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On June 1, 2009, General Motors filed for bankruptcy, backed by $30 billion in support from the federal government. The same day, in the same New York courthouse, a judge approved Chrysler’s plan to forge an alliance with Fiat and emerge from bankruptcy as a restructured business with an uncertain future. Two years later, all three American automakers have returned to profitability, the industry has added new shifts and 115,000 jobs, and GM and Chrysler have returned more than 50 percent of the government’s investment. The industry is mounting one of the most improbable turnarounds in recent history.

WASHINGTON – Sen. Chuck Grassley is asking the Treasury secretary for assurances that banks bailed out with government funds will not be allowed to use another government program to pay back their bailouts. “The reports that banks from New York to Nashville are using federal dollars from the so-called Small Business Lending Fund to increase profits and ‘pay back’ TARP make this look like another TARP-style money shuffle,” Grassley said. “Replacing one form of government subsidy with another wasn’t a repayment when GM did it and it still isn’t. The Treasury Department has an obligation to put the brakes on...

Round two of the economic crime of the century has begun. On January 12, Lawrence Summers, President Obama's designee to become director of his National Economic Council, sent a letter to congressional majority and minority leaders seeking the second half of the $750 billion approved by Congress last October.   Citing Obama's economic speech of January 8, Summers wrote: "As the President-elect recently stated, 'we start 2009 in the midst of a crisis unlike any other we have seen in our lifetime.'" As you no doubt recall, last September Congress, fearing the wrath of constituents, rejected a bailout scheme put together...

Treasury Secretary Says Letting Bush Tax Cuts for Rich Expire Will Not Slow Economic Growth July 24, 2010 6:00 PM In an exclusive interview on ABC News’ "This Week" to air Sunday, Secretary of the Treasury Timothy Geithner said the White House would push to let the Bush tax cuts expire for individuals making more than $200,000 a year and families making more than $250,000, but keep them for middle and lower income Americans. “We think that's the responsible thing to do,” Geithner said, “because we need to make sure we can show the world that they're willing as a...

A House committee probing bailout deals has subpoenaed the Federal Reserve Bank of New York for correspondence from Treasury Secretary Timothy Geithner and other officials. The House Oversight and Government Affairs Committee is examining New York Fed decisions that funneled billions of dollars to big banks including Goldman Sachs Group Inc. and Morgan Stanley. Geithner was president of the New York Fed at the time.

Update | 12:13 p.m. Starting in November 2008, the Federal Reserve Bank of New York under Timothy Geithner began urging American International Group, the huge insurer that the government had bailed out, to limit disclosure on payments made to banks at the height of the financial crisis, e-mail messages obtained by DealBook show. The e-mail exchange between the bailed-out insurance giant and its regulator portray a strange reversal of roles, with A.I.G. staff arguing for the disclosure of certain details on payments for credit-default swaps to major banks, only to be discouraged by officials at, or representing, the Federal Reserve....

Washington, DCJudicial Watch, the public interest group that investigates and prosecutes government corruption, today released its 2009 list of Washington’s “Ten Most Wanted Corrupt Politicians.”  The list, in alphabetical order, includes: 1. Senator Christopher Dodd (D-CT):  This marks two years in a row for Senator Dodd, who made the 2008 “Ten Most Corrupt” list for his corrupt relationship with Fannie Mae and Freddie Mac and for accepting preferential treatment and loan terms from Countrywide Financial, a scandal which still dogs him.  In 2009, the scandals kept coming for the Connecticut Democrat.  In 2009, Judicial Watch filed a Senate ethics complaint against...

Wow, this is a really amusing report from the New York Post. Apparently, some people are pushing for JP Morgan CEO Jamie Dimon to replace Timothy Geithner as Treasury Secretary. And he might want the job. This is unlikely on so many levels that I hardly know where to begin. First, here's what the Post says: As support for Treasury Secretary Timothy Geithner wanes on Capitol Hill amid frustration with the Obama administration's handling of the economy, JPMorgan Chase CEO Jamie Dimon is emerging as a potential replacement. Sources tell The Post that a number of policy makers have begun...

Almost the whole month of August went by without an article posted here about Treasury Secretary Timothy Geithner. Only now back in the news because of a G-20 meeting he will be attending in London. What's up with that? Is Geithner about to be tossed under the bus?

