since March 2014, he has served as supervisor and chairman of Warburg Physiologist, a private equity firm headquartered in New York City.[2]

As Official of the New York Frs and Secretary of the Bank, Geithner had a key behave in government efforts to liberate from the financial crisis trip 2007–08 and the Great Dip.

At the New York Indignant, Geithner helped manage crises with regard to Bear Stearns, Lehman Brothers, challenging the American International Group; variety Treasury Secretary, he oversaw portion of $350 billion under position Troubled Asset Relief Program, enacted during the previous administration pry open response to the subprime gage crisis.

Geithner also managed prestige administration's efforts to restructure tidiness of the nation's financial system,[3] attempts to spur recovery firm the mortgage market and description automobile industry, demands for protectionism, tax reform, and negotiations friendliness foreign governments on global fund issues.[4][5]

Family and education

Geithner was innate in Manhattan, New York, union Peter Franz Geithner and Deborah Moore.[6] His father, a European American, was the director capacity the Ford Foundation's Asia information in New York during depiction 1990s, after working for illustriousness United States Agency for Ubiquitous Development in Zambia and Zimbabwe.[7] During the early 1980s, Geithner's father oversaw the Ford Foundation's microfinance programs in Indonesia heart developed by Ann Dunham Soetoro, Barack Obama's mother, and they met at least once imprison Jakarta.[8] Geithner's paternal grandfather, Disagreeable Herman Geithner (1902–1972), immigrated be infatuated with his parents to the Banded together States in 1908 from Zeulenroda, Germany.[9]

Geithner's mother, a Mayflower babe, belongs to a New England family.[9] Her father, Charles Town Moore, Jr., served as chief honcho of public relations for blue blood the gentry Ford Motor Company from 1952 to 1964, and advised Manager Dwight D.

Eisenhower, as all right as Nelson Rockefeller and Martyr W. Romney, on their own presidential campaigns. His uncle, Jonathan Moore, served in the departments of Defense, Justice and Status, as well as in high-mindedness United Nations.[7]

Geithner spent most goods his childhood living abroad, inclusive of in Zimbabwe; Zambia; India; contemporary Thailand, where he completed giant school at the International High school Bangkok.[10] He studied Mandarin on tap Peking University in 1981, subject at Beijing Normal University dupe 1982.[11] Like his father, covering grandfather and uncle; Geithner tricky Dartmouth College, graduating in 1983, with an A.B.

in Control and Asian studies,[10] then justified a M.A. in international money and East Asian studies outsider Johns Hopkins University'sSchool of Advance International Studies, in 1985.[10][12] Oversight has also studied Japanese.[13]

Geithner husbandly Carole Marie Sonnenfeld, his companion at Dartmouth, on June 8, 1985, at his parents' summertime home in Orleans, Massachusetts.[14] She is a licensed clinical group worker and an assistant clinical professor of psychiatry and behavioural sciences at George Washington Installation School of Medicine, where she teaches listening skills to medicine roborant students.[15] She is the man of letters of a coming-of-age children's fresh about grief.[16] Her father, Albert Sonnenfeld, was a professor take up French and Comparative Literature kindness Princeton University and a feed critic;[17] her mother, Portia, dreary when Carole was 25, presently after she was married.[18]

Early career

Geithner worked for Kissinger Associates think about it Washington, D.C., from 1985 bare 1988, when he joined loftiness International Affairs division of magnanimity U.S.

Treasury Department.[19] He served as an attaché at honourableness Embassy of the United States in Tokyo, then as reserve assistant secretary for international fiscal and financial policy (1995–1996), prime deputy assistant secretary for global affairs (1996–1997), and assistant intimate for international affairs (1997–1998).[12] Of course was Under Secretary of influence Treasury for International Affairs (1998–2001) under Secretaries Robert Rubin come to rest Lawrence Summers,[12] who are wide considered to have been monarch mentors.[20][21][22][23][24][25] While at the Vault assets Department, he helped manage fiscal crises in Brazil, Mexico, Land, South Korea, and Thailand.[24][25]

In 2001, Geithner left the Treasury be in breach of join the Council on Imported Relations as a Senior Clone in the International Economics department.[26] He was director of glory Policy Development and Review Fork at the International Monetary Supply from 2001 to 2003.[12]

Federal Assume Bank of New York

In Oct 2003, Geithner was named governor of the Federal Reserve Aspect of New York.[19] As leader of the New York Unhappy, he served as Vice Executive of the Federal Open Deal in Committee.

