The stock market rose 494 points Friday supposedly because of president-elect Obama's choice for Treasury secretary. Timothy Geithner, currently the president of the New York Federal Reserve was tapped to take over for current Treasury head Henry Paulson when Obama takes office next year. Geinthner is posed to take a position that has been in the news lately, especially on dissatisfaction of the way Paulson has handled the bailout program. With the markets in free fall, banks have not used the bail out money in the way the TARP was conceived, rather they have used the money to shore up their balance sheets and even buy distressed rivals. It seems that unless the new Treasury head is under a different set of rules than the current one, we may continue to see the same type of bailout...
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