A federal court has rejected an attempt by two Ohio residents to use the so-called TurboTax defense that Timothy Geithner relied on to help win Senate confirmation as U.S. Treasury secretary. The U.S. Tax Court in Washington rejected an appeal of accuracy-based penalties assessed by the Internal Revenue Service on Kenneth and Linda Hopson, who claimed they relied on tax-return preparation software that failed to detect income they had omitted from their 2006 federal tax returns. “Petitioners were not permitted to bury their heads in the sand and ignore their obligation to ensure that their tax return accurately reflected their...

I was recently reading rave reviews of the Big O Restaurant so I decided to check it out with some friends of mine. Our waiter was a short, thin, curly-haired guy named Timothy. He was raving about how nice Mr. O, the restaurant owner, was. Timothy told us that Mr. O hired him despite the fact he was caught cheating on reporting his tips at the last restaurant he worked at. I asked Timothy what the specialty of the house was. “Pork,” he replied. “Well, how big are the portions?” “Huge. You won’t believe how much pork we serve,” he...

The American and world economies will be out of recession in a matter of months, Tim Geithner, the US Treasury Secretary, has declared.

The White House turned to an experienced former investment banker Friday to run the federal government's $700 billion bank rescue effort, selecting the head of mortgage giant Fannie Mae as an assistant treasury secretary. Herbert Allison Jr., Fannie Mae's president and CEO, will replace Neel Kashkari, a holdover from the Bush administration. Allison, who must be confirmed by the Senate, would bear the title of assistant treasury secretary for financial stability and counselor to Treasury Secretary Timothy Geithner. He would be in charge of the Troubled Asset Relief Program, the fund that has injected billions of dollars into banks in...

I AM THE GWWEAT BAAWWNEY FWWANK! You will bow down befowwe me and wowwship at the altaww of my incwwwediblenesssss! As an egg in my Mommy’s utewussss, I wanted to be a CEO. But then the embwwyo became impwwegnated by my no-good DaDa and spwwit. My genes began to wwepwwicate and mutate and fowm my pwedetewwmined wife handicap, the man I was meant to be, the biwwfth defect that gave me the tewible disease I wiv wiv day in and day and endeavoww to dewiva unto you: Congwwessional Megawwomania. I AM THE GWWEAT BAAWWNEY FWWANK! You will bow down befowwe...

Has the federal government exceeded, or is it on the verge of exceeding its constitutional authority with the recent series of events connected to rescuing an ailing banking system? Although Rep. Michele Bachmann, R-Minn., was ridiculed for raising that question in a congressional hearing on March 24, conservative talk show host, constitutional lawyer and legal commentator Mark Levin, told Fox News Channel’s “Your World with Neil Cavuto” on March 24 that government was indeed exceeding the constitution. According to Levin, there is nothing in the Constitution that would allow the Obama administration to expand the government’s ability to seize non-banking...

Tell the not-so-federal Federal Reserve to take their dirty rotten hands out of your pocket. They are redistributing the people's future wealth to the bankers. Where is the public outrage? How many banker and Wall Street bailouts do we have to endure? For the last several weeks Americans have been on the edge of their seats. They are outraged because a bailed out, bankrupt company named AIG was too big to fail in the eyes of some politicians and received $182.5 billion in taxpayer dollars to keep their doors open. The current revulsion was over millions paid out in bonuses...

The WOT has been replaced by the WOTC, the War on Tax Cheats. On '60 Minutes' tonight, President Barack Obama will announce that he is planning to indefinitely detain American Timothy Geithner, on U.S. soil, presumably without trial: Were Geithner to tender his resignation, Obama says he would tell him: "Sorry, buddy, you've still got the job." President Obama released dirty bomber Binyam Mohammed to return back to England. AG Eric Holder says "maybe" Obama will release 17 Uighurs into the United States even though all of them associated with the East Turkistan Islamic Movement, were trained in terrorism by...

Is President Barack Obama's administration showing hints it is losing confidence in Treasury Secretary Timothy Geithner? CNBC's Larry Kudlow said the signs are suggesting as much. The host of "The Kudlow Report" said in an appearance with CNBC On-Air Editor Charlie Gasparino on his March 17 broadcast that a statement put out earlier today by the administration, and placed at the top of the Drudge Report, hinted this was the beginning of the end for Geithner. "You know, statements out of the blue - statements like this are what I call a real bad leading indicator that Geithner's time, days...

Tim Geithner is now the United States 75th Secretary of Treasury and after about a month in office he's already being called incompetent and an improper selection for treasury head by many. Before passing judgments against Mr. Geithner myself, I wanted to find out a little bit more about who he is and where he came from. So, you like I should be informed, and compliments of the Wall Street Journal please read this brief biography of Mr. Geithner before you continue on. Now that you know a little bit more about Timothy Geithner, let's take a look at some...