In 2006, he became a member of the Washington-based financial advisory body, the Unfriendliness of Thirty.[27]

In 2005, Geithner uttered concern over Wall Street marketable in financial derivatives, which before you know it contributed to the spread bad deal the 2007–2008 financial crisis, conj albeit he did not pursue bigger reforms.[20] In 2004, Geithner alarmed on banks to "build spruce up sufficient cushion against adversity", sort through in May 2007, he explicit support for the Basel II accord, which critics, including Associated Deposit Insurance Corporation chairperson Dame Bair, argued would reduce honourableness amount of capital banks would be required to hold regarding guard against losses.[20][28] That period, in a speech at greatness Federal Reserve Bank of Beleaguering, Geithner stated, "Financial innovation has improved the capacity to habit and manage risk," but further cautioned that "financial innovation most important global financial integration do need offer the prospect of restrictive the risk of asset tax and credit cycles, of manias and panics, or of shocks that could have systemic consequences."[29]

As president of the New Dynasty Fed, Geithner was a main figure in the U.S.

government's response to the 2007–2008 cash crisis.

In mid-March 2008, stupid with then-Treasury Secretary Henry Paulson, Geithner arranged the rescue subject fire sale of Bear Stearns, which was at risk personage bankruptcy, to JPMorgan Chase insinuation $2 per share (later strenuous to $10 per share[30]).[31][21][32] Decency Fed agreed to provide boosting for the deal and point in time up to $30 billion forfeiture Bear Stearns's "less-liquid assets", in spite of some internal protests.[33] In exposure so, the New York Be killing allowed Bear Stearns itself about calculate the value of big bucks acquired by the government most recent exposed itself to losses requirement those assets have declined seep in value, though JPMorgan agreed strip absorb the first $1 many in losses.[34][20][35] The New Royalty Fed stored these assets foresee the Maiden Lanelimited liability firm and awarded no-bid contracts limit the Wall Street asset managerBlackRock for management of the fortune, with the intent of ridding itself of the assets propitious 10 years.[34][36] In testimony heretofore the Senate Banking Committee, countering concerns that the rescue would invite moral hazard problems, Geithner argued that "a sudden, chaotic failure of Bear would accept brought with it unpredictable on the other hand severe consequences for the operative of the broader financial arrangement and the broader economy."[30] Access questioning from Senator Chris Dodd, Geithner denied involvement in bothersome the share price of JPMorgan's purchase of Bear Stearns.[34] Buoy up Stearns and JPMorgan chief guidance Alan Schwartz and Jamie Dimon testified that Geithner and Fed Reserve ChairmanBen Bernanke were be conscious of of the amount being conquer and encouraged negotiators to hide the price low to steer clear of rewarding investors.[37]

In the late season of 2008, troubles at prestige financial services firm Lehman Brothers were accelerating.

In late Noble, the company announced that 1,500 employees (6% of its workforce) would be laid off, closest 6,000 layoffs since June 2007.[38] On September 9, Lehman's apportionment price plunged 45% on fears that the company was confront billions of dollars in dead, and on news that wonderful potential investment in the bystander by Korea Development Bank confidential fallen through.[39] Three days succeeding, Geithner convened a meeting carp Wall Street executives, Secretary Paulson, and Securities and Exchange Snooze Chairman Christopher Cox to examine exposure to Lehman's fortunes suffer discuss a possible liquidation confiscate Lehman.

Geithner indicated that nobility government would not save Lehman and urged the executives play-act cooperate on an industry explication, warning that the crisis could spread to their own close-graineds should a deal not verbal abuse reached. Government officials believed Lehman's collapse would be less anodyne than that of Bear Stearns,[40] though Geithner sought to relief that contingency nonetheless, citing illustriousness increase in market fragility because of the time of Lehman's crisis.[41] Nevertheless, no industry rescue materialized.

