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Washington
Inside Washington (01/11/2010)
* WASHINGTON (1/12/10)--Treasury Secretary Timothy Geithner could testify next week in Congress about the Federal Reserve Bank of New York’s effort to limit American International Group Inc.’s disclosures during its bailout. Congress obtained e-mails sent from the New York Fed when Geithner was president of the bank, about withholding the documents. The hearing will put pressure on Geithner to explain his handling of the company’s bailout, observers said (Bloomberg News Jan. 11). Rep. Darrell Issa (R-Calif.) has called the bailout a backdoor deal. President Barack Obama, who expressed confidence in Geithner, said Geithner was not involved in any of the e-mails in question ... * WASHINGTON (1/12/10)--President Obama is considering a fee on financial institutions to offset the federal deficit, according to administration officials. The fee would generate back some of the money that taxpayers paid to bail out the financial system in 2008. Politico reported Monday that the administration was deliberating a fee (The New York Times Jan. 11). The Obama administration has been pressured to tax institutions and their executive compensation. Anger has prevailed as big banks are generating profits and paying big bonuses despite rising unemployment, the Times said. Treasury Secretary Timothy Geithner has argued that a transactions tax would be passed onto consumers and that institutions would work to avoid a bonus tax. The Federal Deposit Insurance Corp. also is considering charging riskier banks higher premiums ...


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