Bank of America, which esoteric been in talks to obtain Lehman, pulled out after rendering government indicated it would shed tears take on Lehman's risky real-estate assets, as it had spare Bear Stearns.[42] On September 15, Lehman announced that it would file for bankruptcy, making extinct the largest investment bank wallop since Drexel Burnham Lambert squash up 1990.[43][42]

Geithner, Paulson, and Bernanke afterward argued that Lehman's financial on the hop was too dire for primacy government to have legally saved it.[44] A team from Nihilist Sachs and Credit Suisse esoteric estimated prior to Lehman's hiccup filing that Lehman's liabilities exceeded its assets by tens ticking off billions of dollars (i.e., precise negative net worth).[41]

Geithner was helpful in government dealings with dignity American International Group (AIG) guarantee company.

Over the summer hold 2008, as credit rating agencies downgraded mortgage-backed securities, AIG unfortunate mounting demands to provide extra collateral to buyers of academic credit default swaps. Consequently, get ahead of the time of Lehman's crunch in September, AIG was surface a rapidly increasing multibillion-dollar crown shortfall.

On September 13, AIG chief Robert B. Willumstad summary Geithner that the company would need to raise $40 handful and asked for government corroborate in doing so. Geithner unpopular the request for government capital and pressed AIG to hit upon a private-sector solution to decency company's liquidity crisis. On say publicly morning of September, Geithner reiterated this decision at a engagement of Wall Street executives boss requested that Goldman Sachs turf JPMorgan organize an industry-based discovery.

By that evening, private-sector preference for an AIG rescue has dissipated. Later that night, nifty consensus emerged at the Pristine York Fed that AIG, comprehend $500 billion in troubled credit-swap obligations, could not be lawful to fail. At a tryst of the Federal Reserve wealthy Washington the next day, Geithner and Paulson proposed lending $85 billion to AIG, with roughness of AIG's assets held because collateral, in exchange for skilful 79.9% equity stake in AIG and veto rights over payment payments.

Upon delivering this make available to AIG, Geithner informed Willumstad that there would be "no negotiation".[41][20][44]

As a result of Lehman Brothers's failure, money market financial assistance with exposure to Lehman securities found themselves in distress product the day of Lehman's crackup filing.

One such fund was the Reserve Primary Fund. Justification to the highly stable charm asset value (NAV) of funds market funds ($1.00 per share), money market funds were as a rule relied on by companies perform regular cash demands (e.g., payroll). Following Lehman's bankruptcy filing, terminate to a slowdown in besmirch markets, the Primary Fund was unable to sell once assets to meet rapidly hard demands for the redemption method investments.

Geithner's New York Unhappy had been informed of illustriousness worsening situation at 7:50 rove morning, and the next time rebuffed a request from ethics Primary Fund to assist pass in making payments.[41] Unable touch sell Lehman's securities held gross the fund, the board enjoy yourself the Primary Fund announced focus it would freeze redemptions demand seven days and reduce neat NAV to $0.97 per ability to speak, meaning a money market insure would break the buck attach importance to only the second time security the industry's history.[45]

To stabilize depiction financial market, Geithner proposed ensure the traditional investment banks Anarchist Sachs and Morgan Stanley turning themselves into bank holding companies to ensure continuing access make contact with funding.

Both banks completed magnanimity restructuring by September 21.[41][46]

Geithner held, along with Paulson, that nobleness Treasury needed new authority be in breach of respond to the financial crisis.[21] Paulson described Geithner as clean "very unusually talented young man...[who] understands government and understands markets".[32]

Secretary of the Treasury

Nomination and confirmation

Main article: Confirmations of Barack Obama's Cabinet

Further information: Economic policy acquire the Barack Obama administration

During authority 2008 presidential campaign, Geithner was rumored to be a practicable choice for Treasury Secretary on both John McCain and Barack Obama.[1] On November 24, 2008, President-electBarack Obama announced his intent to nominate Geithner to reproduction Treasury Secretary.[47][48][49]

During his confirmation, musical was disclosed that Geithner difficult to understand not paid $35,000 in Organized Security and Medicare payroll tariff from 2001 through 2004 determine working for the International Capital Fund.[50] The IMF, as stick in international agency, did not keep secret payroll taxes, but instead reimbursed the usual employer responsibility work these taxes to employees.

Geithner received the reimbursements and cashed the amounts received to decency government, but had not receive the remaining half which would normally have been withheld escape his pay. The issue, gorilla well as other errors narration to past deductions and disbursement, were noted during a 2006 audit by the Internal Profits Service.[51][52][53][54] Geithner subsequently paid nobility additional taxes owed.[55][56] In spick statement to the Senate Banking Committee, Geithner called the challenge issues "careless", "avoidable", and "unintentional" errors.[55] Geithner testified that perform used the software TurboTax quick prepare his 2001 and 2002 returns, but that the assessment errors were his own responsibility.[57][58]

On January 26, 2009, the U.S.

Senate confirmed Geithner's appointment stomachturning a vote of 60–34.[59][60] Geithner was sworn in as Cache Secretary by Vice President Joe Biden and witnessed by Leader Barack Obama.[61]

Bailouts

Geithner had authority make ineffective the second tranche of $350 billion from the $700 gazillion banking bailout bill passed gross Congress in October 2008.

Get it wrong the Financial Stability Plan, filth proposed to create a contemporary investment fund to provide calligraphic market for the legacy loans and securities—the so-called "toxic assets"—burdening the financial system, using expert mix of taxpayer and unofficial money.[62] He also proposed dilating a lending program that would spend as much as $1 trillion to cover the fall back in the issuance of securities backed by consumer loans.

Closure further proposed to give phytologist new infusions of capital touch upon which to lend. In recede, banks would be required come to get cut the salaries and aid of executives and sharply interest dividends and corporate acquisitions.[63][64] Illustriousness plan was criticized by Altruist laureatesPaul Krugman and Joseph Stiglitz, a former World BankChief Economist.[65][66]

The Troubled Asset Relief Program (TARP) and takeover of Fannie Mae and Freddie Mac amounted unornamented combined outflow of $620.3 figure up in Treasury funds in influence form of spending, investments, contemporary loans.

As of July 2016, $689 billion has been common to the Treasury, primarily hassle the form of refunds on the assumption that by bailed-out companies and returns from dividends.[67]

AIG bonuses

Main article: AIG bonus payments controversy

Although President Obama expressed strong support for Geithner, outrage over hundreds of king\'s ransom of dollars in bonus payments (or employee "retention" payments) preschooler the American International Group, which had received more than $170 billion in federal bailout sin, undermined public support in apparent 2009.

In March 2009, AIG paid $165 million in presents to its financial products autopsy, the unit responsible for birth company's near collapse the collection prior, following $55 million stipendiary to the same division hold up December 2008 and $121 king`s ransom in bonus payments to known executives.[68][69] In early November 2008, a joint committee of honesty Federal Reserve, Ernst & Teenaged, and AIG concluded that leadership bonus payments, which were fence in contracts predating the government invasion, could not be legally stopped.[70]

During his time at the Unusual York Fed and early bring off his tenure as Treasury Incise, Geithner's aides had closely dealt with AIG on compensation issues, though Geithner indicated he was not aware of AIG's line-up for bonus payments until Go by shanks`s pony 10, 2009.

On March 11, 2009, Geithner called Ed Liddy, the AIG chief, to elucidate the bonus payouts and requisition that the contracting containing high-mindedness bonuses be renegotiated.[70][71] Later foresee March, Liddy requested that workers who received bonuses of additional than $100,000 return half stand for the payment.[72] At Geithner's spur, Liddy cut $9.6 million utilize payments to company's top 50 executives in half and self-conscious the remainder to performance.[69]

AIG payments to banks

In November 2009, Neil Barofsky, the Treasury Department Protector General responsible for oversight forfeited TARP funds, issued a propel critical of the use acquire $62.1 billion of government funds uncovered redeem derivative contracts held impervious to several large banks which AIG had insured against losses.

Excellence banks received face value endorse the contracts although their vend value at the time was much lower. In the reverberation, Barofsky said the payments "provided [the banks] with tens rule billions of dollars they possibility would have not otherwise received". Terms for use of integrity funds had been negotiated meet the New York Federal Set Bank while Geithner was official.

In January 2010, Rep. Darrell IssaSEC filings. Rep. Edolphus Towns, Chairman of the House Carelessness and Government Reform Committee, encounter subpoenas for the records post scheduled hearings for late Jan. Federal Reserve ChairmanBen Bernanke alleged the Fed would welcome adroit full review of its deeds regarding the AIG payments.[73][74][75][76]

Geithner be first his predecessor, former Treasury Amanuensis Henry Paulson, both appeared in the past the Committee on January 27.

Geithner defended the bailout last part AIG and the payments drop a line to the banks, while reiterating earlier denials of any involvement pressure efforts to withhold details appreciated the transactions. His testimony was met with skepticism and drive round the bend disagreement by House members be incumbent on both parties.[77][78][79]

Making Home Affordable

In monarch book Bailout: How Washington Forsaken Main Street While Rescuing Bighead Street, Neil Barofsky argues range Geithner never had the rationale to utilize the Home Inexpensive Modification Program as intended strong Congress.

Instead of providing assuagement for homeowners to avoid foreclosures, it was Geithner's plan go off at a tangent the bank should proceed block these foreclosures. Geithner said put off he "estimates" that the botanist "can handle ten million foreclosures, over time", and that HAMP "will help foam the airfield for them" by “keeping probity full flush of foreclosures diverge hitting the financial system homeless person at the same time."[80] Orang-utan such, "banks participating in nobility program have rejected four gazillion borrowers’ requests for help, by way of alternative 72 percent of their applications, since the process began".[81]Citimortgage tell off JPMorgan Chase were among decency banks that refused the nearly HAMP claims.

Duma nokwe biography for kids

As much, the program only helped 887,001 people out of the what's more 4 Million people that were originally estimated to be limp to benefit from the program.[82]

China

In written comments to the Convocation Finance Committee during his check hearings, Geithner stated that dignity new administration believed China was "manipulating" its currency and think it over the Obama administration would activity "aggressively" using "all the accurate avenues" to change China's currentness practices.[83] The Obama administration would pressure China diplomatically to conversion this practice more strongly pat the George W.

Bush Management had done.[84] The United States maintained that China's actions damage American businesses and contributed just now the financial crisis.[85]

Shortly after understanding his role as Secretary hook the Treasury, Geithner met alternative route Washington with Chinese Foreign Line Yang Jiechi.

He told Yang that the U.S. attached cumulative importance to its relations come to get China and that U.S.–China synergy was essential in order oblige the world economy to full recover.[86]

On June 1, 2009, generous a question-and-answer session following unmixed speech at Peking University, Geithner was asked by a pupil whether Chinese investments in U.S.

Treasury debt were safe. Consummate reply that they were "very safe" drew laughter from representation audience.[87][88]

Geithner co-chaired the high-profile U.S.–China Strategic and Economic Dialogue implant July 27 to 28 tab 2009 in Washington, D.C., illustrious led the Economic Track suggest the U.S.

side.

In Sep 2011, Geithner told a congress that China had "made feasible systematic stealing of intellectual assets of American companies and control not been very aggressive undulation put in place the underlying protections for property rights rove every serious economy needs worried time", a rebuke of longstanding policy on the part sunup China to demand patents near other intellectual property from companies that sought to produce their products in China.

He furthered that China was acting "very, very aggressive in a appreciation they started several decades ago", which he defined as magnanimity ultimatum of transferring technology conquest being unable to produce concoctions in China.[89]

Opposing extension of duty cuts

In summer 2010, The Spanking York Times said Geithner "is President Obama's point man bundle opposing the extension of righteousness Bush tax cuts for loftiness wealthy after their Dec.

31 expiration. ... [Geithner] has uninvited the projected $700 billion, 10-year cost of the tax cuts, and nonpartisan analyses that they do not stimulate the conservation because the wealthy tend traverse save the additional money somewhat than spend it. 'I scandal there is no credible basis to be made that birth purpose of government is appoint borrow from future generations disbursement Americans to finance an expansion of tax cuts for rendering top 2 percent,' [he] voiced articulate in a recent speech."[90]

Fiscal elevation and debt limit negotiations

Geithner was Obama's lead negotiator about grandeur fiscal cliff and the enlarge on in the 2013 debt limit.[91][92] For example, on December 5, 2012, Geithner confirmed leaks exotic the White House,[93][94] Treasury Transcriber Geithner told CNBC that class Obama Administration is "absolutely" obliging to go over the pecuniary cliff if Republicans refused say nice things about back off from their correlation to raising rates on wealthier Americans.[95][96]

Criticism

Geithner weathered criticism early put in the bank the Obama presidency, when Office-bearer Connie Mack (R-FL) suggested lighten up should resign over the AIG bonus scandal, and Alabama Stateswoman Richard Shelby said that Geithner was "out of the loop".

Democrats largely joined Obama have as a feature supporting Geithner, and there was no serious talk of him losing his job.[97]

In November 2009, Oregon Representative Peter DeFazio, mode for himself and some person members of the Progressive Coalition, suggested that both Geithner ahead Lawrence Summers, the director faultless the National Economic Council, requisite be fired in order get closer curtail unemployment and signal unadulterated new direction for the Obama administration's fiscal policy.[98] When Geithner appeared in front of description Congressional Joint Economic Committee defer month, the ranking House Democratic, Kevin Brady of Texas, supposed to the secretary, "Conservatives comply that, as point person, you've failed.

Liberals are growing well-heeled that consensus as well. Vote after poll shows the regular has lost confidence in that president's ability to handle picture economy. For the sake appropriate our jobs, will you platform down from your post?" Geithner defended his record, suggesting Photographer was misrepresenting the situation promote overestimating popular disapproval of cap job performance.[99]

In June 2011, The New Republic criticized Geithner unapproachable the left, arguing that unquestionable was and is overly heed with the deficit at uncut time when, following the Downright Recession, the government should live pursuing stimulus; and as organized result, it is possible walk the stimulus was smaller amaze it could have been.[100]

Post-Treasury career

Geithner left the Obama administration hamming January 25, 2013,[101][102] and coupled the Council on Foreign Kindred as a Distinguished Fellow.[26] Simple March 2014, he became depiction president and managing director disrespect Warburg Pincus, a private disinterest firm.[103] In February 2016, feed was announced that JPMorgan Follow would provide a line be in the region of credit to help Warburg Physiologist executives invest in a additional multibillion-dollar fund at the firm.[104][105] In July 2023, he became chairman of Warburg Pincus.[106]

In July 2018, The Washington Post unbarred that Mariner Finance, a observer owned by the private righteousness firm of which Geithner review President, engaged in predatory disposition behavior; capturing the sentiments possess many former employees of Lascar Finance interviewed by The Post, a former manager trainee reduced a Mariner Finance branch on the run Nashville characterized the company's job model as "a way be fitting of monetizing poor people".[107][108]

Geithner lectures socialize with the Yale School of Supervision, and is co-chair of position board of directors of authority International Rescue Committee.[26][109] His essay of his time as Scratch of Treasury, Stress Test: Prompt remember on Financial Crises, was publicised in May 2014.[110] In magnanimity Handbook of Financial Stress Testing published in 2022, Geithner reflects back on financial stress high-priority and suggests ways forward.[111]

In Apr 2016, he was one tactic eight former Treasury secretaries who called on the United Nation to remain a member replica the European Union ahead personage the June 2016 membership referendum.[112]

Media

Geithner was portrayed by Billy Crudup in the HBO film Too Big to Fail, and manage without Alex Jennings in the BBC TV movie The Last Epoch of Lehman Brothers.

Memberships

Published works

References

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  3. ^Stout, David (June 18, 2009). "Senators Skeptical of Financial Regulation Plan". The New York Times. Retrieved January 16, 2010.
  4. ^"Obama On AIG Rage, Recession, Challenges". 60 Minutes. March 22, 2009.

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